What is MEDDPICC® and Why Do You Need it?
Have you ever wondered how can you increase your sales, better hit your targets, double your profits, and earn more as a salesperson? If you have been working in enterprise sales or might have seen this word as you read through some other salespeople’s success stories online, then it’s highly likely that you have already seen this particular word: MEDDPICC®, at least once in your life as a salesperson. But before we dive first into following this process - first, we will explain what is MEDDPICC®, and why do you need it.
So what is MEDDPICC®?
MEDDPICC® is a widely known and popular sales qualification methodology that is commonly used in enterprise sales. This was first developed by the PTC corporation’s creators, Dick Dunkel and Jack Napoli, and has been one of the most used sales qualification approaches in recent times, especially in the B2B industries. As a head start, it is quite similar to a checklist, that allows you to see what things you are supposed to do to identify your weak spots in your current process. Let’s start by breaking down each word to fully understand this methodology.
Metrics is probably one, if not the most, important thing in sales. You track your business’s growth and see your current assessment in just one glance. For this method, you must check your current metrics and determine the financial impact you have, and let your prospects see how you can change or improve their own metrics by providing them with the solutions you offer.
The Economic Buyer is also one of the most important people you will encounter in your life as a salesperson. These people are the ones who can make your ideas into reality and can help you fund through your ideals, as long as you provide them with a good and feasible goal. Make sure you can share with them your concrete ideas and gain their trust.
The decision criteria is mainly understanding what your buyer wants as an outcome. Many buyers have different ideals, and it is your job to provide them the solution you want that adheres to their wants and needs.
The decision process is then the step-by-step method of getting your buyer to close the sale. Oftentimes, the buyer will have their concerns and questions in terms of completing the purchase, and it is your responsibility to address their clarifications throughout the purchase process. Forecasting the possibilities and open options for them as they complete the sale is crucial and can lead you to close more deals in the future.
One of the most common things salespeople often overlook is the paper process of a business. These might even cause you to miss out on great opportunities - so it’s important to consider the legal process, the timeframe of the said legal process, the people involved, the level of priority, and other factors that can affect the timeline of your sale and decision making.
Do you sometimes find your prospect changes their mind in the middle of a sale? Identifying your prospect’s pain points is vital, as it can make or break your deal. By emphasizing and clearly articulating your prospect's current pain points and addressing where you can solve the problem, and using other information such as your decision criteria and your metrics to strengthen your points, you can then finally find yourself both closing the sale and addressing your client’s concerns.
Champions are the people that are indirectly involved in your deal - they can help you ease the process internally on your client’s side, and you can discuss with them more of what they think about your deal by also helping them out by giving them again. By building a good relationship with them and educating them with your ideas to help them understand the main outcome of your proposition, you can watch your opportunity become stronger to aid you in closing the sale.
Having a competitor is normal in every business, but using them as an example to let your prospect see your edge over the competition is a strategy that also has been proven. When doing so, present your unbiased opinions over what pros and cons you have in comparison to their services. Although it can be tempting, you should also never lie or talk negatively about your competitors. Let your clients know that you know what you are offering, and making it clear on how you compare will also give your prospect a clearer picture of what they are purchasing for the long run.
These pointers may seem fairly common for every salesperson out there but you may find the results surprising and game-changing. So take these as a challenge to yourself as a salesperson, and try to apply this methodology and see if it works for you.
MEDDPICC® is a registered trademark of Darius Lahoutifard, exclusively licensed by MEDDIC® Academy, and is being used with permission.