In customer relationships all the get keep grow metrics, some of which we talked about, some of which you'll discover, what were the customer acquistion costs?

Now we finally come to the last part of the business model canvas.

As was simulated, the value proposition includes all the features of your product but also the pains and gains you're solving for the customer segment and that's where the market goes.

And in value proposition, the goal of this is to find out that minimum viable product.

Next, they got out of the building again.

Many companies have huge databases of customer information.

So on day one, these were their initial hypothesis coming into the class.

Apple is one of the few, truly cares.

Now, one word of caution.

By now, you're intimately familiar with the business model canvass.

Now if you remember we started here on the left. We didn't earn and paid media.

Well, he went to prison to protect a client.

Well, 0.50 10,000, that cost me 5,000, but the goal isn't to just have people visit, the goal is to get them to the end of the funnel and at the end of the funnel,

Existing markets well, the customers well, they're know. We know who they are. They exist.

So in our last lectures we talked about value proposition, customer segments, distribution channels, customer relationships get, keeping and growing customers.

Then as we talked about earlier, how much will it cost to acquire a customer?

So in month 1 you cater an even where the cost to you was 100

Let's just take a look at quickly a web example in getting customers, you're going to be o worrying about how do I acquire them that is how do I get them even to my website, how do I activate them that is how do I make them do something, and then later on we'll see after I got them how do I keep them around that is how do I not lose them through attrition and churn and then what can I do once I have customers to make them spend more money or use my product even more.

And again, are you getting a viral loop and referral loop from happy and satisfied customers telling others word of mouth and so this is a balancing game, and for first time entrepreneurs who are focused here, it's really important to think about customer acquisition cost and a lifetime value.

So, while the goal in value prop is to figure out the MVP, yes, we il see later the goal in customer segments is to figure out who and what the archetype of the customer is.

Let's go to month two

Why would they do this? 'Cos they were going to lose 31 a year?

This is what I called the you should be so lucky to have this problem part of the funnel, and that's how you grow the customers you have.

Because if you think about it, you've been working hard on value prop, and you've been working hard on customer segments and customer acquisition and activation and channel.

So it's very important to them to track piracy exactly because of this, and the people who are buying, the pirates, are not their customers anyway, because their customers want the real deal.

We got customers, acquired them, and activated them.

Why do you want to think about keeping customers is that customers are a lot more expensive to acquire over here than they are to keep.

Here's your client list.

So let's follow our Jersey Square team and see what they did with customer segments.

And number 4. Access to customers.

They could tell you that I want bigger, faster, cheaper status quo.

A photo finishing store charges customers a rate of 0.29 per photo to print pictures.

You know, revenue stream.

Instead of pricing based on cost,

You cater an event where the cost to you was 200

I have no idea where my husband is.

Let's take a look at the next step in searching for a business model, and that's customer validation.

Hopefully in the last lecture you start thinking about the cost of you channel how many customer activations, how much it will cost to get customers into my physical store or my virtual website.

I mean how do they hear of our products, how do they know about you, and as we'll see later one of the interesting things is there are some customers that are users like in Google

Again, your CAC declines. The idea is what can you do to make this very efficient?

And one of the things we need to understand is what's the archetype or the persona of our customers that we're actually wanting to get and so one of the things that's kind of hard for startups is to realize that getting customers isn't some abstract idea you really need to understand who your customers are and this is not just thinking about selling to consumers.

Get is how you actually acquire customers and get them to purchase your product.

Because you'll ask So, I explained it to you like this. How could I have said it better?

Once I understand who my archetypes or persona is, the next thing I want to figure out is how do I get them in to this funnel.

It's a big idea.