Table of Contents Hide
- What is the MEDDIC sales process?
- What is the MEDDIC sales qualification?
- Why should you use MEDDIC?
- MEDDIC Sales Qualification Steps
- Best Practices for MEDDIC sales training
- What does Meddpic stand for in sales?
- Is MEDDPICC a sales methodology?
- What does FTD stand for in sales?
- What is the Miller Heiman sales process?
- What is the difference between FTD and MTD?
- What does TMS stand for in sales?
- What are the 5 P’s in sales?
- What is Meddpic in sales?
- What is the difference between MEDDIC and Meddpicc?
- Is Meddic copyrighted?
- Is Meddpicc a sales methodology?
Are you having trouble closing transactions on a regular basis? Despite what some may say, the issue may not be with your salesmanship or pitch, but rather with the clients you’re selling to. The MEDDIC sales process assists you in identifying and qualifying your target market. It will be easier to close sales if you know you’re selling to the correct folks in the appropriate method. This post will demonstrate how to do so.
What is the MEDDIC sales process?
The MEDDIC sales process was created in the 1990s as a B2B sales approach. This method focuses on improving client qualification or deciding whether or not you should invest time and effort into bringing a customer into your sales funnel. Proponents of the MEDDIC sales methodology say that pitching to better-qualified customers leads to a higher close rate and thus increased sales success.
MEDDIC stands for Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, and Champion, which is the six steps in the MEDDIC sales process that are used to identify consumers.
What is the MEDDIC sales qualification?
A framework of questions used to qualify prospects and potential purchasers is the MEDDIC sales qualifying process. Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, and Champion are the acronyms for Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, and Champion.
Jack Napoli developed MEDDIC in the 1990s.
In just four years, Napoli and his co-founder at PTC employed MEDDIC to increase sales from $300 million to $1 billion.
What makes MEDDIC so effective? By focusing on extensive buyer qualifying, it distinguishes itself from other sales qualification methods.
MEDDIC helps firms estimate sales more accurately and effectively close more deals by analyzing every component of a prospect’s purchase process. (This is especially useful for enterprise-level B2B firms who regularly close multimillion-dollar deals.)
The steps in the MEDDIC sales qualifying process are outlined below. Let’s start with why MEDDIC is a useful certification framework.
Why should you use MEDDIC?
The MEDDIC sales qualification framework aids in the effective identification and qualification of prospects. Your sales team can achieve higher closing rates and greater success by working with better-qualified customers.
Furthermore, MEDDIC is a useful framework to apply if your company sells highly technical or complex products, pricey products, or products that need a significant shift in user behavior. Your sales team may devote their important resources to prospects who are most likely to close by utilizing MEDDIC to properly examine and qualify prospective customers early in the sales process.
“From $0 to $100 million, PTC was successful because we sold a better widget,” says Brian Halligan, who worked at PTC before launching HubSpot. However, we marketed a technological leap from $100 million to $1 billion. MEDDIC became significant because it isn’t just another buy; it is a company change.”
Finally, MEDDIC is a simple framework for sales qualification. It’s more of a to-do list of information to gather than a laundry list of sales techniques or “best practices” to attempt until one stick. As a result, even the most inexperienced salesman can learn and master MEDDIC.
Where MEDDIC might become tricky is in preparing your sales team to obtain the appropriate information based on your buyer profiles.
MEDDIC Sales Qualification Steps
As defined above, MEDDIC has six main qualification steps.
Find out what quantifiable objectives your prospect is hoping to attain. By establishing these measurements, you’ll be able to convey the value of your product in terms that are specific to your prospect.
For example, instead of the broad aim of “increased traffic,” your prospect informs you that they want to bring 100,000 new monthly visitors to their website.
Understanding how important this statistic is to your prospect allows you to tailor the economic value of your product or service to their specific business objectives.
Questions to ask
- What goals are you hoping to achieve?
- How would you measure success?
#2. Economic Buyer
Determine who has the authority to spend the necessary funds. Who is in charge of the financial decisions about the solution you’re selling? Even if this individual isn’t the point of contact you’ve established at the organization, they’re crucial since they have a say in whether or not your purchase closes.
If at all possible, contact the economic buyer. If you can’t speak directly to them, work through your point of contact to gain a better understanding of their attitude, expectations, objectives, and decision-making process so you can tailor your pitch to their needs.
Questions to ask
- What does success look like for you?
- Is anyone else involved in the final decision?
#3. Decision Criteria
Learn how your prospect’s firm makes purchasing decisions that are similar to your solution. They’re probably assessing their selections based on a few key elements their decision criteria and comparing several other vendor options.
Prospective firms may be studying and comparing characteristics including ease of use, onboarding and integration, pricing against budget, and possible ROI, depending on your solution (i.e. if you’re selling a software product). Obtain a firm understanding of what your prospect is looking for so that you can modify your pitch to emphasize these factors.
Questions to ask
- What are the most important criteria for you when making this decision?
- How might you justify this purchase?
#4. Decision Process
You must also grasp your prospect’s choice process the internal actions taken to actually make a decision in addition to the decision criteria. Once you’ve mastered this method, you’ll be able to follow along and guarantee that your transaction doesn’t fall between the cracks or encounter an uncertain hurdle.
Request that your point of contact leads you through the standard procedure. Understand who will be present at meetings to discuss the choice, what paperwork will be required, and what approval processes will be required to seal the contract.
