What is MEDDIC / MEDDPICC?
MEDDIC is a sales qualification technique
It is so successful that MEDDIC has become the industry standard for SaaS technology and business to business (B2B) sales organisations around the world.
The MEDDIC methodology was created and designed to help sales organisations to standardise their sales language.
- MEDDIC drives greater efficiency into the sales machine
- increases deal sizes
- reduces sales cycles
- drives an increases in closed revenue
In short, if you desire hyper growth, you use MEDDIC to qualify your deals.
- How do you use MEDDIC?
- What does MEDDIC stand for?
- What about MEDDIC vs MEDDPICC and other spellings?
- What is the benefit of using MEDDIC?
- Who is MEDDIC for in sales?
- Start applying MEDDIC today
How do you use MEDDIC?
It’s important to understand MEDDIC is a qualification technique. It’s how you do business. It is not to be confused with what you do in sales.
A sales process is what you do. MEDDIC, or a qualification technique, is how you do it.
It’s about driving curiousity in your sales machine to question, qualify and better understand customers. This will naturally lead to increased forecast accuracy and increased revenue closure.
MEDDIC is an acronym to easily remember core elements of qualification.
What does MEDDIC stand for?
M is for Metrics – essentially the numbers associated with your deal to qualify:
- your time
- your customer time – by understanding their pain and challenges
- the impact you can have on their business – the value you can bring to a case for change.
E is for Economic Buyer – the ultimate decision maker who can assign cash to a purchase.
Not to be confused with a budget holder or signatory, we are looking for a ‘Profit and Loss’ owner who can set priorities and budgets.
Dc is for Decision Criteria – this is the customer’s shopping list, the list they see as important to meet their requirements.
This is also your list to ensure your differentiators feature as their criteria for a purchase.
Dp is Decision Process – every customer has a process to buy everything, from paperclips to software.
This will be a written down policy for every step from choosing a vendor to executing contracts
I is for Identified Pain. Often, I is called Implicated Pain.
Pain is the reason the customer seeks a solution or why they will take a call from you in the first place. Imagine it’s the fire driving their purchase.
C is for Champion – who is the person with Power & Influence, Track Record, Something to Gain and Access to an Economic Buyer to get your deal prioritised and over the line?
What about MEDDICC vs MEDDPICC and other spellings?
Over time MEDDIC has been adapted in organisations and additional letters have appeared to specifically help qualification in areas where customers may be challenged.
Here are some examples of the extra letters and why they might feature:
P = Partner – perhaps you sell through a channel and it’s imperative to ensure partners are involved in purchases – maybe even they are contracting. This extra P helps to ensure the partner process is front of mind and no delay happens in your sales cycle due to extra bodies involved.
P = Paper / Procurement Process – this P is to identify challenges in an elongated sales process. This P often features in complex IT sales where there is a large services / implementation engagement for which a detailed statement of work needs to be created.
C = Competition – in highly competitive environments, competition is often flagged to ensure your teams are setting the agenda early to box out the competition and set pricing for a value-based negotiation.
What is the benefit of using MEDDIC?
MEDDIC / MEDDPICC is all about creating a common language for a go-to-market organisation to help make the sales process more efficient.
Efficiency creates time and choice – ultimately driving better qualified pipeline and conversion of deals.
It’s all about revenue.
Bigger deals. Faster.
Who is MEDDIC For in a Sales
Often mistaken as something for sales only – MEDDIC helps the whole sales organisation.
Metrics & Identified Pain help marketers understand target markets. With this information they can create better marketing materials to entice new leads and prospects into your business.
Metrics, Identified Pain and Champion – help Sales Development Reps create better qualified leads to be worked on by the salespeople.
Identified Pain, Metrics and Decision Criteria focus pre-sales teams on the use cases which really matter to the customer. Metrics can help stack rank for the bigger win for the customer. Decision Criteria can flush out any biases or needs to fit your solution to the problem.
Identified Pain can focus consulting services’ implementation plan to deliver the biggest wins for the customer early in implementation driving customer advocacy.
Metrics & Identified Pain can be used by Customer Success to create great case studies and advocacy driving stickiness, reduce churn and help create more new leads, back into the beginning of the process.
These are just a few examples. MEDDIC really is for everyone in the entire sales process.
MEDDIC is all about driving curiousity in a sales process to makes your customer facing teams more efficient. By implementing MEDDIC you can create a common language to become more efficient – ultimately driving additional revenue.
START APPLYING MEDDIC TODAY
We offer a variety of MEDDIC and MEDDPICC Sales Training courses to suit everyone, no matter the size of your organisation:
- Small startup team wanting to kick start your revenue? Individual wanting to upskill and blast your targets? Book yourself onto our popular mixed-group MEDDIC Live Sales Training or MEDDPICC Live Sales Training.
- Want to learn the basics of MEDDIC in your own time? Enrol onto our self-paced Online MEDDIC Sales Training course.
- For larger organisations we offer a bespoke MEDDIC or MEDDPICC Sales Training tailored to suit your specific needs. By incorporating your live deals into our training, your team will hit the ground running once they are back at their desks. We also offer deal reviews and masterclasses on specific letters of MEDDIC/MEDDPICC. Contact us today for more information and availability.
For more tips on applying MEDDIC in the real world - join our community at inspir’em today.