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 in the last lecture, you remember the business model canvas, all the 9 components of a startup.

What are all the pieces? Well let's take a look.

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

They run something called the loyalty programs.

They need to understand the external environment and they need to come in.

In fact, every major household name is allowing you to interact with their products on a daily basis all the way from Smart Cars to Prada to Ray Ban, for example.

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

You could charge twice the current rate for what I provide, and your customers would pay it.

And product market fit just simply says what is the match between what you are building and what customers need and want, and who are those customers.

They attract customers by offering high quality goods.

And this start up is on the road to actually building something that customers might want.

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

I can't emphasize enough that the business model canvas is just a start.

Who are your key partners and suppliers?

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

So those are the 2 goals

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?

It's not.

The next is channels.

More than likely we'll make money from royalties and commercial licensing, etc.

They give better service not worse, but better.

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

Why you're doing all this is to define the minimum viable product, or sometimes called the MVP for short.

Those children are potential customers.

In particular, because the idea is that if you analyze the data, that data will tell you something about your customers and then you can better serve your customers and then your profits will go higher.

Now, what s interesting is if you remember value proposition describes not only the features but also the pains and gains that they see, that they ve actually craved for the customer and that the goal is to figure out what the MVP is.

Apple is one of the few, truly cares.

long term, and what are you going to do to grow them in the next couple of years as we.

You're all familiar with the business model canvas.

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

Next, they got out of the building again.

Is it going to be direct that is am I going to either offer it on a website AOL or have direct sales people that work for me, or is it to be indirect.

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.

That is they were beginning with a series of hypothesis about their customer archetype.

And so you're bound to make your new drug look better.

Instead of pricing based on cost,

Many companies have huge databases of customer information.

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

You cater an event where the cost to you was 200

I have no idea where my husband is.

This last step is growing customers for the web mobile channels.

That is what pain are you solving, what gain are you creating, and more importantly, who are your 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.