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Cisco Renewals Manager exam is a comprehensive certification that evaluates the skills and knowledge of individuals who manage the renewals of Cisco products and services. Cisco Renewals Manager certification is a valuable credential for professionals working in the field of sales and renewals management, as it demonstrates a comprehensive understanding of Cisco products and services, licensing agreements, and customer engagement strategies. Cisco Renewals Manager certification is recognized globally and is highly respected in the industry.
NEW QUESTION # 50
What is the role of a Renewals Manager in a Customer Success Plan?
- A. The Renewals Manager is an administrative role acting on the insight provided by financial tools.
- B. The Renewals Manager collaborates proactively with Sales and the CSM to renew all recurring offers.
- C. The Renewals Manager is a reactive resource to administrate the renewal process.
- D. The Renewals Manager is a salesperson acting only when a Customer Success Plan is created.
Answer: B
NEW QUESTION # 51
What does TPV mean?
- A. Telepresence Value
- B. Total Partner Value
- C. Total Product Value
- D. Total Partner View
Answer: C
NEW QUESTION # 52
During which activity of the renewal process would an RM provide an appropriate co-termination timeframe and gain required internal approvals?
- A. proposal build
- B. deal strategy
- C. billing
- D. quote delivery
Answer: A
Explanation:
According to a practice exam question from TestPrep2, the correct answer is C. proposal build. During this activity, an RM would:
* Provide an appropriate co-termination timeframe and gain required internal approvals
* Align with the account team on the renewal strategy and value proposition
* Create a renewal proposal that meets customer needs and expectations
NEW QUESTION # 53
Which business benefit of on-time renewals on Cisco products and services is valid?
- A. access to training programs and material
- B. ability to ensure that our TAC cases get priority over others
- C. exclusive relationship with the customer
- D. rebates and discounts from Cisco
Answer: D
Explanation:
On-time renewals on Cisco products and services can provide various business benefits to customers, such as ensuring continuous support, access to the latest software updates, and improved security and performance. One of the benefits that is valid according to the Cisco Renewals Manager exam is rebates and discounts from Cisco. This means that customers who renew their contracts on time can enjoy lower prices and incentives from Cisco, which can help them reduce their total cost of ownership and increase their return on investment.
NEW QUESTION # 54
What does TPV means ?
- A. Total Product Value
- B. Total Partner Value
- C. Telepresence Vlue
- D. Total Partner View
Answer: D
NEW QUESTION # 55
Which task is the responsibility of the renewals manager?
- A. Driving adoption of specific technologies
- B. Managing recurring revenue risk
- C. Managing the success plan
- D. Billing recurring revenue contracts
Answer: B
NEW QUESTION # 56
Which group of products are enterprise networking products?
- A. WAN, LAN, Wireless
- B. Salesforce, Box, AWS
- C. iWAN, Viptela, Meraki
- D. Routing, Switching, Access Points
Answer: A
NEW QUESTION # 57
Which strategy contributes to the successful renewal of service contracts?
- A. Discount multi-year service agreements.
- B. Lock in revenue streams through co-termination.
- C. Offer discounts.
- D. Communicate product performance, pricing, and position.
Answer: D
NEW QUESTION # 58
Which statement best describes an Ask the Expert session?
- A. A one on one coaching engagement covering specific use cases
- B. A pre-recorded webinar from an expert
- C. A 24-7 phone line providing expert advice
- D. A hosted educational webinar with live expert Q and A
Answer: A
NEW QUESTION # 59
Which statement best summarizes the intended outcome of the Success Plan?
- A. grow incremental annual recurring revenue
- B. generate financial data that indicates a customer's propensity to renew
- C. development of a customer-centric view for achieving value from their portfolio
- D. provide scheduling for resolving customer qual y issues
Answer: C
Explanation:
the Success Plan is:
A document that outlines the customer's goals, challenges, desired outcomes, and success metrics A collaborative effort between Cisco, partners, and customers to align on the customer's vision and strategy A roadmap that guides the customer through the lifecycle stages of plan, build, adopt, and renew A development of a customer-centric view for achieving value from their portfolio
NEW QUESTION # 60
Which support should a Renewals Manager expect from the Customer Success Manager?
- A. communicate new greenfield opportunities
- B. communicate customer's perceived value and highlight potential barriers
- C. communicate discounts on services and software
- D. communicate the closure of contracts
Answer: B
NEW QUESTION # 61
Which discussion point helps up sell a customer?
- A. Focus on how much it will cost the customer.
- B. Discuss changes in the network and identify any uncovered additions to the network.
- C. Discuss your prior ties and why you need the sale.
- D. Focus on what the customer already has covered on the network.
