Instead of pricing based on cost,

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

At clone market, the customers are possibly known because you copied an existing market

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

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

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

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

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

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.

Many companies have huge databases of customer information.

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

You cater an event where the cost to you was 200

I have no idea where my husband is.

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

Apple is one of the few, truly cares.

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.

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.

Did he ever mention any particular client being unhappy?

And what Christensen said is, What functional or social jobs are getting done?

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.

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.

Let's go to month two

JU That's a good question, and we ask ourselves that every day.

Many of our clients are AfricanAmerican.

We have recently accepted a client who is VampireAmerican.

A tech company's one of my clients.

Most of my clients are married.

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

It's a big idea.

That's your job as the facilitator and coach.

We've got customers.

Who do you do that for?

Defense department's largest contractor.

He's not the client.

And the key thing that you want to worry about is churn or sometimes called customer attrition.

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

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.

And number 4. Access to customers.

So one of the interesting equations for every startup is that

That was the customer acquisition cost, CAC, here.

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