All right, in this last section, we're going to talk about some of the other details of creating the business model. Some of the steps that you have to take now that you presumably have a value proposition and a customer segment that match up, where there's a product market fit, there's something people are saying, when can I get it? Now you have to fill out the other elements of the business model in order to make a complete way to reach your customers. So those are some of the things we're going to talk about in this section. We're going to talk about the funnel of get, keep, grow. This is a little bit of an eye chart but I think you can that at the left-hand side of this customers come in. They first hear about you, then they become interested in you, then you move them toward a sale and finally you close with them, they become a customer. That's getting customers and we're going to talk about that. The next step is keeping customers, you want the customers to be loyal to you. You want to measure and understand churn, which is what it's called, the rate at which customers are leaving you. And if you have a churn problem, you want to solve it. And then at the right-hand side of the funnel, you want to talk about growing customers. There are ways to get a customer and turn them into a better customer. A longer term customer, customer who buys more, customer who buys different things and a customer who remains a customer for life. And because the loop goes around, a customer who brings other customers to you. So we're going to talk about all that. We're also going to talk about channels which are quite important and in some detail. Channels are ways to reach your customer and the thing about channels is they have varying amounts of complexity which are required for varying complexities of product. If you have something that's really very simple, like a pet rock that you're selling, then you can sell it with a very simple channel. You don't need much hand holding, people will either get it or they don't get it. They either buy it or they don't buy it and you're done. At the other extreme there's an extremely complex sale where a product that takes years to build, there's a big service component to it. There's a lot of hand-holding, there's a lot of culture change that has to take place in the customer. Then you need a very complicated channel to deliver that product. You need something like the upper right here, the system integrators. We're going to talk about these distinctions and how they play out. We're also going to talk about the role of channels for customers. Customers have channel habits, they have ways they're accustomed to buying things. And if you try to do violence to the way they're accustomed to buy things, they probably won't buy a thing from you. So find out how they buy things now, and we're going to teach you how to do that and then use similar channels, use similar approach. So that way you'll get a channel product fit both because the channel will have the complexity that your product deserves and it will have the familiarity that your customers welcome and that will be a great way to sell to people. The other key questions of the business model is how much is your product going to cost, because if you can't make more money than a cost to build it, you don't have a business. Are they going to give you enough revenue to make your business work? What do you have to do to run it? Who do you need? What are the elements of the business plan that have to do with the things you really have to do yourself and the things you can do with partners? And how do you find those partners? These are all parts of the business model, we're going to be all talking about them later. So look at this section and learn, thank you.
