Cisco Renewals Manager (700-805 CRM) Questions and Answers
Question 13
Which action can a Renewals Manager take to drive value in the account?
Options:
A.
Removing adopt on barriers.
B.
Def ne the account forecast.
C.
Manage and mitigate renewal risk.
D.
Align partners on training.
Answer:
C
Explanation:
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.
Question 14
What support should an RM take from the CSM?
Options:
A.
Communicate new greenfield opportunities.
B.
Communicate value and the impact of Cisco solutions.
C.
Book customer-service briefings.
D.
Oversee the closure of contracts.
Answer:
B
Explanation:
Explanation:
Communicate value and the impact of Cisco solutions to the customer
Help the customer achieve their desired outcomes and realize the full potential of their investment
Provide feedback and insights on customer health, satisfaction, and adoption
Question 15
Which licensing model represents the highest value?
Options:
A.
Transactional
B.
Subscription
C.
Pay as you go
D.
Enterprise Agreements
Answer:
D
Explanation:
Explanation:
Enterprise Agreements (EAs) represent the highest value for customers who want to simplify their software licensing and management across their organization. EAs provide customers with:
Unlimited access to a suite of Cisco software products within a defined technology domain for a fixed term and price
The ability to deploy software anytime, anywhere, without additional costs or approvals
The flexibility to grow and adjust their software usage without overage fees or penalties
The convenience of co-terminating all their subscriptions at the end of the EA term
The option to include Cisco services and support in their EA2