Let's go to month two

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

In a web or mobile product, instead of building a physical prototype, you need to have a low fidelity app or website available for customer feedback.

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?

But for you to be a successful company and actually thinking about how much you could spend on them over here, you need to understand can I get them to spend more and more over time and how to keep them

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.

It doesn't really work in this context.

Now let's go to month 3.

Many companies have huge databases of customer information.

That's your job as the facilitator and coach.

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

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,

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

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.

look happened.

That's where Lucas comes in.

Apple is one of the few, truly cares.

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

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

Another great example is Fidelity.

And unless you're in an existing market and you happen to know which features the customers have told you are more important.

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.

And then grow is a neat trick that smart companies do is that they understand that it's a lot more expensive to get customers than to keep them and grow them.

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

Where on the other extreme, the complexity of selling toner over the web. Incredibly simple.

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.

Next, they got out of the building again.

Here's your client list.

Now, this makes sense when you're in a large company releasing version 2.0, 3.0 and 4.0 because you kind of have a feeling of who the customers are and what they need, so a product manager can be pretty accurate about

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.