It is essential to understand the MEDDIC sales process if you are looking to increase
your B2B marketing and selling success. MEDDIC is a short form that indicates
the Metric, Economic Buyer, Decision Criteria, Decision Process, Identify Pain,
and Champion. This methodology lays strong emphasis on the potential prospect,
aiming to ensure a profitable return on the sales efforts. MEDDIC helps you in
understanding and qualifying prospects. As a result, you'll know whether you
are selling to the right people in the right way, increasing possibilities of
closing deals.
The top-down, big-picture approach to sales
prospecting is known as considerable picture sales prospecting. The ultimate
goal of this technique is to ensure a decent return on investment for your
marketing efforts. This qualification framework eliminates wasted time looking
for poor leads. In addition, it aids in the understanding and evaluation of
prospects.
You'll be able to tell whether you're selling
to the appropriate individuals in the proper way, which will increase your
chances of closing the deals. In addition, it helps you narrow your attention
to improving customer criteria.
The sales method is known as "win-now"
is a highly controlled, tech-driven, and disciplined approach to the sales
process. Quantitative criteria for lead qualification are established using
metrics and other relevant data, which demand the search and nurturing of a
"champion" in the prospect who promotes the seller's brand or
solution.
Let's look at each component of the MEDDIC
acronym in further depth.
Metrics
Metrics are measurable and calculable benefits
that customers anticipate getting from your solution. It might be anything from
cost savings to increased income or profits. These metrics assist in
communicating the economic advantages of your solution.
Economic Buyer
An economic buyer is a person who can make a
buying decision, whether it be for himself or on behalf of someone else. He has
ultimate authority over the transaction because he controls the finances and
ultimately has the power to make the ultimate call. Thus, the "economic
buyer" is the person in charge of your product or service at the point of
sale.
Decision Criteria
Understand how a prospect evaluated the
elements that influenced their purchasing decision. Discover what technical,
legal, and commercial criteria they consider. This will assist you in
determining whether or not you can satisfy their requirements.
Decision Process
The Decision Criteria that we've reviewed
above are a list of criteria that influence a company's purchasing decision.
The decision process, on the other hand, describes how the decision is made and
implemented. It's the organizational method for reaching a purchase decision.
Identify
pain-points
Customers don't want to feel pain, and
businesses look for a solution to problems. Therefore, you must pinpoint these
company pain points and the reasons behind them to offer a solution and relieve
prospects from them.
Champion
A champion is a critical player in the
business who works with consultants and vendors to resolve problems. They're
actively involved in getting your product implemented. These champions
recognize your ability to assist and are therefore committed to you.
MEDDIC is a proven sales process that can help
you sell more products and services. This four-phase approach to selling was
created by the US Army in 1966 but has since been adopted for use in B2B
marketing and selling success across many industries. Learn how this framework
will benefit your company by reading our blog post on what MEDDIC stands for, why it's so helpful when you
should apply it, and which steps are involved with each phase of the process.
We hope these tips have helped give you some ideas about improving your bottom
line while also helping customers find their solutions faster!
