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

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.

And so they got out of the building and again talked to different users or potential users in different locations and now you could see they actually took our advice and segmented the canvas into two separate colors because they thought there were two unique customer segments.

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

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

Because you'll ask So, I explained it to you like this. How could I have said it better?

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

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?

Why would they do this? 'Cos they were going to lose 31 a year?

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

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

But they're asking us a first time, a new customer.

Many companies have huge databases of customer information.

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.

All of these activities are designed to feed the sales model.

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

Picking up a package, delivering it to our client.

Then as we talked about earlier, how much will it cost to acquire a customer?

(Laughter)

Accept

Accept it.

Apple is one of the few, truly cares.

Two of his portfolio managers had taken on a new client.

Male and female and they kind of were closer to 18 30 and they were casual fans.

Cross sell, well that's also kind of simple.

I want them to either pay for the product or sign up for something and become a user.

Did you see how many clients Jane had?

Existing markets well, the customers well, they're know. We know who they are. They exist.

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.

We got customers, acquired them, and activated them.

You're just what we needed on a night like this.

Accept

You can't read minds, you can't tell if someone likes you or not so... yeah, just deal with it. Deal with it.

Embrace?

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.

Next, they got out of the building again.

Here's your client list.

Well, 0.50 10,000, that cost me 5,000, but the goal isn't to just have people visit, the goal is to get them to the end of the funnel and at the end of the funnel,

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.

Accept incoming notes

Let's go to month two

If you have world's most perfect business model, investors would love to see this number much bigger than this number and so what you want to look for is a well balanced model that takes into account how much you need to acquire customers but how much ultimately you'll extract from them over the lifetime.