And what do great customers do, great feeling customers?

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?

Sir, what is your business, and who is your customer?

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

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

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.

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

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

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.

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.

We will take it to the potential customers.

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

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

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

We have recently accepted a client who is VampireAmerican.

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.

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

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.

Well getting customers is just like it sounds.

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

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,

Now let's go to month 3.

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.

Apple is one of the few, truly cares.

If you could do in physical channels, telesales or inside sales versus having a direct sales force,

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

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

Well, it depends what my archetype reads.

We all work on little laptops and try to move desks to change the way we think.

Once I understand who my archetypes or persona is, the next thing I want to figure out is how do I get them in to this funnel.

So one of the interesting equations for every startup is that

That was the customer acquisition cost, CAC, here.

Next, they got out of the building again.

look like. What is it that you are doing.

And number 4. Access to customers.

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.

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.

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

So it's very important to them to track piracy exactly because of this, and the people who are buying, the pirates, are not their customers anyway, because their customers want the real deal.

So my view is Be optimistic.

How do you know which one to use?