But a consultant told us we need to manage our clients and not service them.

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

Oh, God. One of these days I'm gonna just sort through all the Dad stuff.

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.

Cold calls are the primary function of the telemarketing department.

Two of his portfolio managers had taken on a new client.

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?

He's not the client.

Owns the place. I manage it.

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

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.

Another key component of understanding customers is understanding customer gains, which is a fancy way for saying what are the benefits that customers expect, or desires, so besides the jobs they want to get done what do they want to gain by using your product or service?

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.

Strike calls me.