At present, closing more deals is a top priority for over 75% of the world’s businesses. If you fall in this group, you probably think your product is not good enough, or your pitching and pricing are below par. None of that may be the problem; the problem might be having a wrong prospects list. Lucky for you, the MEDDIC field guide helps resolve some of those issues.
What Is MEDDIC?
MEDDIC is a straightforward sales model premised on the basis that you will close more business deals if you pitch to highly qualified leads or prospects. The concept rose to fame in the 1990s after tripling a Software company’s sales from $300million to $1billion in ten years. After that milestone, MEDDIC is now at the heart of every business-to-business (B2B) sales process.
Here is what to know about your target prospects.
• M for Metrics- Quantifiable benefits a business can provide
• E for Economic buyer- The individual at the target organization that can influence the buying decision.
• D for Decision criteria- The criteria used to influence the purchase of the solution you are providing.
• D for Decision process- Defines the steps of the approval process and knowing the stakeholders involved in the decision-making.
• I for Identify pain- Relates to the pain within the target organization that you offer a solution to
• C for Champion- The person with power and influence who can promote the product in his company.
What Are the Benefits Of MEDDIC?
More deals are guaranteed when a sales team adopts the MEDDIC sales process. The general benefits of adopting it include:
• Accuracy in sales forecasting
• Efficient, as unsuitable prospects are disqualified right from the start
• Enables salespeople to effectively assess their productivity
A Guide for Adopting MEDDIC
Implementing a new sales methodology takes time and quality efficient training. Here is a simple guide that will help the sales team smoothly adopt the MEDDIC field guide.
Analyze Why You Lost Past Deals
You first must understand the reasons for the loss of past deals. It helps the sales reps deal better with objections in the future to prevent further collapse of deals.
• Is your product’s price tag?
• Is it a lack of trust in your product?
• Fear to try something new?
A MEDDIC sales training class should equip the sales reps with talking points to handle objections and prevent a collapse of future potential deals. CRM allows you to log in all objections and track the common reasons for lost deals, helping you know vital trends such as price-related objections or entry of a new competing product.
Help the Sales Team Leverage Data
You must know the customer’s data and analytics to define the prospect’s success metrics and prove that your offer can give the desired results. It means that the sales team has to leverage that data during the sales process confidently.
With that in mind, MEDDIC sales training should incorporate data-related resources from the existing clients’ accounts with actual performance metrics.
Enhance Your Customer Personas
In MEDDIC, it pays to speak to the prospects. To understand how an ideal prospect looks like, considers factors such as:
• Position in the organization
• Personal and business goals
• Challenges in business
The personas of the qualified prospects should be as detailed as possible. They help the sales rep know when they are speaking to a prospect who perfectly fits the product and one who doesn’t and deserves disqualification.
A regular review of the personas will be vital during a sales training class. It will help new sales reps who still have not had a chance to meet with prospects directly.
Is MEDDIC Methodology A Worthy Tool for The Sales Team?
MEDDIC methodology is unmatched in expediting the leads’ qualification process and increasing the selling time. Mastering the MEDDIC field guide takes some time. You should ensure the sales team follows each word in the acronym during the sales process to close more deals.