What is MEDDICC®: Everything You Need To Know About It
Organizations strive to generate leads to use on their marketing campaigns to get desired results. But these leads often come in thousands, yet only a fraction of the leads eventually become paying customers. To filter out the potential customers from the thousand leads, a systematic process called "Lead Qualification" is used. A successful sales process comes from a robust qualification process. And one of the famous lead qualification methodologies is called "MEDDICC®".
What is MEDDICC®?
MEDDICC®, a B2B sales qualification process developed in the 1990s, is a process that emphasizes the better customer qualification from the list of your generated leads. It helps your organization determine whether you should expend effort to get a particular lead into your sales funnel. MEDDICC®, as a proven qualification methodology, is used by many as an internal Sales Qualification Tool that helps drive consistent discovery and efficient qualification of opportunities. If your marketing has not been effective, it might not have anything to do with how you market. You could be targeting the wrong audience. MEDDICC® sales process helps businesses qualify their target audiences. Getting to target the right people to sell your products or service makes it easier to close sales. The following sections will discuss MEDDICC®'s acronym and its functions and how you can begin implementing MEDDICC® to your sales approach.
The metrics part of MEDDICC® focuses on quantifiable measurements of the gains customers can get from your offered solution. By using a metric to factor in the economic benefits of your solution, you can easily prove to customers how your solution can provide a good return on investment or ROI. When you know what the customer cares about, you'll be one step closer to closing your sale.
Find out who in your customer's organization has the power to make decisions and authorize spending. Learning about the economic buyer and their mindset regarding expectations, personal metrics, and decision-making processes can be a great advantage in closing your sales. Adjust your sales so it is palatable to the economic buyer as their veto power makes them the one person in your customer's organization that must be convinced as much as possible.
Another critical thing to find out from your customer organization is their criteria for making decisions. As they get presented with multiple solutions from different sources, they have to compare and choose which can bring a much better gain. If you understand their decision criteria, you can easily adjust how you market your solution. Suppose the customer organization does not have decision criteria, urge them to put it to paper so that you can easily prove to them that your solution can meet all their needs. Thus, showing to the customer organization no reason why they shouldn't agree to a sale.
Knowing the customer organization's decision process will prevent loss of sale due to stagnation. For example, if the economic buyer has already approved the offered solution, but the follow-up process paperwork hasn't gotten completed yet, your side can specifically push for the paperwork process. Thus, closing the sale for your side. Noting when to follow up with the other company for the decision process is always advantageous to close deals.
Customers seek solutions from businesses because of their "pain". You must first know what is causing pain to the customers to offer them the best solution. When you already know what the customer's pain is, you can pitch your solution in a compelling way to solve their problem and give them additional gains.
Champions are those people inside your customer's organization that can bring an advantage when you come to offer your solution finally. Champions are those invested in your solution and can sell the idea of it inside the customer's organization. It could be a person in a managerial or supervisory role or just someone with a well-respected influence. Having their favor can make closing sales an easy job to settle.
Lastly, knowing your competitors' strengths, weaknesses and processes can put an edge on how you manage your sales pitch. Having a unique and compelling pitch about your product that makes it stand out from the competition can easily convince your customer organization.
MEDDPICC® is a variant of MEDDICC®. Both are B2B sales methodologies that help teams qualify opportunities. MEDDICC® sets a solid sales foundation with a competitive advantage. Using MEDDICC® can let you effectively qualify, forecast, and close deals. It helps your sales team learn and track their market landscape, giving them prospects of their competition and target customers. On the other hand, MEDDPICC® works the same as MEDDICC®, but it is more advantageous when dealing with complex contracting. It is ideal for selling to enterprise buyers who have long or complex contracting processes. Regardless of the Paper Process difference, both work throughout your deal cycle from start to finish. They can provide flexibility and adaptability to your sales process to customize it according to your team's capabilities and your customer's specific needs.