Questions to ask
- Who do you need to talk to finalize this decision?
- What kind of paperwork needs to get pushed through?
#5. Identify Pain
If you don’t know what difficulties your prospect is seeking to solve, it’s impossible to demonstrate the value of your solution. Before tailoring your pitch to illustrate how your product or service may ease that suffering. Identify the pain points your prospect is experiencing.
Ask your prospect to be as descriptive as possible about their pains and challenges, just like you did with quantitative measures around their goals. If your prospect says they’re “struggling to drive website traffic,” dive deeper to see how much traffic they’re missing or how many potential conversions they’re missing out on. These figures might assist you in tailoring your pitch to be the most useful and compelling answer.
Questions to ask
- How does [problem] affect your business and bottom line?
- What happens if you do nothing?
This person is critical for keeping your solution top-of-mind and retaining interest among those who can close the deal, especially if it’s a high-ticket item. Consider who you choose as your champion; their respect and influence (or lack thereof) can have an impact on your sale.
Questions to ask
- What is this person’s interest in your product or solution?
- Can they accurately explain the product’s benefits as they relate to the company?
To get started using MEDDIC, teach your sales team about your buyer personas. Encourage them to start applying the MEDDIC framework to sales calls and documenting the conversations after they understand how your product or service relates to the ideal customer. The specific questions will differ depending on the prospect, but the themes should be consistent.
Consider developing discovery call templates in your CRM to help simplify this process. This can be used as a guide for salespeople who are still learning the MEDDIC procedure.
MEDDIC gives your sales force the tools they need to really understand and qualify their consumers. This helps them to devote more time to deals that are more likely to close. Resulting in increased sales success and morale.
Best Practices for MEDDIC sales training
#1. Encourage the use of analytics
Data is at the core of the MEDDIC sales process. Train your team members to use data to:
- Identify the ideal customer profile
- Qualify leads to ensure only qualified leads enter your sales pipeline
- Track leads and follow-up based on activity triggers such as when a prospect visits your pricing page
CRM software allows you to keep all of your sales and customer information in one location. The CRM application can also be used to acquire a thorough picture of your sales pipeline.
#2. Look at lost deals
Sales professionals will encounter objections during their talks because MEDDIC is a proactive procedure. Train your employees on how to deal with sales objections and keep deals from falling apart.
You can use a CRM to track and log the most common reasons for failure, as well as identify trends such as competing offerings or objections.
#3. Refine customer personas
You can deliver better MEDDIC training to your salespeople if you have an ideal customer profile (ICP) in place. This material is very useful for rookie salespeople who haven’t had much experience with customers.
What does Meddpic stand for in sales?
The six concurrent processes required to qualify consumers in the MEDDPIC sales process are referred to by the acronym MEDDPIC, which stands for Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, and Champion. Metrics: Your solution’s economic advantages.
Is MEDDPICC a sales methodology?
In B2B software sales, CROs frequently employ the sales approach known as MEDDPICC to aid their sales teams in generating urgency, shortening the sales cycle, increasing pipeline, qualifying and moving prospects along more quickly, and boosting revenue.
What does FTD stand for in sales?
Failure to deliver (FTD) is the trading term for being unable to fulfill one’s obligations. It means not having the money for buyers, and for sellers, it means not having the items. These liabilities are calculated at the time of trade settlement.
What is the Miller Heiman sales process?
To guarantee that salespeople are completely covering an account, the Miller Heiman sales process provides a tried-and-true methodology. Creating opportunities, managing opportunities, and managing relationships, is an approach that moves through the sales process.
What is the difference between FTD and MTD?
An FTD may perform the roles of an End Device, Router, Leader, or Border Router. Some configurations are permitted to sleep when an MTD is restricted to the End Device role exclusively.
What does TMS stand for in sales?
A transportation management system (TMS) is a logistics platform that makes use of technology to assist companies in the planning, carrying out, and optimizing of the physical movement of goods, both incoming and outgoing, as well as in assuring that the shipment is legal and that all necessary documentation is available.
What are the 5 P’s in sales?
The five areas where decisions need to be made are PRODUCT, PRICE, PROMOTION, PLACE, and PEOPLE. The 5 Ps are reasonably manageable, but they are always influenced by your company’s internal and external marketing settings.
What is Meddpic in sales?
MEDDPIC is a sales methodology based on qualification for complex, enterprise, Business to Business sales. MEDDPIC is an acronym that stands for Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, and Champion the six concurrent steps used to qualify customers in the MEDDPIC sales process.
What is the difference between MEDDIC and Meddpicc?
WHAT IS MEDDPICC? MEDDPICC is a variation of MEDDIC that has evolved to include a P that stands for Paper Process and an additional C that stands for Competition. Many sales teams will roll the Paper Process into the Decision Process and refer to MEDDPICC as MEDDICC.
Is Meddic copyrighted?
MEDDIC ACADEMY is a trademark and a service developed and marketed by and 01consulitng LLC , a corporation registered in Los Angeles, CA , organized under the laws of the State of California and 01consulting-ZABI, a corporation registered in Paris France since 2002, organized under the laws of France.
Is Meddpicc a sales methodology?
MEDDPICC is a sales qualification methodology that is pretty popular in enterprise sales. Think of it as a checklist for information you need to know, things you need to do, and people you need to be friends with.