I have complete Conversion Funnel Mastery (also known as Customer Value Optimization Mastery) course and certified as Customer Value Optimization Specialist this march by leverage on this Conversion Funnel Mastery Exam Guide. There is 43 exam question for this certification and you require completing 75% to pass the exam.
Conversion Funnel Mastery Exam Guide
1. What is the goal of CVO?
• Make the sales department happy by delivering high quality leads.
• Increase the Average Value of every customer.
• Get a positive response from your target market.
• Increase the conversion rate of your landing page.
2 . According to the CVO method, what is the main purpose of the Lead Magnet Offer? (Select the BEST answer)
• To be congruent with the Core Offer.
• To provide an irresistible bribe that compels them to give you their contact information in exchange for the promised “bribe”.
• Generate leads.
• To get a quick, low-dollar sale that makes it easier to acquire customers that will receive your Core Offer.
3. In what order should your new leads go through the 5 CVO steps?
• Trip Wire, Lead Magnet, Profit Maximizer, Core Offer, Return Path
• Core Offer, Trip Wire, Lead Magnet, Return Path, Profit Maximizer
• Lead Magnet, Trip Wire, Core Offer, Profit Maximizer, Return Path
• Lead Magnet, Core Offer, Trip Wire, Return Path, Profit Maximizer
4. What is the Primary difference between CVO and CRO?
• One is spelled with a “V” and one is spelled with an “R”.
• There is no difference, one is just branded to Digital Marketer.
• Conversion Rate Optimization focuses much more on the average lifetime value of customers rather than individual marketing assets.
• They both concentrate on conversion rates but CVO places a greater emphasis on the average value that every customer spends
5. Why is it acceptable to only “break even” through the Core Offer Stage of a conversion funnel?
• Because the Core Offer is a low-dollar offer that is only intended to convert prospects into buyers.
• Because there is still an opportunity to monetize your customer with the Profit Maximizer and Return Path.
• Because the objective of a business is to make money as quickly as possible.
• It is not advantageous. You should always strive to be profitable at the Core Offer stage.
6. What are examples of a Tripwire Offer? Check one that applies.
• A free book offer where the prospect has to pay for shipping and handling.
• Columbia House records offering 7 records for 1 cent.
• $4.95 for a credit card knife (Y)
• A carpet cleaner offer to remove a spot for $20.
7. What should the marketing goal of every business be?
• Be able and willing to spend the most to acquire a customer.
• Maximize front end transaction volume because the more customers the better.
• Make as much money on the front end as possible without respect to Customer Value over time.
• To have the highest possible customer lifetime value
8. Which of the following does NOT describe a lead magnet? Check one that applies.
• The flagship offer made by a company.
• A low-dollar monetary transaction with a prospect.
• An opportunity for a customer or prospect to indicate interest in a new topic.
9. What is the main objective of the Core Offer?
• The Core Offer is what attracts prospects to your company initially.
• The objective of the Core Offer is to maximize profits “at the core” of your company.
• To serve as support for the Profit Maximizer and Return Path.
• It is the flagship product for your company that solves a unique problem for the target market you have identified.
• A “chunk” of value offered in exchange for someone’s information.
10. When optimizing a Core Offer, where should you focus the bulk of your attention? (Select the BEST answer.)
• On order forms and checkout pages since they are the final point of failure.
• On the overall promise. The Core Offer must speak to and deliver a specific desired end result if it’s going to be effective.
• On the medium of delivery. You must test text vs. video and even event-based selling media such as webinars and teleseminars, because this can have the largest impact on overall conversions.
• On the headline since that’s what customers see first.
11. What is the purpose of the Profit Maximizer? Check one that applies.
• To provide additional value to your customers.
• To get customers to come back and buy again and again.
• To make it possible to spend more to acquire even more customers.
• To increase overall revenues and average customer value.
12. Which is NOT an example of a Profit Maximizer?
• A high-dollar consulting package offered to buyers of a book.
• A “Flash Sale” for all new customers.
• An expensive Espresso Machine offered at Starbucks.
