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Customer Relationships and Key Resources1:51 with Pasan Premaratne
A crucial part of any business is its interactions with its customers. We're going to look at the different types of relationships we can develop with our customers and how that affects our business model and plan. We're also going to look at the key resources we need to make our business model a success.
[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
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