Does anyone have experience with a User (/Customer) Advisory Board?

Hi Everyone,

Since I'm in the very early stages of developing a product I was wondering if any of you has experience setting up a UAB. I can see how interacting with every single user is obviously super valuable, however getting quick feedback on mock-ups, features, etc. might benefit overall development.

Does anyone of you have experience with this and how does it benefit you? Do you incentivize them to be your advisor and how? How many users/testers do you have and how do you select them? Loads of questions but I'm very interested to learn!