And instead of putting that 400 in cash, because you didn't get the cash you can't do that,

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

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.

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

First one is we got to acquire customers and then we activate them.

Two, I've tried it. I've tried at Sciant.

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.

So this ends up to be an interesting calculation.

Credit companies send their customers monthly bills.

Apple is one of the few, truly cares.

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

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

Many companies have huge databases of customer information.

One of the most important metrics to think about now that we have an end to end funnel is something called lifetime value and a lifetime value LTV is not your lifetime but your customer's lifetime.

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

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

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.

I don't care when you get in in the morning. I don't care when you leave.

And the idea is to get as many people as we can to come out to Caine's Arcade, and just make his day. Caine is dying to have one customer show up to his arcade.

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.

We've got customers.

Defense department's largest contractor.

He's not the client.

JU That's a good question, and we ask ourselves that every day.

Many of our clients are AfricanAmerican.

Most of my clients are married.

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.

At the end of the day, not only do you know about the pains and gains of these customers, but you specifically know who they are.

The company always strives to satisfy its customers.

A smile is a door that is half open and half closed, the author Jennifer Egan wrote.

And number 4. Access to customers.

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

So one of the interesting equations for every startup is that

That was the customer acquisition cost, CAC, here.

The customer development process is actually a 4 step process.

However, in the same survey, only four percent of employees agreed.

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.

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

Those are entrepreneurial traits that you want to be nurturing.

Next, they got out of the building again.

Here's your client list.

Let's go to month two