If you are in sales, you have heard of MEDDIC, intermittently.
It is an acronym that stands for Metrics, Economic Buyer, Decision criteria, Decision process, Identify pain, and Champion. Each term has its meaning and facilitates the sales team whether or not to expend efforts to acquire customers in the sales funnel.
Many sales professionals see it as an effective sales qualification methodology because it helps them qualify for their sales opportunities.
In the context of winning sales, this renowned sales qualification methodology is anticipated from the beginning (from the very first stage of creating a sales plan) until accomplishment (measuring performance and results).
So, what is the MEDDIC sales qualification process if you ask?
It is a B2B sales qualification methodology that impulses to fuel a company’s growth in a manner less LOSS occurred and high PROFIT attain.
Though the process has a framework, it helps to:
- better qualify leads
- better develop leads
- better close leads
And better leads mean increased sales, fueling increasing profits and returns.
Let’s understand the MEDDIC checklist and its sales qualification processes in detail. Learn how sales reps can use this methodology to win their sales funnel objectives.
Metrics are said to be countable terms and often represented in quantifiable results. These are in numbers, hence, easy to remember, compare, and document.
So, how do metrics help the sales team?
When a salesperson begins with the discovery phase to accomplish their targets in time, the first framework of MEDDIC i.e. “Metrics” help them keep aligning their objective of task with the metrics’ objectives.
Metrics can be categorized into two types:
- Below the line: These refer to aspects like cost saving, optimum utilization of companies resources, or efficiency.
- Above the line: These metrics point to aspects like revenue, profits, time to market, quality, or customer satisfaction.
To identify point-of-execution metrics, ask the following question:
- What is your current business goal?
- How would success be measured by your business?
2. Economic Buyer
Economic buyers are the person with complete authority in the buying decision. They act as a decision maker and decision changes. Normally, it is the person who overlooks the profit and loss of the project and anticipates their thoughts to support the end solutions.
To be specific, they could be a CFO or any senior head working in finance.
So, how do economic buyers help the sales team?
After understanding the closest metric based on the function, next, which is very important to be followed, is to research and be prepared to meet an economic buyer. They can help you to derive fail-proof decisions and strategies. Additionally, they help you by becoming your key to success.
3. Decision Criteria
The third framework of the MEDDIC sales qualification process is decision criteria.
The framework point is to understand the buyer’s decision criteria regarding product or service purchase.
Indeed, it is a fact that the various tendencies of decisions affect the buyers to buy a product. So, this framework helps sales teams to be prepared to handle technical questions or to swing the decision of a negative buyer into a positive one.
Remember the decision criteria process comes into action when you clearly know about your client or a person who may buy.
4. Decision Process
It is an advanced process of decision criteria. In this sales reps try to understand the components or elements that have the potential to influence a buying decision.
Generally, it is categorized into three parts – i) technical decision making ii) business decision making, and iii) paper-based decision making.
Other than technical and business-based decisions, the paper process is intensive, time-taking, and complies with regulations.
To facilitate an effective decision process, ask the following questions:
- What are the sequential steps to arrive at a decision?
- Is the approval process different based on what is planned?
- Is there a legal review process?
5. Identify Pain
An effective sales pitch always solves the problem of the interested users. They immediately buy your product or service that addresses pain points to be resolved.
For instance, let’s say you’re offering a product that improves productivity. Suppose you state that your product will increase productivity rate by 40% and reduce expenditure by around 50k per year. In that case, you are glancing that your solution will affect the business’s time, cost, and revenue, making more efficient growth by purchasing your product.
The above pain mentioned in the example acts as an immediate caution and will make the buyer purchase the product immediately.
To identify pain related to the targeted project, ask the following questions:
- What are the current challenges that you are facing?
- What are the consequences of not acting on the pain?
The sales team can take the help of a Champion (a person who has a personal interest in resolving pain) who is usually influential, acts as a leader, and is well accepted by their fans.
High-value conversions are retained when the product is directly impacted by the champion. Identify champions and ask them to participate in your sales agenda.
Ask the following questions:
- Does this person have the right influence?
- What is their personal interest?
- Will they be able to illustrate the benefits of your product without your presence?
To initiate MEDDIC, it is primitive to train your sales team on your buyer persona. Once they get a better understanding of the product, service, and audience – encourage them to use the MEDDIC framework in their discovery actions.
You can take the help of a medic checklist to train your sales team to make them sales professionals. As they prompt your sales team to work effectively and qualify your customers.
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