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.

What's the sum of all the revenue from day 1 purchase, so you're keeping them through all the grow activities you're undertaking.

Potential customers have been listed.

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

But for you to be a successful company and actually thinking about how much you could spend on them over here, you need to understand can I get them to spend more and more over time and how to keep them

Here's your client list.

You will mainly be coldcalling potential clients.

The stock they sold buyers was a lemon.

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

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

The sense of co ownership, the free publicity, the added value, all helped drive sales.

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

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.

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.

We have recently accepted a client who is VampireAmerican.

Yet, we seem to go from order to order or user to user forgetting about thinking about all the time is how can we extract more dollars or usage or whatever is important to us from our existing customers.

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

Then again for your revenue stream.

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.

What the devil's this? came in a tone of angry expostulation from above the collar of the figure.

Banks charge higher interest on loans to risky customers.

But you married him.

And then grow is a neat trick that smart companies do is that they understand that it's a lot more expensive to get customers than to keep them and grow them.

Many companies have huge databases of customer information.

When you bring in the next new customers, banks now think that's a popular strategy, and this referral program just helps your customers, hopefully, who are satisfied sell more of your product for you.

five days they personally got out of the building and spoke to 169 customers and had 190 people come to their website.

You've now sold these customers way back here under purchased, and you've kept them around with relative programs and product updates, but really what you'd like to do, understanding now that it's a lot cheaper to sell existing customers more stuff than it is to get new customers, is let's go try to sell them some stuff, and how can we do that.

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

Another great example is Fidelity.

Instead of pricing based on cost,

You cater an event where the cost to you was 200

I have no idea where my husband is.

So one of the interesting equations for every startup is that

That was the customer acquisition cost, CAC, here.

Ned could be any employee in any one of our clients' locations worldwide.

When you're thinking about growing customers, nothing magic.

You're taking market share from incumbents from day one.

Month two, you get 400 from the customer in the previous month

The next thing is revenue streams.

How do you know which one to use?

So dealers might not have a physical storefront for end user customers, but retailers are all about main street and talking to your customers.

You are going to start thinking about, well, if I have a direct sales force, how much can they sell in dollars, or if I'm using an indirect channel, what's realistic number they sell for other customers?

What they've done is they've shifted their operations.