Failing to hit the sales target consistently is not an uncommon situation in business. The competition is ever-increasing, the amount of money needed for a successful marketing campaign is on the rise, and thanks to the advancement of technology you have to fight for customers on at least a couple of fronts. However, there is a method to organize, take advantage of this chaos, and take your sales figures to another level, and it is called MEDDIC. So if you wish to hit your sales target with less effort, here is all you need to know.
What is MEDDIC?
MEDDIC is a sales process that allows you to get to know and group your target audience. It is designed to help you prioritize your salesmanship skills on the right people and in the right way so that you don’t waste your time or money. MEDDIC is a lead qualification framework that is designed primarily for B2B businesses and was invented back in the 1990s. It helps you assess whether it is worthwhile to increase effort into getting specific customers into your sales funnel.
The ideology behind this method is that it is more reasonable to pitch to better-qualified people, therefore having a better chance of closing a sale, and as a result, increase the number of successful transactions on your account.
The MEDDIC sales process works best for companies with long sales cycles, making it the perfect choice for companies that sell long-lasting products, like machinery, for example, or items that require the customer to change the way they are doing things at present, like implementing new software.
Breaking Down the MEDDIC Acronym
To be able to fully understand and properly use the MEDDIC process, it is best to get familiar with the breakdown of the acronym. MEDDIC stands for Metrics, Economic buyer, Decision criteria, Decision process, Identify pain, and Champion, which are all steps to achieve constantly successful sales pitches.
The first step in the process is to measure the potential gain your customers are looking for from your product or service. The metrics you create should be quantifiable and show your position against the competition by exposing the economic benefits of your product.
An economic buyer is the name of the method of identifying and “meeting” the person who has the ultimate purchase power to finish the deal. So that you focus your attention on the person that has the authority to spend money on behalf of a business.
Once you know who will make the decision on whether to buy your product, it is time to recognize the factors that will make or break your cooperation. Companies tend to be presented with a few solutions from different sources, forcing them to compare and make a choice; your job is to know what decision criteria they are taking into consideration.
The decision criteria tell you what influences a company’s decision, but the decision process tells you how it is made. The decision process should include the person who is responsible for making a decision, the timeline they operate on, and the formal approval processes in place, if there is one.
The potential customer must have a need before they try to look for solutions, and it’s crucial to know what is causing them pain, what they truly need. This “pain” could be a representation of costs, problems with the speed of production, or low revenue. When you have identified how your product can relieve that pain, you are almost at the finish line to finalize the sale.
A champion is the most suitable person to be representing your company in the negotiation. It is the final process of identifying, developing, and qualifying your champions that will bring the money into your business.
Why Should You Use This Sales Process?
MEDDIC is nothing more than a simple checklist for your sales process, but a highly effective one. It ensures that you have all the information you need, and makes it so much easier to secure a deal. The MEDDIC sales process relies on research rather than sales tricks, so it is easy to implement across many companies and without much trouble. By using this method, you can now accurately qualify your leads, learn more about your customers, and better forecast your sales in the future.
MEDDIC is a relatively simple, yet effective process that you can implement in your company if you wish to be more in control of the stream of money coming in and out of your sales department. This method will help you organize your sales and improve the ratio of starting to successfully finished deals. All you have to do is follow the meaning behind six letters in the word MEDDIC.