Running a panel as a moderator is a skill that comes down to a few key elements.
The first step is finding good panelists—people who can provide value for the audience. This is essential because your goal is to ensure that the audience gains valuable insights. Even if the panelists are discussing a specific product, it's crucial to draw general lessons that can benefit the broader audience. This approach ensures that the audience feels they are learning something new and taking away valuable information.
Consider the chemistry among the panelists. It's ideal if their knowledge is complementary but also has enough common ground to enable smooth discussions.
Once you have the right panelists, it's up to the moderator to run the panel effectively. Typically, moderators bring a list of questions and stick to them strictly. However, I believe this isn't the best approach. A panel's purpose is different from an interview. The biggest benefit of a panel is that people can engage in discussions and follow the flow, which can be much more interesting than one-on-one interviews.
As a moderator, I recommend bringing a list of questions but using them more as a backup or starting points for discussions rather than a rigid script. Avoid directing specific questions to particular panelists. Instead, pose questions to the entire panel and let them decide who should answer. In my experience, the panel as a group often knows better who is best suited to respond and follow up on questions than the moderator, who may not have all the information.
Counter-intuitively, the best moderators are on the quieter side. If a moderator asks one question and the panelists engage in interesting discussions, continuing to provide value on the theme of the event, there's nothing wrong with the moderator saying nothing afterwards. As a moderator, you might feel awkward if you don't say anything, but it's not your role to control the conversation—it's your role to inspire it.
If the conversation is active and the panelists are engaging with each other, that's a great outcome because you can sit back and relax while the audience still gets a lot of value. This is the opposite of a typical flow where the panelists wait for the moderator to jump in and ask more questions. While that approach can be fine, it will most likely result in an average panel. An extraordinary panel features energetic conversations among the panelists, following the flow naturally. It is a significant achievement if a moderator can facilitate that.
Finally, there are exceptions to the general rule of not singling out any one particular panelist. This is appropriate when you feel that a specific person has a lot to say on a given topic but is on the quieter or shyer side, and you want to encourage them. Another time when it makes sense to jump in might be if you feel the conversation is not balanced and not all views are represented well. In such cases, you can encourage certain people to speak more.
When the conversation starts to slow down, you can offer your thoughts, ask follow-up questions, or move to the next question. While doing all of this, ensure that the conversation remains interesting and engaging without diving into minutiae that the audience might not be interested in. It's your job as a moderator to represent the interests of the audience. By keeping all of these points in mind, you should be able to run a great panel.