NASM VIRTUAL COACHING CHAPTER NOTES |109 QUESTIONS AND ANSWERS.

Book of Business The professional's list of clients. Virtual Coach A professional who provides live, one-on-one programming through virtual means such as video, chat, and livestreams while integrating other communication technologies such as e-mail, file sharing, etc. Emerging Technologies New technologies currently developing that are expected to have a significant social and/or economic impact. Sensing Technologies Devices that use sensors to detect and record physical or biological information and often are referred to as biometric wearables. Predesigned Workouts Predesigned workouts, sometimes called canned workouts, are already a part of the fitness professional's arsenal of tools used to train or coach clients. One-on-One Training Delivered virtually and in real time, provides clients with the freedom to access a coach that they know, like, and trust from the comfort and privacy of their own home, creating a client-coach relationship that supports successful, long-lasting change. Virtual Training Provides flexibility for clients who cannot make it to an in-person class due to closures, proximity, or personal preference. Scope of Practice The actions that a professional is permitted to undertake in keeping with the terms of her or his license or certification. Entrepreneur A business owner who develops systematic, repeatable, scalable, and teachable processes to grow a business. Business Owner An individual or group who owns a business entity and has final decision-making authority as well as first right to profits Working IN the business includes training clients, responding to customer service e-mails, and bookkeeping. Working ON the business includes includes developing training protocols, creating and testing marketing strategies, crafting customer service policies, structuring corporate guidelines, and building financial projections. In the early stages of a business the business owner will be focused primarily on working in the business. As the business grows the entrepreneur will need to shift much of their focus to working on the business. Business Plan the instruction manual for how the business will grow, which outlines the path the fitness professional will follow to achieve their overall vision. Solopreneur An entrepreneur who runs a business on their own. (an entrepreneur with no employees or partners) A business plan should be treated as a living document. It should be reviewed, referenced, and updated regularly. Executive Summary the fitness professional will describe the purpose of the business. This part is the who, what, and why of the business. Mission Statement the entrepreneur's reason for wanting to start this business and should convey a meaning that resonates (and motivates) with the founder, employees, and clients. Vision Statement What the business will look like in the long-term, over the next 5 to 10 years or more. Customer Acquisition Cost (CAC) How much a new customer costs a business - typically, the cost is determined through money spent on advertising. Unique Selling Proposition (USP) The unique benefit or feature of a product or service that differentiates a business from other businesses offering a similar service or product. Minimum Viable Product (MVP) A product that provides the bare minimum features to satisfy customer demand - this is the foundation for a product that will be developed and modified based on market feedback. Features Features are descriptions of what a product or service offers customers Benefits Benefits are how those features help solve a customer's problem. Customer Lifetime Value (CLV) The amount that a customer will spend with business over a lifetime. Economy Pricing Low priced, affordable pricing for everyone - Profit margins in this pricing category are small. This pricing strategy is designed to target a mass, broad market. In a service industry, this pricing strategy is typically reserved for large corporations. Skimming Pricing This pricing strategy charges a higher price at the start of the company and eventually lowers the pricing as more competitors enter the market. This strategy is typically used for companies entering a new market or market segment that is not very competitive. Penetration Pricing This strategy sets pricing lower at the start of the company in order to gain a share of the market quickly. Once the business has met its market share goals, prices are raised to a higher level. This strategy also allows for feedback from customers and helps with the decision on where a valid price point should be set. Premium Pricing Setting a high price is used to define the product or brand as a luxury item. In the mind of the consumer, the high price must mean a high-quality product. This strategy is used by high-end brands in the automotive and luxury watch industries. Four P's of Marketing Product, Price, Place, Promotion. (commonly referred to as the marketing mix) Sales Funnel An organized, repeatable process that a prospective customer follows to become a paid customer. Awareness A potential customer is learning who the business is. This is where the future client sees the company's marketing. Interest They can enroll in an e-mail list, fill out a contact form, call on the phone, etc. They have shown more interest in the service than most and are willing to give their contact information (e-mail, phone number, address, etc.) Decision The lead is considering if the company's services meet their needs. The company should nurture leads during their consideration process. Action The fitness professional's goal is to ensure that the client takes an action that results in a sale. Lead A person who has expressed interest in a product or service and provided their information. Always ensure that an accountant is a CPA, authorized to work in the business's state. Do not use a free email address because a professional email address that ends in the website's domain name is highly recommended. Hardware includes the physical components that are required for a computer system to function. (ex: mouse or trackpad, keyboard, screen or monitor, and speakers)