Here's your client list.

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.

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

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.

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

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

Again, your CAC declines. The idea is what can you do to make this very efficient?

Another common paid activity is advertising. What kind of advertising?

We will take it to the potential customers.

So let's follow our Jersey Square team and see what they did with customer segments.

How do you know which one to use?

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.

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

I want them to either pay for the product or sign up for something and become a user.

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

Potential customers have been listed.

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

Regulation needs to change. Platforms need to become cheaper.

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

We have recently accepted a client who is VampireAmerican.

You used to have a client named Jill Lamont.

That's your job as the facilitator and coach.

Now, the last piece in understanding customer segments is understanding their pains.

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

You could say look, I performed services that will earn me 200 in the future

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

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,

So what we could do if we wanted to make this a little bit fancier, we could say that a new customer would pay and then we can say that's y, so y is equal to 0.29x minus 3 if x is greater than 10, if the guy or the gal orders more than 10 photos.

Another great example is Fidelity.

If you have world's most perfect business model, investors would love to see this number much bigger than this number and so what you want to look for is a well balanced model that takes into account how much you need to acquire customers but how much ultimately you'll extract from them over the lifetime.

I have told you how to treat customers.

Did you see how many clients Jane had?

Well getting customers is just like it sounds.

Pricing is kind of the tactics.

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

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

So let's dive down a level deeper and first focus on what's the jobs needed to be done.

So let's follow our Jersey Square team down and see what they've done for customer relationships.

We started doing research on your old client,Carol Gentry.

And one of the things we need to understand is what's the archetype or the persona of our customers that we're actually wanting to get and so one of the things that's kind of hard for startups is to realize that getting customers isn't some abstract idea you really need to understand who your customers are and this is not just thinking about selling to consumers.

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?

I leave this room, and it's over.

We still have earned and paid media driving customers into the funnel.