Cold calls are the primary function of the telemarketing department.

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

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

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

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

Who do you do that for?

Where on the other extreme, the complexity of selling toner over the web. Incredibly simple.

He's not the client.

Here's your client list.

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

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

So one of the interesting equations for every startup is that

That was the customer acquisition cost, CAC, here.

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

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

Instead of pricing based on cost,

Many companies have huge databases of customer information.

So in the last lecture, you remember the business model canvas, all the 9 components of a startup.

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

You cater an event where the cost to you was 200

I have no idea where my husband is.

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

Even though on day 1 you're not thinking about keeping customers because you're desperately worried about getting them, just understand the next thing you're going to be doing is worrying about how to keep your most valuable customer.

Well, remember this was to acquire a customer.

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

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.

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,

Because no one, and that was a constant problem...

It's a big idea.

Apple is one of the few, truly cares.

That's your job as the facilitator and coach.

We've got customers.

Defense department's largest contractor.

So now they're looking at industrial enzyme manufacturers, their key activities are R amp D, and production support is their next change.

You will mainly be coldcalling potential clients.

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.

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

We will take it to the potential customers.

Next, they got out of the building again.

What we now know is that the founders need to run what's called the customer development team.

The answer is simple math.

And the next thing they were looking at was their target market.

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.

Seems intuitively obvious but what you want to make sure is the amount of money you're collecting over here is bigger than the customer acquisition cost to remember the amount of money you're spending from here to here.