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

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.

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

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

And so they figure out how to sell existing customers more products.

The answers are get, keep, and grow are the three parts of customer relationships.

And for web, mobile or cloud, we were getting you into the funnel on the bottom.

Customer relationships is kind of a fourth piece, and customer relationship has a really interesting interaction with these other three pieces.

So again let's use our Jersey Square team as an example of what customer relationships might

They strive constantly to improve customer relations.

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

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

Nobody wants the U.S. monetary authority to check their relationship, to monitor their relationship with their clientele.

Let's take a look at now the web mobile funnel.

Cold calls are the primary function of the telemarketing department.

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

You cater an event where the cost to you was 200

Just as a reminder, what the teams will be starting with in Week 1 is filling out the business model canvas and getting out of the building and testing their hypotheses about the value proposition, customer segments, and channel.

So, if we take a look at the Jersey² team was worrying about, it's what most start ups worry about on day 1, is does my value prop match my customer segment, and do I have product market fit?

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?

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

That's why her husband dropped her.

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

So today, while we're talking about value proposition, value proposition works hand in hand with who your customers are, which we'll be talking about in the next lecture.

How do they currently buy and what's the revenue stream that's associated with these kind of pricing tactics?

We all work on little laptops and try to move desks to change the way we think.

Many companies have huge databases of customer information.

Another example of a customer segment was someone making new kite boarding equipment.

That's your job as the facilitator and coach.

What is the competition? What are they charging?

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

I absolutely know this Why? because it's my opinion or I might have been a domain expert, but you know what at the end of the day your business isn't about your opinion.

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.

Instead of pricing based on cost,

I have no idea where my husband is.

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.

And just if you remember, by the time you understand you have multiple segments, that means you need multiple value propositions and multiple revenue streams.

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,

We've already talked about value propositions, customer segments, distribution channels, customer relationships, and revenue streams.

The supply demand balance is tight.

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.

And so the lesson is this it doesn't really matter what you're selling you just have to think about who is your customer, and what are the messages that are going to get them to change their behavior.

And so, think about it and make a list of what each gain your products and services create according to its relevance to the customer.