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

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.

So those are the 2 goals

In a physical channel, this requires lots of interviews, demos, and prototypes and lots of eyeball of contacts.

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

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.

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.

Those children are potential customers.

Who do you do that for?

What am I going to look at?

Let's take a look at a customer acquisition process that reaches 100 people a day and activates 10 .

He's not the client.

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

Here's your client list.

Diner girl! Diner girl! Diner girl!

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.

But Mr. Wallace, I'll need at least a week in Cleveland to visit all my accounts.

Just a second l'm with a customer.

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?

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.

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.

The pivot was a term that my best student ever Eric Reese coined when he noticed the arrow between customer validation and customer discovery, and he actually gave it a name, which I think is incredibly accurate.

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

A asset is anything someone owes you some future benefit.

What could be everything?

Yeah, I'm with customers.

Concierge where?

Later, diner girl.

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...

It's a big idea.

Apple is one of the few, truly cares.

That's your job as the facilitator and coach.