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| Section | Weight | Objectives |
|---|---|---|
| Customer Success | 10% | - Explain customer journey & IT purchasing models - Define customer success |
| Customer Success Foundation | 10% | - Explain recurring revenue financial implications - Define customer experience - Explain the stages of the customer lifecycle - Describe recurring revenue financial terms |
| Business Acumen | 30% | - Evaluate products and services to meet customer goals - Describe renewal cycle and risk action planning - Interpret key financial terms (e.g., CAPEX, OPEX) |
| Cisco Tools and Processes | 20% | - Explain Smart Accounts & Smart Licensing - Describe CX Portfolio and deal management processes |
| Roles and Responsibilities | 30% | - Explain renewals tasks and success metrics - Describe Renewals Manager role and integration |
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NEW QUESTION # 30
Which action can a Renewals Manager take to drive value in the account?
Answer: B
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 # 31
Which approach? (Choose the best answer.)
Answer: C
NEW QUESTION # 32
During which activity of the renewal process would an RM provide an appropriate co-termination timeframe and gain required internal approvals?
Answer: C
NEW QUESTION # 33
Which service offering assists the customer in preparing for emerging industry trends?
Answer: D
NEW QUESTION # 34
Which strategy for successful renewal of service contracts calls for discussing changes in the network and identifying any uncovered additions to the network?
Answer: C
NEW QUESTION # 35
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