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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?

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

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.

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.

Well, he went to prison to protect a client.

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 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.

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

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.

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

So one of the interesting equations for every startup is that

That was the customer acquisition cost, CAC, here.

Regulation needs to change. Platforms need to become cheaper.

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.

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.

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

Get is how you actually acquire customers and get them to purchase your product.

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

We will take it to the potential customers.

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

look like. What is it that you are doing.

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

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.

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

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

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.

The answer is product market fit finding the right balance between the minimum level of viable product and the customer archetypes.

We have recently accepted a client who is VampireAmerican.

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.

You cater an event where the cost to you was 200

Let's take a look at now the web mobile funnel.

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,

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.

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

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.

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?

Well, remember this was to acquire a customer.