When it comes to giving your sales team the boost they need, picking the right sales methodology can make all the difference. The MEDDIC sales qualification method is growing in popularity. It has a few different names today, but the original acronym remains the most common. You may also see this sales method referred to as MEDDICC or MEDDPICC, based on variations that have been created, but they generally all point to the same methodology.
The MEDDIC sales method is used by some of the most elite organizations in the world. Corporations and international conglomerates use this method regularly to drive sales and create better relationships with prospects. It’s a simple strategy but it also has a lot of depth and detail involved. The focus is on helping you qualify deals as soon as possible and keeping sales reps focused on what matters.
MEDDIC stands for:
In models that add the “P”, that stands for paperwork process, but that’s not necessary to separate in most cases because that’s an internal process that goes with the decision and sales funnel work. Some models also add a “C” at the end for competition, which we’ll touch on briefly later.
If you consider all of the above factors, you can get a much better picture of your ideal customer. You will also be able to better sell to that customer because you know their criteria, their needs, and who to reach out to in the first place. You’re in a better position to sell your product or service because you know the competition and competing resources, and other important factors.
The original MEDDIC sales methodology debuted in 1995 by Dick Dunkel in a collaboration with Jack Napoli. Dunkel was doing an exercise to figure out why their company won deals, lost deals, and what caused deals to slip or decrease. To do that, he knew he needed to compare a lot of different elements. This method offers predictability and efficient resource allocation, making it a successful framework for many.
The duo used MEDDIC to triple their company’s sales, going from $300 million to $1 billion in sales in just four short years. This method works because it emphasizes the buyer qualification process and makes sure that you understand all components of the purchase process from a prospect or buyer’s perspective.
This method is great for enterprise-level organizations and B2B companies that need better solutions and want to garner more deals by understanding their leads.
Based on the acronym above, here are the steps involved in using MEDDIC selling for your business.
This is where you define what metrics your prospect is looking to achieve. Consider their goals, quantified, so that you can choose the best way to approach the sales pitch. This is where you want to ask about their goals and how they measure success—some people may be measuring dollars, while others are measuring customer counts, for example.
Who is responsible for making buying decisions? What person can you talk to that can close deals and not have to get approval somewhere else? This may be different than your original contact, so make sure that you do your due diligence. If you are unable to contact them directly, make sure that your point of contact is in touch with them. Find out what their picture of success looks like and who else is involved in making decisions.
Now, you need to understand how prospects make decisions about their business transactions. They are probably comparing different solutions and will use things like ease of use, integration, budget, etc. to determine what’s best. Ask what their criteria are and how they’re ranked, as well as how they will justify the purchase for the organization.
In addition to the criteria that they use, they will also have their own decision-making process. You should ask buyers to walk you through their process and help you better understand how they make decisions so you can continue to provide the best support and guidance. This is where you ask about things like finalization, paperwork, other contacts, etc.
Pain points are a critical part of the sales process. If you don’t have the information about what’s challenging your prospect, you won’t know how to effectively sell to them. Get statistics and insights about their struggles so that you can deliver a better, more customized solution in your sales pitch.
As mentioned, the champion is someone inside the prospect’s organization who will benefit most from the solution. They are the advocate for the buyer and decision-makers. They have a dedicated interest in the product or solution that you offer, and they can accurately convey the benefits of the product or service to the rest of their organization. Find out who this person is and engage with them as soon as possible.
Finally, you’ll need to assess the competition. Although this is the second “C” in the MEDDICC acronym and it wasn’t part of the original strategy, we wanted to list it here because it’s important: what is the competition like? Who is competing for resources? These are essential things to know.
While you’re working to understand and qualify these big leads, who is fielding the calls and other admin needs? Partner with the virtual receptionists at Smith.ai for a 24/7 answering service to ensure you never miss another opportunity. When you do, you’ll also get support for lead intake, appointment scheduling, and even your outreach campaigns.