• The french fry and Coke upsell at McDonalds.
13. What is the purpose of the Return Path? Check one that applies.
• Get existing customers and non-purchasers to come back and buy and/or buy more often.
• To encourage consumption of previously purchased products and services.
• To offer an opportunity for customers to buy additional items that complement the Core Offer they just purchased.
• Segmentation, which gives you an opportunity to provide more customized offers.
14. Which are examples of the Return Path? Check one that applies.
• A weekly newsletter sent as a broadcast to your entire list.
• An exit pop-up offering a discount or unadvertised bonus.
• Charging $1 for a free trial of software.
• A retargeted Facebook ad with a specific offer.
15. Why is this time in history so critical for offering a Tripwire Offer? Choose the best answer.
• Tripwires weren’t possible before the age of the Internet.
• People want cheaper stuff nowadays because the economy is still so bad.
• No one else is offering tripwires so it’s a great way to differentiate yourself from the competition.
• It’s harder than ever to get people to part with their money, so the lower you can drop the barrier to entry on the initial transaction, the faster you’ll grow.
16. Which stage is the most misunderstood and under utilized of the 5 Stages of Customer Value Optimization?
• Profit Maximizer Offer
• Core Offer
• Tripwire Offer
• Lead Magnet Offer
17. What is NOT a good example of a Lead Magnet?
• A case study on a Facebook “hack” that increased traffic 213%
• A report on how to alleviate back pain from home.
• An ecommerce store offering a coupon or discount code for anyone who opts-in to receive it.
• A newsletter/ezine
18. True or False – The Lead Magnet is always the best entry-point for a conversion funnel.
19. What is the best definition for conversion?
• Number of sales divided by the number of customers.
• When a prospect or customer opts in for a free report.
• Taking an old car and making it really cool.
• When a prospect or client takes a page’s intended action.
20. Where is the best place to put an image on your landing page?
• It’s always best to place it on the left
• It is always best to have a large background image
• It’s always best to place it on the right
• You don’t know until you test
21. What is the best strategy to determine where you will get the most impact when optimizing a funnel?
• Always start with your lead magnet landing page because that’s the entry-point of your funnel.
• Survey your customers and ask them.
• Start with a tripwire because it almost always makes the biggest impact.
• Start with Return Path, because there’s no point adding leads and customers into an under-optimized funnel with zero followup. (X)
22. What is more important, conversion rate or Customer Lifetime Value?
• They are equally important.
• It depends.
• Conversion rate because that will increase my CLV automatically.
• Customer Lifetime Value because it will force you to focus on the big picture and the ultimate goal rather than randomly picking a marketing asset.
23. Why is it important to have a Return Path for your customers? Check one that applies.
• Along with the Profit Maximizer, the Return Path allows you to maximize your profitability.
• You get better PPC and CPM pricing.
• Most prospects won’t buy on the first visit, so followup is essential if you want to maximize lead and customer values.
• It increases both engagement and consumption of products.
24. One-to-one consulting and “done for” programs are typically offered as…
• Lead Magnets
• Profit Maximizers
• Return Paths
25. Which of the following are examples of tripwires? Check one that applies.
• Paid Webinar
• Product Bundle Offer
• Physical Premium
• Paid Software/Plugin
26. Why are most businesses based on a flawed model? Check one that applies.
• Trick question! Most businesses are based on perfect models.
• Their core offer isn’t an appropriate market match.
• They only focus on individual conversion rates.
• They only focus on getting more traffic.
27. What is the primary reason coupons should NOT be used as a tripwire? Choose the best answer.
• Coupons are “quid pro quo,” so it’s impossible to deliver value in advance.
• Coupons are spammy. No legitimate company should stoop to using coupons.
• Coupons reduce your immediate customer value and therefore hurt the performance of your funnel.
• A coupon diminishes your Core Offer’s perceived value.
28. Which of these is a Profit Maximizer? Check one that applies.
• A free step-by-step checklist
• A free podcast
• A bundle/kit
• A cross-sell
29. Which is NOT a quality of a great Tripwire offer?
• It has a high perceived value.
