MEDDIC is one of the best qualification frameworks for Sales, but did you know that MEDDIC can also be a Product Managers' best friend? Let's dive into the areas of MEDDIC that would mean the most to Product Managers. A product manager guides the development of a product. They work with a team to understand customers' wants, plan the software's features, and ensure it meets expectations. They also gather feedback and use data to improve, ensuring a successful and user-friendly product.
As mentioned in previous posts, Pain is the beginning of almost every opportunity, the reason why the prospect is engaged. They are trying to solve and eliminate their pain. We also mentioned in previous posts about Pain leading you to the Metric. Metrics are another critical part for Product Managers to understand as they prioritize their work. Lastly comes the Decision Criteria, which often has technical and functional requirements to help Product Managers craft the solution.
Pain - This describes the challenges that the prospect is having. Some pain is more intense than others. Also, pain is experienced at different levels. The higher up the corporate ladder, the higher priority is put on it. The more people that experience it, the greater impact solving it has. Every Product Manager thirsts to understand the prospects' and customers' pain.
Metric - I've mentioned before that Pain is not all created equal. The metric is the dollar value bound by time that will be delivered if the pain is solved. Some pain leads you to a Metric that delivers less than the solution to solve the pain. What Product Managers want to uncover is pain that leads to a Metric that is way larger than the cost of the solution. Thus, to help Product Managers help prioritize which pain to solve first, Metrics would be the best place to start.
Decision Criteria - This part of MEDDIC is about knowing how prospects decide and what they seek in a solution. Having detailed Decision Criteria that show how prospects decide to solve the pain and deliver a Metric will help Product Managers put together the plan for delivering the solution and what features and functionality it must include, greatly shortening the Requirements Gathering stage.
MEDDIC is not just the most powerful Sales Qualification Framework; it also delivers significant value to every part of the organization, becoming the Best Friend of Product Management.
TAKE ACTION
Find three opportunities where you have the strongest, most detailed MEDDIC, share it with PM, and see how they react to receiving this information. I promise that YOU will make a new best friend in PM!
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