We here at MEDDIC Mondays don’t bruise easily. But, it pains us, absolutely hits us in the gut, when we hear, “What’s the big deal with MEDDIC? It’s common sense. We know how to qualify our deals.” Sure, if MEDDIC was simply about qualifying your deal and ensuring you only chase only those deals with the best probability of closing, then we’d agree. But, it isn’t. And, we don’t. When leveraged properly beyond qualification, MEDDIC will shorten your sales cycle, strengthen your ability to close, increase your close rate and grow your average deal amount. That’s turbo charged velocity.
You need not take my word. Check out the 2024 B2B Sales Benchmark Report by Ebsta and Pavilion. I’ve mentioned this report before. Top performers recognize the power of using MEDDIC throughout the sales cycle. Their respect for that value is reflected in the documented discovery details and qualification notes documented. They are not only 3x more likely to close their deals at the discovery stage, but also nearly 5x more likely to have the Economic Buyer(s) identified and engaged well before any solution presentation stage.
Each component provides value throughout the sales cycle.
Metric & Identified Pain - Use your document Metric and Identified Pain to remind both internal support and customer stakeholders of the value. Reminding audiences ahead of a workshop or large presentation helps anchor discussions and drive-up importance.
Economic Buyer(s) - Identify and, most importantly, engage early. Then, continue to engage them throughout the sales cycle. Keep them updated on progress. Help facilitate conversations between them and your Champion. Simply knowing who they are will not help you when things stall.
Decision Criteria & Process - This is your roadmap, path to success, for you and your customer. Use them in updates. Keep reminding all of the progress made and the next steps of focus. Showing where you are along this path sustains momentum and keeps those involved on track.
Champion - Knowing that someone is a champion is not enough. You need to build Champions. Arm them with information and knowledge equal to your own. They are your representative to the rest of their organization. Keeping them engaged and continuously developing them will provide that extra support need to keep the sale on track and progressing.
Robust record keeping of MEDDIC goes beyond the value of any one deal. MEDDIC provides vital intelligence post sale in providing a superior customer experience and ensuring solution adoption. Considering AI tools, like CI? Won’t be of value if you don’t have the quality MEDDIC to train it. MEDDIC holds valuable information in crafting customer use cases to be used as references in future deal conversation and when training new sales executives. Properly document and leverage MEDDIC is a force multiplier to all your future sales engagements.
Every MEDDIC component provides value throughout your deal. Recording robust and detailed MEDDIC is not only an investment in the current deal but an investment on every subsequent lead, deal and new sales executive ramping-up. Don’t be cheap with your MEDDIC and treat it as a check-list. Don’t relegate MEDDIC to only qualification. You’re leaving a ton of value on the floor.
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MEDDIC offers a structured approach to identifying and addressing technical and business pain points. Understanding the difference and connecting these pains empowers presales professionals to offer compelling solutions and drive successful sales engagements.
Get in touch. Let us show you how to implement MEDDIC more effectively and ensure the greatest value beyond simple qualification.
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