General
Someone who creates a new business is known as what?
An Entrepreneur
If you have a business selling sunscreen, and it costs you $3.50 to manufacture one bottle of sunscreen, and you can sell one bottle of sunscreen for $10, what is your margin?
$6.50
What is it called to make small changes to a product or service over time based on customer feedback?
Iterating
A short-form sales pitch that you can use in your marketing materials is called a _________
Tagline
What does SEO stand for?
Search Engine Optimization
Selling products or services to other businesses is known as a _______ business model.
B2B (Business to Business)
You send an email to 100 people. 20 people open your email, and 5 people take action by clicking the link inside the body of the email.
What is your CTR (click-through rate)?
5%
Mario is planning to open a health conscious bakery that sells low-calorie cookies, cakes, and other pastries. In order to test the market and ensure customers like his recipes, he will sell an initial small batch of 25 baked goods at the local farmer's market. Once he proves the concept, he will expand and open a storefront on Main Street. What is this approach called?
MVP (Minimum Viable Product)
When a website visitor submits their contact information through your contact form, this visitor becomes a ____________ in your sales funnel.
lead
When a person clicks through to your website from another website, this type of website traffic is called a __________
Referral
Which page of your website is most likely to have your pricing information?
Products or Services Page
You currently have 10 customers who have made a single purchase from your business. When the new sales cycle begins, 7 of these customers purchase another product/service from you, while 3 customers do not return for a second purchase. What is your Retention Rate?
70%
Conversion Rate, Open Rate, Click Through Rate, and Retention Rate are all examples of ______________ you should track as a business owner
Metrics
Creating funny videos, great blogs, or social media posts to reach your audience, is an online marketing strategy known as ____________ marketing.
Content
To increase your email campaign's open rate, try adjusting your email's _____________.
subject line
When analyzing your competitors, what does each letter in the acronym S.W.O.T stand for?
Strengths, Weaknesses, Oppotunities, and Threats
Your direct costs of offering a product is $100. Your price is $500. How many products do you need to sell to make a profit of $40,000?
100
When a lead purchases from your business and becomes a customer, in what software tool should you track this information?
CRM software; Customer Relationship Management software
When a customer tells you that this is not a good time, they can't afford your service, or they are already working with a provider, this type of response to your sales pitch is known as an __________
Objection
The practice of repeating the same keywords over and over on your website in an attempt to manipulate the search rankings for those keywords is a bad practice known as ________
Keyword Stuffing
What are the three criteria for a viable business idea?
1. The product or service solves a problem
2. There are enough people with this problem
3. People are willing to pay to have this problem solved
Your business' average order value is $1,000. When you meet with a lead, you have a 20% sales conversion rate. If you have 10 meetings scheduled with leads, what is your expected total revenue from these 10 meetings?
$2,000
When a customer is so happy with your product/service that they refer their friends and family to your company, which phase of the customer lifecycle is this customer in?
loyalty
A _______________ is often used to encourage a lead to take the next step in the buying process.
A Call to Action or CTA
A series of marketing messages or activities that has a specific objective behind it is called a marketing __________
Campaign
What are the 5 phases of the Customer Lifecycle?
Reach, Acquisition, Conversion, Retention, Loyalty