At the end of the day, not only do you know about the pains and gains of these customers, but you specifically know who they are.

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

Credit companies send their customers monthly bills.

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.

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.

The company always strives to satisfy its customers.

So those are the 2 goals

You're a consultant now with an Asianbased oil company.

There are people who use search, but there are people who are payers who are actually a whole different customer segment.

Partnerships are not kind of an add on.

A smile is a door that is half open and half closed, the author Jennifer Egan wrote.

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

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?

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.

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

Show them the grumpy employees.

Those children are potential customers.

Who do you do that for?

What am I going to look at?

This is my legacy.

He's not the client.

What is the word activate means.

The company engaged him as an advisor.

First one is we got to acquire customers and then we activate them.

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

Here's your client list.

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

So one of the interesting equations for every startup is that

That was the customer acquisition cost, CAC, here.

US address, whether they were responsible academically and financially, and whether their social network was responsible.

So, can you look at this customer data set and automatically discover market segments and automatically group your customers into different market segments so that you can automatically and more efficiently sell or market your different market segments together?

The explanation of that paradox is that, within our societies, we're looking at relative income or social position, social status where we are in relation to each other and the size of the gaps between us.

We're starting to sell electric cars, which is great.

But clearly these guys, their incentive, since their customer tends to be the management of companies, is to be very, very, very positive.

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

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

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.

Those are entrepreneurial traits that you want to be nurturing.

But in fact that's not why they went extinct.