Lock Sales Deals With Confidence Using MEDDIC Sales Process

Managing a B2B business model is easier said than done. This task requires a lot of patience and consistency to stay afloat in the fiercely competitive world. Fortunately, there are some customer lifecycle marketing strategies you can leverage to draw leads and convert them into loyal clients to ultimately raise revenue and escalate brands. One of these frameworks, MEDDIC, can give you a clear path by helping you better understand and qualify the audience so that only the right buyers end up in your sales funnel. This article will discuss the MEDDIC sales process-- what it’s all about and its benefits. Let’s dive in.



MEDDIC Sales Process


Having poorly qualified leads in your sales funnel can only derail projections and drain precious business resources. It’s not worth hanging around shoppers who won’t close no matter how much effort you put in; that’s why implementing the MEDDIC sales process in the right manner can help. 


This sales methodology is created by John McMahon, Jack Napoli (the godfather of MEDDIC), and Richard Dunkel (the biological father of MEDDIC). They used it while at PTC and grew their sales from $300 million to $1 billion in just four years.


MEDDIC stands for Metrics, Economic buyer, Decision criteria, Decision process, Identify pain, and Champion. Let’s put light on all these six elements of the MEDDIC sales process. 


Metrics


The first section in this Sales Methodology, Metrics, interprets the value your offerings will provide in terms of costs, ROI, or efficiency to your customers. It’s vital to comprehend what your customers care about or how they measure their success so that you can describe the economic benefits of your solutions and how they can help them attain their goals. If you can justify your product, you'll be one step closer to locking the deal. 


It would be best if you determine answers to the following Metrics Questions:


  • What are your client’s goals?

  • What are their KPIs?

  • How are you tracking against their goal?

  • How much time is it taking?


Understanding and collecting the right metrics early can help you better realize the state of your customer’s business.


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Economic buyer


Economic buyers are decision makers who have the power to authorize spending. Knowing the mindset of an economic buyer helps you close the deal faster. You have to convince them as they have the authority to approve the purchase of your solution. They may not be the actual consumers, but they decide if it’s worth investing in.


What you can do is determine their expectations. If directly conversing with them is not possible, then try to accumulate information from your sources and utilize it to win the deal. 


Decision Criteria


Whether to proceed with your solution, the firm uses different criteria for decision making, and you need to figure that out.  


Firms are often approached with multiple solutions from different sales teams, compelling them to weigh options and explore alternatives to make a rational decision. Although it’s highly variable, if you succeed in determining even some common conditions that they take into account, you can better customize your offer.


By doing so, you can prove that you satisfy almost all of their standards, and there is no reason left for not agreeing to the sale. 


Decision Process 


While the former stage tells you what factors a company considers when making a purchase decision, the decision process reveals the steps that the company goes through to reach the concluding decision. 


From evaluation to contracting, it involves everything, such as identifying different timelines, formal approval process, financial planning, etc. If you fetch out the decision process, you can work to fulfill those conditions to grab the sales deal. 


Identify Pain


Always determine the pain points your prospect encounters. It can help you tailor your pitch to exhibit how your solution can mitigate that pain. For example, ask, ‘what has gone wrong?’ or ‘How long have you been experiencing this pain?’. After understanding their problems, politely explain to them about your solution and how it can help them get back on track. 


Champion


Find a champion, a person within the enterprise who can advocate for you. They will use their influence to sell the solution on your behalf. When finding your champion, make sure they are not known for being self-seeking; instead, they must be well-respected. Irrespective of their position, they must have the right influence, credibility, and power within the organization to help you vanquish the deal.


MEDDIC, MEDDICC, or MEDDPICC – What’s the Difference?


MEDDIC was originally found in the 90s. Since then, it has evolved to give other variations, MEDDICC and MEDDPICC, for more complex B2B sales cycles. In these extensions, we have additional C and P, where C stands for Competition and P for Paper Process.  



In the paper process, your goal is to uncover any challenges that may hinder the sales deal. Whereas competition states another option always exists. To win over competitors, try to build nice relationships with the company’s stakeholders and identify key differentiators that distinguish your product from that of competitors. 


Wondering which one is right for your enterprise? For this, you need to have insider knowledge of all three concepts. One can take online classes to learn the MEDDIC approach in detail. In fact, you can approach elite professionals to adopt the sales methodology in the right way and attain the best value. 


Key Takeaways

 

The Customer Lifecycle Framework is a data-driven approach that helps you understand how your prospects interact with your company and its products and services during their journey. MEDDIC solves unqualified lead problems in the sales funnel and takes your business so far. This procedure gives you a clear path to close sales deals quickly by understanding potential customers. 


MEDDIC comprises six components, namely Metrics, Economic buyer, Decision criteria, Decision process, Identify pain, and Champion, whereas MEDDPICC has two additional components that are paper process and competition. 


Implementing any of these procedures requires expert knowledge to achieve maximum value; therefore, you should take a helping hand from qualified persons. We hope this article serves you with the information you are looking for and helps you make the right decision. 



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