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| Section | Objectives |
|---|---|
| Commercial and Contract Fundamentals | - Renewal pricing and discount structures - Contract terms and compliance basics |
| Cisco Tools and Platforms | - Cisco ordering and subscription management tools - Partner and quoting systems |
| Renewals and Subscription Lifecycle | - Renewal lifecycle stages and timelines - Cisco subscription models and licensing basics |
| Customer Success and Value Realization | - Value tracking and expansion opportunities - Customer adoption and success planning |
| Renewal Sales Process | - Forecasting and pipeline management - Renewal opportunity management |
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NEW QUESTION # 127
What is the intended outcome of the Customer Success Plan?
Answer: C
NEW QUESTION # 128
When renewing a contract with a customer, which action is important?
Answer: A
Explanation:
When renewing a contract with a customer, it is important to validate their business needs and ensure that the current solution is still meeting their expectations and goals. By validating their business needs, you can demonstrate your understanding of their situation, identify any gaps or challenges they are facing, and propose any improvements or enhancements that can add value to their experience. Validating their business needs can also help you build trust and loyalty with the customer, as well as uncover any opportunities for upselling or cross-selling additional products or services that can benefit them.
NEW QUESTION # 129
Which action can a Renewals Manager take to drive value in the account?
Answer: C
Explanation:
An action that a Renewals Manager can take to drive value in the account is to manage and mitigate renewal risk. Renewal risk is the possibility that a customer will not renew their contract with Cisco at the end of their term, resulting in revenue loss and customer churn. Renewal risk can be caused by various factors, such as low adoption, poor satisfaction, lack of value realization, competitive pressure, budget constraints, or organizational changes. A Renewals Manager can manage and mitigate renewal risk by:
Identifying and prioritizing the accounts that have the highest risk of non-renewal, using data and tools such as ATR (Annualized Total Revenue), ARR (Annual Recurring Revenue), iARR (Incremental Annual Recurring Revenue), TPV (Total Partner Value), icebreaker (a tool that provides insights into new and unique business prospects), and Adopt on Scores (a tool that provides insight into how well customers are utilizing service and software they purchase from Cisco).
Developing and executing a risk mitigation plan for each high-risk account, involving actions such as engaging with the customer, understanding their needs and challenges, demonstrating value and ROI, addressing any issues or concerns, proposing improvements or enhancements, offering incentives or discounts, or leveraging partners or references.
Monitoring and tracking the progress and results of the risk mitigation plan, using data and tools such as CCW-R (Cisco Commerce Software Subscriptions and Services), which is a tool that allows customers and partners to quote, order, and manage their service contracts and software subscriptions from one place; and Customer Success Plan, which is a document that captures the account team's strategy and actions to achieve customer success.
Collaborating with other account team members, such as Customer Success Managers, Account Executives, or Sales Engineers, to align on the renewal strategy, share information and insights, coordinate activities and touchpoints, and deliver a consistent and positive customer experience.
By managing and mitigating renewal risk, a Renewals Manager can drive value in the account by increasing the chances of a successful renewal, retaining customers and revenue, enhancing customer satisfaction and loyalty, and creating opportunities for upsell or cross-sell.
NEW QUESTION # 130
In addition to on-time renewals, on which two tasks should Renewal Managers focus? (Choose two.)
Answer: A,D
NEW QUESTION # 131
When renewing a contract with a customer, which action is important?
Answer: A
NEW QUESTION # 132
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