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Everything You Need to Know About MEDDIC Sales Methodology

Everything You Need to Know About MEDDIC Sales Methodology | Demoflow
Larson Stair
What exactly is MEDDIC sales methodology, and what are its benefits? Here is everything you need to know about MEDDIC sales methodology.

Everything You Need to Know About MEDDIC Sales Methodology

MEDDIC sales methodology can help sales teams to achieve extraordinary results. Without a structured sales approach, identifying new leads and properly qualifying prospects can take a lot of time and energy. MEDDIC is a powerful tool that can enable you to close more deals. 

To ensure success, it is important to learn the basics of this technique. This will help you focus your efforts in the right places so you can achieve your sales targets. So, what exactly is MEDDIC sales methodology, and what are its benefits? Read on to find out. 

What Is MEDDIC Sales Methodology?

MEDDIC sales methodology is a B2B framework of questions created to help qualify, develop and close prospects. The process involves asking the right questions and documenting the various steps of the sales process to identify the best opportunities. By qualifying a deal at the earliest opportunity, this technique allows you to determine whether getting a specific customer in your funnel will be worthwhile. 

The data collected also helps to forecast sales more accurately and efficiently. This enables the sales team to focus on what really matters, effectively giving them better control of the sales process. Successful implementation of MEDDIC makes it easier to increase opportunities in various stages of the sales process. 

What the Acronym Stands For

MEDDIC is an acronym that stands for Metrics, Economic buyer, Decision criteria, Decision process, Identify pain, and Champion. As a sales professional, applying the MEDDIC approach will involve questioning what you know about your customers. This will go a long way in helping you to position prospects at the heart of the sales process. Below is a brief look at what each of these six elements entails and some questions to ask at each stage.  

Metrics

First, find out the specific metrics that a customer cares about for the MEDDIC sales methodology. This will help you to quantify the potential gain and economic benefit prospects will get for purchasing your solution. 

Questions to Ask

  • What quantifiable goals do you hope to achieve?
  • What methods will you use to track progress?
  • How will you measure the overall success of your project?

Economic Buyer

Identify the person who actually has the purchasing power and will make the final decision to buy. Interacting with the economic buyer will help you understand their mindset. 

Questions to Ask

  • Who will need to be involved to get the final approval?
  • Will the economic buyer need to see the product?
  • What does success look like for you?

Decision Criteria for MEDDIC

Understand the process and factors prospects use to make purchase decisions. These include price point, simplicity of use, and potential ROI. The information will help you to better tailor your message.  

Questions to Ask

  • What pieces of criteria are the most important for you when making this decision?
  • What exactly do we need to demonstrate to be your partner of choice?
  • How do you calculate your ROI?
  • What does your budget look like for this type of solution?

Decision Process for MEDDIC

Determine the internal process the company uses to reach the purchase decision. This includes the players involved, the customer's timeline, and the steps in the approval process. 

Questions to Ask

  • Which people are involved with this process?
  • What steps are taken to make a final decision?
  • Which people are involved with this process?
  • What kind of paperwork is required?
  • What do timelines typically look like?
  • How can we make the process go smoothly?

Identify Pain

Understand the problems your prospect encounters that your product or service can help to relieve. This way, you can pitch your solution in a more compelling way. Examples of customers' needs are slow production, high costs, or low ROI.

Questions to Ask

  • What do you believe is the root cause of the problem?
  • How does the problem affect your business and bottom line?
  • What would happen if you did nothing about it?
  • How valuable will the solution be?

Champion

Identify powerful and influential people at the company who can talk about and promote your product. Having such an employee on your side will increase your chances of closing the sale. 

Questions to Ask

  • Who in the company is most affected by the problem?
  • How will you know the person is a real champion?
  • Can they effectively influence others in the company?

The Benefits of MEDDIC

There is no doubt that implementing MEDDIC can help you close more deals and increase your sales. However, the methodology has many more benefits. Here are a few. 

MEDDIC Is a Checklist 

MEDDIC sales methodology breaks complex enterprise sales into a checklist. This makes the technique easy to learn and execute. In addition, having a checklist helps you to avoid costly mistakes and keep things organized. You will also be in a better position to complete all the steps, something that increases your chances of success. 

Collection of High-Quality Data

Answering discovery questions at each stage of the process helps you to gather invaluable information. The data can reveal gaps in the sales campaign, help teams to monitor progress and make it possible to improve the accuracy of sales forecasts. Also, you can rely on this information to create the right content to convince your prospects. In the end, this will enable you to shorten the sales cycle.  

Self-Assessing 

Sales reps will not need a coach or manager to tell them where they stand with the pipeline. By simply running the MEDDIC checklist, sellers will be able to obtain this information. This allows the sales manager to focus on leading and coaching rather than micromanaging the teams. 

Empowers Sales Teams

With MEDDIC, there will be a structure with common language elements in the sales team. Sales reps will have a clearly-defined formula for success, something that will allow them to focus on the essentials. By standardizing best practices that promote sales efficiency, the methodology helps to empower teams. 

Saves You Time and Money

MEDDIC can help you save both time and money. This is particularly true when sales cycles are long. By disqualifying deals that are not winnable, sales teams can focus on selling to customers who need the product or service and have actually budgeted for the solution.

Learn More About the MEDDIC Sales Methodology

Are you looking to empower your team with the tools and assets they need to effectively market and sell your product? At Demoflow, we can help you make the buying experience easier and turn prospects into happy, lifelong customers. Sign up today to get started with Demoflow. 


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