Answer: B
Explanation:
A discussion point that helps up sell a customer is to discuss changes in the network and identify any uncovered additions to the network. This discussion point can help us understand the customer's current situation, needs, and challenges, as well as uncover any gaps or opportunities for improvement. By discussing changes in the network, we can show our interest and curiosity in the customer's business, as well as demonstrate our expertise and credibility in providing solutions. By identifying any uncovered additions to the network, we can highlight the risks and costs of not having adequate protection or support for those additions, as well as propose relevant products or services that can address those issues. This discussion point can help us create value for the customer, as well as differentiate our offering from competitors.
NEW QUESTION # 62
Which statement best describes an Ask the Expert session?
- A. A pre-recorded webinar from an expert
- B. A 24-7 phone line providing expert advice
- C. A hosted educational webinar with live expert Q and A
- D. A one on one coaching engagement covering specific use cases
Answer: C
NEW QUESTION # 63
Which critical task must be performed during the Qualification phase?
- A. Renewal Plan development
- B. validate customer inventory
- C. quote delivery
- D. develop a Success Plan
Answer: B
Explanation:
According to the Cisco website1, one of the critical tasks during the Qualification phase is to validate customer inventory, which includes:
Reviewing the Available to Renew (ATR) report and identifying any discrepancies or missing items Confirming the accuracy of the contract end dates, product IDs, serial numbers, and quantities Updating the ATR report with any changes or corrections
NEW QUESTION # 64
Which key benefit is included in the Cisco Services Partner Program (CSPP)?
- A. offers access to a comprehensive service portfolio, allowing partners to address diverse customer needs
- B. guarantees profitability to partners regardless of their performance.
- C. provides discounted software licensing to partners.
- D. provides partners with a predetermined customer base
Answer: A
NEW QUESTION # 65
Which approach should be applied when renewing a quote?
- A. Reward led approach
- B. Product led approach
- C. Solutions led approach
- D. Concerns led approach
Answer: C
Explanation:
A solutions led approach should be applied when renewing a quote. A solutions led approach focuses on understanding the customer's pain points, challenges, goals, and desired outcomes, and then proposing a solution that can address them effectively. A solutions led approach is different from a product led approach, which focuses on highlighting the features and benefits of a product or service without considering the customer's specific needs or situation. A solutions led approach can help create more value for the customer, as well as differentiate your offering from competitors. A solutions led approach can also help build trust and rapport with the customer, as well as increase their satisfaction and loyalty. By applying a solutions led approach when renewing a quote, you can demonstrate your commitment to helping the customer achieve their objectives, as well as showcase your expertise and credibility in providing the best solution for them
NEW QUESTION # 66
Which action can a Renewals Manager take to drive value in the account?
- A. Removing adopt on barriers.
- B. Align partners on training.
- C. Manage and mitigate renewal risk.
- D. Def ne the account forecast.
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 # 67
Who do Renewals Managers (RMs) work with?
- A. RMs work with account managers to drive ongoing revenue risk assessments and plays.
- B. RMs work by themselves to develop a high level view customer requirements and objectives.
- C. RMs work with service delivery teams and monitor engagements.
- D. RMs work with pre-sales engineers and build customer solutions.
Answer: A
Explanation:
According to the Cisco website1, RMs work with account managers to drive ongoing revenue risk assessments and plays, which include:
* Identifying and prioritizing renewal opportunities
* Developing and executing renewal strategies
* Negotiating and closing renewal deals
* Collaborating with other Cisco teams and partners to ensure customer satisfaction and retention References: 1: Cisco Renewals Manager - Cisco
NEW QUESTION # 68
What is the primary measurement of success for a Renewals Manager?
- A. upsell percentage
- B. renewal success rate
- C. iARR rate
- D. percentage of contracts closed
Answer: B
Explanation:
The primary measurement of success for a Renewals Manager is the renewal success rate, which is the percentage of customers who renew their contracts with Cisco at the end of their term. The renewal success rate reflects the Renewals Manager's ability to retain customers and revenue, as well as to increase customer satisfaction and loyalty. The renewal success rate is calculated by dividing the number of customers who renew by the number of customers who are eligible to renew in a given period. The renewal success rate is different from other metrics such as upsell percentage, percentage of contracts closed, or iARR rate, which are not directly related to the Renewals Manager's role or performance.
NEW QUESTION # 69
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Cisco 700-805 exam, also known as the Cisco Renewals Manager exam, is a certification program that enables IT professionals to demonstrate their skills and knowledge in managing and renewing Cisco contracts. Cisco Renewals Manager certification is designed for individuals who are responsible for managing Cisco contracts and ensuring that they are renewed in a timely and efficient manner. The Cisco 700-805 exam is a comprehensive assessment of an individual's ability to manage Cisco contracts and renewals successfully.
Cisco Renewals Manager certification is ideal for IT professionals who work with Cisco contracts in any capacity. This includes sales and account managers, customer success managers, and IT administrators. Cisco Renewals Manager certification program is designed to provide a comprehensive understanding of the Cisco contract renewal process, including contract negotiation, pricing, and renewal management. It also covers the use of tools and technologies to manage contract renewals effectively.
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