It's a big idea.

What we now know is that the founders need to run what's called the customer development team.

A Petrocelli that's never been viewed?

I'm going to show you our latest dataset.

One of the really interesting developments about this class is this whole customer development process.

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.

An original Petrocelli. The title of the photograph is Anguish. It too has never been viewed in public.

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

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?

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

What are the costs of jerseys and warehousing and shipping and cleaning,

The non evil record label that is fair to artists and customers alike

So those are the 2 goals

The thing to remember that the goal is not to draw on the canvas.

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

In a moment of spontaneity, Marilyn reflects on N 5

And when you finally, finally think you do have something that matches customer needs, you get to the next step, which is customer validation.

So the goal of the class is twofold.

We started doing research on your old client,Carol Gentry.

If you wanted to get fancy, this is a little bit inaccurate when the customer ordered less than 10 photos because, let's say the customer orders 10 photos.

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.

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.

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

BL Daphne, if I may draw your attention to one thing.

The answer is is having a customer archetyping might is really important for all of these

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.

And the craft that I'm in this hasn't been shown before.

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.

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

Apple is one of the few, truly cares.

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.

This search for the business model.

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

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