You will mainly be coldcalling potential clients.

The customer development process is actually a 4 step process.

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.

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

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.

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.

Everybody knew that we never give any information to the police.

As you get out of the building and start talking to these potential customers you need to set up some experiments.

And when you finally, finally think you do have something that matches customer needs, you get to the next step, which is customer validation.

And so let's look at both of these get, keep and grow for physical and web mobile channels in a little more detail.

Regulation needs to change. Platforms need to become cheaper.

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

Just a caveat and a warning.

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.

look happened.

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

The pivot was a term that my best student ever Eric Reese coined when he noticed the arrow between customer validation and customer discovery, and he actually gave it a name, which I think is incredibly accurate.

I'm not just going to randomly do this.

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

X number of prospects equals X number of customers.

Did you see how many clients Jane had?

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.

Who do you do that for?

Defense department's largest contractor.

He's not the client.

So one of the interesting equations for every startup is that

That was the customer acquisition cost, CAC, here.

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

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.

Here's your client list.

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.