Most of my clients are married.

And what do great customers do, great feeling customers?

So one of the interesting equations for every startup is that

That was the customer acquisition cost, CAC, here.

His eyes were strange.

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

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

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

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

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?

The lawyer has a lot of wealthy clients.

But for you to be a successful company and actually thinking about how much you could spend on them over here, you need to understand can I get them to spend more and more over time and how to keep them

It's not all about your technology. Your technology is just part of the value proposition.

We have recently accepted a client who is VampireAmerican.

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

And so now you could kind of see the power of the canvass.

I'm half deaf, of course I shout. You're making me deaf.

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.

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

So we've done no catering this month but we've gotten a lot of money

The first set of things are paid demand creation activities.

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.

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.

If you have world's most perfect business model, investors would love to see this number much bigger than this number and so what you want to look for is a well balanced model that takes into account how much you need to acquire customers but how much ultimately you'll extract from them over the lifetime.

Many companies have huge databases of customer information.

Market segmentation.

So let's follow our Jersey Square team down and see what they've done for customer relationships.

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

Another great example is Fidelity.

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.

In a physical channel, this requires lots of interviews, demos, and prototypes and lots of eyeball of contacts.

What's most important to us when we make a video is what the customer sees.

Apple is one of the few, truly cares.

We talked about value proposition, we talked about customer segments, we talked about channels, but today we're going to focus on customer relationships.

Having a telephone helped her find more clients.

More than likely we'll make money from royalties and commercial licensing, etc.

But in most teams if they are technology driven, they tend to start on value prop and most teams if they happen to be marketers or business people, happen to start with the customer segments.

But just understand that in new markets of course you don't get out and ask people what features they need.

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

But Mr. Wallace, I'll need at least a week in Cleveland to visit all my accounts.

And in these donor meetings, I noticed that many of the worst projects which were put forward by our clients, by the governments, by promoters, many of them representing suppliers from the North that the worst projects were realized first.

The only fallacy in this is that you assume that your first customers are going to be in the mainstream.

They strive constantly to improve customer relations.