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

We will take it to the potential customers.

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

We have recently accepted a client who is VampireAmerican.

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.

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.

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

And so they got out of the building and again talked to different users or potential users in different locations and now you could see they actually took our advice and segmented the canvas into two separate colors because they thought there were two unique customer segments.

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

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.

Well getting customers is just like it sounds.

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.

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

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

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

I have no idea where my husband is.

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

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,

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.

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

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.

That's your job as the facilitator and coach.

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.

To correct an out of phase machine, perform the following steps

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.

If in fact, your conversion rate between acquisition activation could be increased.

And if not, just don't give up and say, Well, it didn't.

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

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

And now they started expanding who their customer segment was and they actually split the segment into two.

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?

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

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

Potential customers have been listed.

Well, he went to prison to protect a client.

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.

And so they figure out how to sell existing customers more products.

How do you know which one to use?

So one of the interesting equations for every startup is that

That was the customer acquisition cost, CAC, here.

Seems intuitively obvious but what you want to make sure is the amount of money you're collecting over here is bigger than the customer acquisition cost to remember the amount of money you're spending from here to here.

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

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