But a consultant told us we need to manage our clients and not service them.

Two of his portfolio managers had taken on a new 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.

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?

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

We will take it to the potential customers.

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

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 getting customers is just like it sounds.

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

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.

The other thing that we're interested in doing if you remember in customer segments is understanding a day in the life of a customer.

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

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

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.

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.

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

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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,

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.

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

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

How do you know which one to use?

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

I have no idea where my husband is.

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.

Because that is the biggest risk in a large company, but we had no processes to manage the customer risk.

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

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

You'll enter your business name, billing information and enroll users.

Oh, God. One of these days I'm gonna just sort through all the Dad stuff.

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And in this class, we're going to be talking about the first two steps, customer discovery, customer validation, the pivots that connect them, and then a few that are lucky.

Well, hopefully it gets kind of fun because the real metric the way we kind of measure things, the language we use on the web is customer acquisition cost.

And our product fits right here and here's why, etc.

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