MEDDPICC® in Zoho CRM: How to Forecast Within 1% Accuracy
The MEDDPICC® process has been used by many companies throughout the years, proving this methodology to be one of the most effective strategies in growing businesses and increasing their revenue and profits on a large scale. But with the recent development of technology, many analytical systems and software have already been developed for further analytics discovery in terms of the overall business process, where Zoho is one of the most prevalent software used to help predict and forecast with the help of the MEDDPICC® strategy.
But how does one go through the sales funnel to help forecast the 1% accuracy? The Funnel goes through several stages, such as listed below:
Stage 1: Metrics
To go through the funnel, one must first prospect the possible clients and customers of the business. Often this is the most taxing work, as there is a broad range of people to be contacted until the business or the marketers will be able to move to the next stage.
Stage 2: Economic Buyer
After a certain number of leads are reached, it is then possible to move to the next stage, which is to discuss the next steps through a discovery call or a short meeting for the possible outcome of the business deal.
Stage 3: Decision Criteria
Proceeding to the next stage is one of the most crucial steps, as this often makes or breaks the sales deals. Having solutions to a customer’s wants and needs is the next part, and this is on reviewing the overall business process with the use of decision-making AI, including the technical requirements necessary to proceed with the transaction. What are the business’ standard procedures? How is the data gathered from top to bottom? What tools are necessary to centralize and streamline the process easier without disrupting the operations’ current process?
Stage 4: Decision Process
The decision process then tackles the stakeholders of the business, including the influencers and approvers of the business overall. This is where the business accounts the changes and how it affects the hierarchy of standard procedures to help alleviate and centralize the whole operations of the business. With this, new tools, systems, processes, and software are introduced, making the main changes of the business and gathering the full picture of the lead time of the transformation for the business. Zoho does a good job of tracking these transactions in their system, helping you see the overall picture without the stress of extensive manual labor.
Stage 5: Paper Process
Although most businesses are going digital by this stage, it is important to note the legal paperwork necessary to achieve and ensure that everything is correctly documented and legalized in an efficient manner. To be able to document the status of each paper process is essential in keeping track of the business’ necessary requirements. This also adds an extra layer of protection to ensure the process is well documented and maintained. Zoho can take note of these documents, and even predict the closing dates of said documents as a way to keep track of the progress.
Stage 5: Identification/Implication (of Pain Points)
In this stage, it’s important to check the overall status of the prospect and to take note of any difficulties along the way. Are there any factors hindering the process? Are there any factors that are driving away from the prospect from the plans?
Stage 6: Champion
With Zoho, you can use the system to document and score any potential champions on the process, making sure that they are able to make the deal and pitch it, granting their ideals as well as being the driving force of the deal.
Stage 7: Competitor
Are there any specific competitors you should take note of? Who are you competing against? To know about the strengths and weaknesses of your competitors is one way to be able to analyze the possible competition and make the necessary adjustments or decisions to help drive the business forward, and might also even be a learning opportunity to study the competitor’s mindset along the way to help you drive the business one step further ahead.
Forecasting in Zoho can be further enhanced with inbuilt AI and machine learning capabilities. See our making smarter article on features and benefits of using ZIA voice prediction capabilities how it supercharge your business
With Zoho’s robust and scalable technology, enhanced with the MEDDPICC® sales methodology, your sales organization can supercharge their efforts, decrease inefficiencies, close more deals, and predictably forecast within 1% accuracy at the individual account executive level, all the way to upper management. It’s never been easier to gain actionable insights into your sales organization while driving measurable results with a repeatable and easy-to-use framework like with our MEDDPICC® for Zoho CRM capability.
If you need any assistance in getting started, come and contact us at Houston Technologies today. We are here to help you out anytime.