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Sales representatives are always looking for that one silver bullet to help them close more deals. In many cases, that silver bullet is a simple sales process that can be followed to increase the likelihood of winning a deal and boost conversion rates.
The MEDDIC sales qualification process is one such process that, when followed correctly, can help close more deals.
MEDDIC is an acronym that stands for Metrics, Economic Buyer, Decision criteria, Decision process, Identify pain, and Champion. It is a sales qualification process that was developed in the 1990s and has since been adopted by many companies.
The MEDDIC process is designed to help sales representatives qualify leads and opportunities, so they can focus their time and energy on deals that are more likely to close. By following the steps below, you can start using MEDDIC in your sales process today and see an increase in your close rate.
The Benefits of MEDDIC
There are many benefits to using the MEDDIC sales qualification process. Perhaps the most important benefit is that it helps sales representatives focus their time and energy on deals that are more likely to close.
By qualifying leads and opportunities using MEDDIC, sales reps can avoid wasting time on deals that are not worth Pursuing.
Another benefit of MEDDIC is that it is a simple process that is easy to follow. Once you understand the steps involved in MEDDIC, you can start using it in your sales process immediately.
The 6 Key Components of MEDDIC
There are 6 key components to the MEDDIC sales qualification process: Metrics, Economic Buyer, Decision criteria, Decision process, Identity pain, and Champion. Below, we will take a closer look at each of these components and how they can help you qualify leads and opportunities.
The first step is to identify your customer’s goals. These should be measurable in terms of outcomes such as increasing production by fourfold, reducing production time by half, or reducing production costs by 20%, Examples include putting more products on the market or saving money on manufacturing costs.
You can then quantify the benefits of your solution by establishing how it offers a good return on investment (ROI). If you can defend your solution from an economic standpoint, you are one step closer to selling it.
The economic buyer is an individual who has the ability to grant spending approvals and make business decisions. You must determine who the company’s economic buyer is, the person who can make business decisions and approve spending.
You should speak to someone in the company higher than your current contact, in most cases. You can close more deals by understanding the economic buyer’s mindset since the buyer must be the one person who must be convinced.
Try to speak to the economic buyer directly to find out about their expectations, personal metrics, and decision-making process, if possible. You may learn about the economic buyer from your current contact if talking is not possible. Use this knowledge to make the sale palatable for the buyer even if it does not directly affect them.
Each company makes decisions based on certain criteria. You must recognize what those criteria are.
Companies frequently have to choose from several alternatives supplied by different sources, forcing them to compare and choose. If you understand how they select, you can tailor your messaging.
The criteria may vary, but companies typically choose based on things like ease of use, integration, budget limitations, and ROI.
You may urge them to formalize their decision criteria if they haven’t already. This lets you guarantee you can fulfill all of their requirements, allowing you to emphasize that there is no reason they shouldn’t accept the offer.
It is crucial to know the decision process of a company in addition to its decision criteria.
The process explains how decisions are made, who is involved, and how they are implemented. You won’t lose sales due to stagnation if you know the decision process. You can then work to meet the company’s requirements to close the sale.
Before a customer seeks out a solution, they must have a need or pain. Pain can range from high costs to slow production to low revenue etc…
The solution must identify how you can relieve the customer’s pain.
If the customer does not choose a solution or makes a poor decision, what will happen? Your answer should explain how your solution will cure that. What types of pain does the customer experience? How can solving this pain help them?
The champion may either be the person who is most affected by the company’s pain or the individual who stands to gain the most from your solution.
Your champion will encourage you to succeed and will promote your solution using his or her influence from the inside. Your champion does not have to be a manager, but they must be well-respected and able to make all the difference in helping you close the sale.
How to Implement MEDDIC in Your Sales Process
Now that we have looked at each of the 6 key components of MEDDIC, let’s take a closer look at how you can start using MEDDIC in your sales process.
The first step is to create a checklist or template that you can use to track each lead or opportunity through the MEDDIC process. This checklist should include space for you to track each of the 6 key components of MEDDIC. You can find a sample checklist here.
Once you have created your checklist, you will need to start working through each lead or opportunity one by one. For each lead or opportunity, you will need to gather information on each of the 6 key components of MEDDIC.
This information can be gathered through research, questions, and conversations with the decision-maker.
Once you have gathered all of the information, you will need to start qualifying each lead or opportunity. To do this, you will need to compare the information you have gathered to your pre-defined criteria for a qualified lead or opportunity.
These criteria will be different for every company, so it is important that you take the time to define them upfront.
If a lead or opportunity meets your criteria for a qualified lead or opportunity, then you can move on to the next step in your sales process. If not, then you can either try to gather more information or move on to another lead or opportunity.
Troubleshooting Your MEDDIC Implementation
If you find that your implementation of MEDDIC is not yielding the results you were hoping for, there are a few things you can do to troubleshoot the issue.
First, take a look at your checklist or template and make sure you are correctly tracking each of the 6 key components of MEDDIC. If you are not correctly tracking all of the information, then it will be difficult to properly qualify leads and opportunities.
Next, take a look at your criteria for a qualified lead or opportunity and make sure it is realistic. If your criteria are too stringent, you may disqualify good leads and opportunities. If your criteria are too lax, then you may be wasting time on leads and opportunities that are not worth pursuing.
Finally, take a look at your sales process as a whole and make sure it is aligned with MEDDIC. If your sales process is not designed with MEDDIC in mind, then it may be difficult to properly qualify leads and opportunities using MEDDIC.
By troubleshooting your implementation of MEDDIC, you can ensure that you are using it correctly and reaping all of the benefits it has to offer.
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