• It offers a “little victory.”
• It is an impulse buy.
• It is the company’s flagship offer.
30. What is the first step for every new CVO campaign?
• To brainstorm new tripwires.
• To develop a Gain/Logic/Fear autoresponder campaign.
• To determine the product market fit.
• To create the lead magnet.
31. Marketing and copywriting can be summed up as:
• The display of value by articulating the move from the customer’s ‘Before’ state to their ‘After’ state.
• A viral campaign that spreads on its own through word of mouth.
• Anything that increases brand awareness and exposure.
• Any campaign that generates revenue for a business.
32. What is the best way to display value to a prospect/new client?
• By identifying little victories that speak to their desired end result and cause them to believe that they can do it.
• By taking a picture in front of a Lamborghini.
• By showing case studies of other successful customers and clients.
• By using technical terms to ‘Wow’ them into buying.
33. Which of these qualify as a ‘Little Victory’ as taught in the CVO Growth Plan? Check one that applies.
• Converting a lead into a customer.
• A weight loss product that makes users feel thinner in 7 days.
• Offering an amazing demonstration of your product or service in action.
• A back pain clinic offering hope that relief is possible
34. Which is an example of a good Lead Magnet? Check one that applies.
• A newsletter signup.
• A digital version of a print book.
• A specific answer to a commonly-asked question.
• A 2-minute video case study showing proof of a specific result.
35. Which four things must a Core Offer impact to demonstrate value to a customer?
• What they have, how they feel, their average day, and their status
• What they have, how they feel, their average day, and who they trust
• What they want, what they need, their average day, and their status
• What they have, how they feel, who they know, and who they trust
36. Which is an example of a return path? Check one that applies.
• Exit Offers
• Automated Follow up
• Cold Calling
37. What are the only three ways to grow a business?
• Increase Profit Margins, Outsource Tasks That Aren’t Your “Highest and Best Use,” Get Customers To Spend More Frequently
• Get More Traffic, Develop Strategic Partnerships, Hire a Team
• Acquire More Customers, Reduce Marketing Costs, Get Customers To Spend More
• Acquire More Customers, Get Existing Customers To Buy More Frequently, Get Existing Customers To Spend More (Increase Average Order Value)
38. Which of these are attributes of a good Lead Magnet? Check one that applies.
• Offers “One Big Thing”
• Is Ultra Specific
• Has a High Perceived Value
• Offers Speed and Automation
39. Why is it beneficial to “splinter” the Tripwire offer from the Core Offer?
• Because Tripwire to Core Offer conversion rate will increase if the offers are not congruent.
• Because Tripwire to Core Offer conversion rate will increase if the offers are congruent.
40. Which of these is NOT an attribute of a high-converting landing page?
• It has button colors that match the brand colors.
• It has a CTA that is above the fold.
• It has a compelling headline.
• It’s clear and concise.
41. What is the difference between a cross-sell and an upsell?
• A cross-sell promotes items that are directly-relevant to the core offer and an upsell promotes items that are NOT directly-relevant to the core offer.
• A cross-sell is a product or service that is not directly-relevant to the previous purchase but is relevant to the customer, and an upsell is a product or service that is directly-relevant to the previous purchase.
• There is no difference!
• A cross-sell is typically subscription/continuity whereas an upsell is typically offers some degree of “speed and automation.”
42. True or False – A well developed Lead Magnet and Tripwire can improve a bad Core Offer.
• True. Adding a Lead Magnet and Tripwire in front of any offer can fix it.
• False. Adding a Lead Magnet and Tripwire cannot fix a core offer that fails to deliver on the customer’s “desired end result.”
43. What are the primary benefits of a Tripwire? Check one that applies.
• It turns a prospect into a customer.
• Capture additional contact information including mailing address.
• Once they’ve bought something they’re more likely to buy something for more money.
• Allows the prospect to achieve a “little victory” that causes them to believe that they can achieve their ultimate desired end result. (Y)
I completed my exam at 39 of 43 questions are correct with 90%.
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