MEDDIC is a sales qualification methodology and is one of the most common strategies used in B2B software sales. It helps the sales team:
drive urgency
reduces sales cycle time
builds more pipeline
qualifies and progresses deals faster
increases revenue.
If MEDDIC provides all of this, why doesn't everyone use it? Too often, an overlooked factor is the sales representative's attempt to create opportunities within organizations that are unqualified. While this might help the sales representative build more sales pipeline, it can also increase the time spent on an opportunity that may or may not happen. Think for a moment; your time is finite; what would you give to spend time only on opportunities that can close? Double down on MEDDIC and start the new year off right.
What are the four most critical MEDDIC criteria to cover in the early stages of the sales cycle? It is best to break down what is needed to help qualify or disqualify an opportunity within the sales cycle.
Pain - The reason why they are talking to you, and that leads you to the Metric.
Metrics – The economic benefits of your solution.
Economic Buyer – The Economic Buyer is sometimes tricky to find but is essential to determine in the early stages of the sales cycle. The Economic Buyer knows the company's vision and has the authority to make critical economic decisions (depending on the size of the company, there could be multiple Economic Buyers).
Decision Criteria – Determines what is influencing and driving the prospective company decisions.
Pain is what the prospect feels because of a gap in their ability to accomplish a requirement within their business Pain should always be related to something that either increases revenue, decreases costs, or reduce risk Metrics are all about helping to convince your prospect to move forward with a solution by providing measurable and quantitative number.
Metrics help to support your business case by providing quantitative dollars that support the actual value and the KPI improvements that justify a change. Metrics ensure and provide actual numbers, not just estimates, and help decrease extra time spent trying to move a target without a clear value and purpose. A strong Metric will always help you combat staying with the "status quo," the option for the prospect to" "do nothing" Metrics help them see the cost of doing nothing.
Knowing the Economic Buyer helps you understand the company's vision and struggle. The Economic Buyer is often very busy, but if you fully understand the company's pain, you can more clearly state how you will help solve problems, build trust, demonstrate how your solution can deliver the Metric, and illustrate how to help realize goals – this is all part of getting and of keeping the attention of the prospective client!
The Decision Criteria are all about understanding the feature functionality that your buyer is looking for and how closely your solution aligns with it. Find out what's on your prospects' wish lists. What items will you be measured on, and what will you need to achieve and earn their business?
If you start the new year considering these four criteria consistently, you will see a huge difference in qualifying an opportunity while reducing your sales cycle time. So in 2023, make the commitment to double down on qualification, to double down on executing MEDDIC in ALL your deals.
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