Our new contacts will give us access to bluechip clients, national governments...

They need to understand the external environment and they need to come in.

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.

Let's go to month two

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

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

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?

I realized that recurring revenue from one client is amazing.

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

But because I had to cut lawns all summer for all of our neighbors and get paid to do that,

He found out emerson's client was dubaku.

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

Again the only way to figure this out is being able to interact with tens or hundreds or thousands of customers so you finally understand what the right revenue streams and revenue model is.

It doesn't really work in this context.

What's the value? What is it when they look at my company and my products?

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.

Now let's go to month 3.

Many companies have huge databases of customer information.

That's your job as the facilitator and coach.

So just as an side keep going, guys, this is good.

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.

But just understand that in new markets of course you don't get out and ask people what features they need.

What am I going to look at?

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

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,

Month two, you get 400 from the customer in the previous month

Why would they do this? 'Cos they were going to lose 31 a year?

look happened.

That's where Lucas comes in.

The next thing is revenue streams.

Apple is one of the few, truly cares.

We've got 400 from the previous month's customer, and 200 for a customer you're going to cater for next month

Existing markets well, the customers well, they're know. We know who they are. They exist.

Cross sell, well that's also kind of simple.

Another great example is Fidelity.

In an existing market, if customers react to your hypothesis that what they needed was higher performance and you are correct, this is your revenue curve.

Why do you want to think about keeping customers is that customers are a lot more expensive to acquire over here than they are to keep.

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

And we found after much research that actually not much research, quite simple research that the counterfeit customer was not our customer.

He cheated his clients out of a lot of money.

I remember when Gottfrid said

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