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

But it's only half the story if we're really looking at solving problems of poverty, because it's not long term sustainable.

It's exactly the same idea we might want to offer loyalty programs, contests and events, blogs, RSS and email, or social media all designed to engage customers.

So those are the 2 goals

If they have to pay for it, they use it.

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

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?

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.

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

Those children are potential customers.

And so we're in the last piece in detail is what gain are you creating.

Who do you do that for?

What am I going to look at?

He's not the client.

I put photography as my life.

More than likely we'll make money from royalties and commercial licensing, etc.

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?

We do not need to destroy.

So those three actors.

So the impact of all this has been essentially one of growing the market, because it focused on the non customer, and then by reaching the unreached, we're able to significantly grow the market.

Here's your client list.

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

So one of the interesting equations for every startup is that

That was the customer acquisition cost, CAC, here.

So, can you look at this customer data set and automatically discover market segments and automatically group your customers into different market segments so that you can automatically and more efficiently sell or market your different market segments together?

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.

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.

We don't know.

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.

But we really want teams to understand, what you can do to keep customers

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

A asset is anything someone owes you some future benefit.

What could be everything?

have breakfast with them... do whatever it takes to familiarize them with our packages.

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.

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

It's a big idea.