[Pasan Premaratne] Our next step is to define our customer relationships. 0:00 The term "customer relationship" can be slightly misleading here. 0:04 We are using "relationship" to define any interactions with our customers and the strategies that we build around these interactions. 0:07 You should have customer relationships identified with three primary activities. 0:14 Acquiring new customers, 0:19 what are your market strategies for retaining customers, 0:22 how will you keep existing customers engaged and happy? 0:25 There are different ways you can do this, ranging from personal assistance, 0:29 to automated services and communities, like forums. 0:32 Finally, you will need to define a strategy for upselling 0:36 any products or services to existing customers to maximize the revenue from them. 0:40 The overarching ideas we develop in this section 0:44 will help us fine tune our marketing, sales, and retention strategies. 0:48 The next section in our business model canvas is key resources. 0:52 Key resources are basically the most important assets required 0:57 to make your business model a success. 1:01 Key resources aren't just the assets and materials you need to make your product or service; 1:03 they also include everything you need to reach your target markets, 1:08 maintain all your customer relationships, 1:11 establish relationships with key partners, and earn more revenues. 1:14 Key resources can be physical, intellectual, human, or financial. 1:18 When exploring our business model, we need to make sure we ask ourselves 1:24 what resources are needed at every step? 1:28 Start with the value proposition. 1:30 What do we need to create our value proposition? 1:33 If it's a web app, you're going to need hardware, software, human capital, and so on. 1:35 Compiling your list of key resources will help you understand 1:40 what your strengths and weaknesses are 1:44 and effectively communicate that to any outside party. 1:46