Podcast
Questions and Answers
What is the first step an Account Management Specialist must take after a Rate Reduction case is assigned?
What is the first step an Account Management Specialist must take after a Rate Reduction case is assigned?
- Create a Placeholder Request
- Send the contract for signature
- Submit a Quote in Salesforce
- Conduct an Account Review (correct)
What is required from customers to initiate a rate reduction?
What is required from customers to initiate a rate reduction?
- A 60-day notice for reductions or cancellations (correct)
- An immediate payment of their current rate
- A 30-day notice for reductions
- An agreement to a new contract
What is the purpose of submitting a Placeholder Request within the Opportunity?
What is the purpose of submitting a Placeholder Request within the Opportunity?
- To confirm customer contract terms
- To create a new contract instantly
- To notify the contract specialist of potential customer confusion
- To forecast potential revenue loss and signal intent for a new contract (correct)
What key activity does the Contract Management Specialist perform after confirming the customer's needs?
What key activity does the Contract Management Specialist perform after confirming the customer's needs?
Who is involved when confirming the customer's goals during the Rate Reduction process?
Who is involved when confirming the customer's goals during the Rate Reduction process?
What happens after the segment leader approves the rate reduction request?
What happens after the segment leader approves the rate reduction request?
What indicates that the Rate Reduction process has been successfully completed?
What indicates that the Rate Reduction process has been successfully completed?
Which of the following describes the nature of SPS contracts?
Which of the following describes the nature of SPS contracts?
Flashcards
Rate Reduction Request
Rate Reduction Request
A customer's request to lower their monthly spending.
Retention Case
Retention Case
A case created by the Account Executive to document and manage a rate reduction request.
Contract Terms
Contract Terms
Rules of the contract, often 12 months with a 60 day notice for changes.
Account Review
Account Review
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Opportunity
Opportunity
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Placeholder Request
Placeholder Request
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Customer Communication
Customer Communication
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Quote Submission
Quote Submission
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Study Notes
Rate Reduction Overview
- A customer asks for lower spending, the Account Executive creates a retention case and informs the customer of 12-month contracts requiring a 60-day notice for changes.
- Rate Reduction cases are sent to Contract Management Specialists who review customer account usage and services.
- The CM specialist creates an Opportunity on the Supplier's account page to track sales and create go-forward agreements.
- A Placeholder Request is submitted within the Opportunity to signal intent for a new contract.
- The CM specialist contacts the customer, confirms goals, and involves the Account Executive as needed, shifting to calls if confusion arises.
- A quote is created in Salesforce reflecting requested reductions and necessary discounts.
- The quote is reviewed, and the placeholder rate reduction request is updated with confirmed reductions; the request is submitted for segment leader approval.
- After segment leader approval, Contract Management sends the new contract for signature.
- The Opportunity and Retention case are closed to confirm successful completion.
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Description
This quiz covers the essential steps involved in managing rate reduction requests for customers. It outlines the roles of Account Executives and Contract Management Specialists, the creation of opportunities in Salesforce, and the process for obtaining approvals for new contracts. Understanding this process is crucial for effective customer retention and contract management.
