How MEDDIC Sales Process Can Spur Business Growth?

An integrated sales process is crucial to the success of any business, but it’s an important concept that’s not always well understood. The MEDDIC sales process offers an excellent framework for how to structure your own sales efforts to ensure your business can grow as quickly as possible.

The framework which was proposed by Dick Dunkel in the 1990s provides businesses with structure and clarity when it comes to selling their products and services. They do this by qualifying your sales opportunities.

Read on how the framework can spur business growth.

What does MEDDIC Stand for in Sales?

MEDDIC is a sales methodology that stands for Metrics, Economic Buyer, Decision Criteria, Decision Process, and Identify Pain and Champion. This methodology is designed to help salespeople identify and qualify potential customers.

Let us explore the MEDDIC sales process further by looking at its six main qualification steps:

Metrics

This is the information you have about your target customer’s industry and market, including their projected goals.

This step is vital because it provides you with insight into what your customer wants out of their purchase. You’ll need this information if you want to tailor your product or services so it resonates with their business goals.

Here are questions to ask in this step:

• What are you hoping to achieve?
• What is your potential customer’s growth trajectory?
• How can you help them get there?

Economic Buyer

The economic buyer is the person who determines whether or not your product or service is going to be purchased. This can be an individual or a group of people with decision-making power. The second step of MEDDIC is determining who this individual or group is so you know who you need to pitch your product or service to in order to get it sold.

This is where knowing who makes the final decision comes into play–because if you don’t know who it is yet, then you won’t be able to target them effectively!

The following are questions you ask:

• Who exactly are you talking to?
• Is this person actually in charge of making purchasing decisions at their company? Or are they just someone who can pass along information about what’s available on the market right now?

Decision Criteria

In this step, you will need to understand your target market and strive to find out what informs their key buying criteria are. The most important thing to keep in mind here is that these criteria are unique to each business.

For example, if you’re selling a product or service to a small business owner in a particular industry, they may have different decision criteria than someone who’s buying from a large corporation. So it’s important that you take all this into account when conducting your research.

Also, know that your prospects will compare your product or services with similar offerings in the market. Make sure your sales pitch focuses on what matters most for each segment of buyers in order to appeal to them directly and win their business over others who may not be as well-suited for them

Here are the questions to ask:

• What does your client look for in a solution?
• What are the most important aspects of this solution?
• What kind of information do they need before they can make a decision?
• What do they expect from a vendor/partner like you?
• What kind of data is relevant to them? What makes them choose one product over another?

Decision Process

This step involves identifying the decision-making process for a specific product or service.

The decision process is an important step in qualifying your customers. It means you should understand how your potential clients make decisions about buying from you.

Is it a top-down or bottom-up process? Are there committees involved? What are their decision criteria? How many people are involved in making these decisions? The more information you have about your customer’s decision process, the better equipped you’ll be to address their needs during the sales process.

Also helps you understand how long it takes to make a decision and whether there are any internal politics involved. It is crucial your contacts person informs you about the required paperwork and the general approval hoops you need to jump to finalize the sale process.

You can do this by asking questions like:

• Do you have a formalized purchasing process?
• How many people are involved?

Identify Pain

When you are trying to sell something, you need to know what your prospect wants. Selling a product without knowing what problem it solves will result in failure.

You will need to understand what problems your prospects are trying to solve before you can sell them anything. For example, if you’re selling fitness products and your prospect has a lot of weight to lose but doesn’t know how to do it, then you should provide information about how much weight can be lost by following a specific diet plan with exercise (pain).

Once you’ve identified these pain points, you can begin addressing them with your product or service offering. At this step in the qualification process, you’ll want to explain how your product or service will address those pain points by providing real value to your prospect–the key here is to focus on benefits rather than features because it’s more compelling for the customer and helps show that you understand their needs better than anyone else does!

Champion

Identify the decision-maker who will be responsible for making your sale. Be sure to understand their motivation as well as their authority level. Champion can be anyone with influence over the purchase decision within the organization.

While the Champion may not make the purchase decision they advocate for you to decision-makers and the economic buyer.

This person is important because they are the person who will champion your product or service within their organization. They can be an influencer or decision maker. You need to identify them early on so that you can start selling to them directly rather than through other people in their team.

Questions to ask:

• What is this person’s interest in your product or solution?
• Can they accurately explain the product’s benefits as they relate to the company?

The MEDDIC Sales Process is an approach for sales that focuses on asking questions, listening, building relationships, and providing value to your customers.

It’s not just a framework; it’s a process. You need to train your team on how to use it effectively before you can start seeing results from it.

Here are some tips for doing that:

1. Identify your buyer personas. Make sure each member of your sales team knows exactly who they’re selling to, and how they differ. For example, if you’re selling to businesses in the construction industry, one persona might be a project manager who wants to keep costs low and maintain quality at all times. Another might be an office manager looking for a reliable supplier of materials for their construction site.
2. Create a buyer persona board with relevant information about each person’s job, company culture, goals and challenges–all written from their perspective! This way everyone can easily see what they need to know about each buyer so they can tailor their pitch accordingly.
3. Train your team on how best to present themselves as the solution to the buyer persona’s problems or questions.

Why should you Use MEDDIC?

MEDDIC is a powerful sales methodology that can help you close more deals and increase your sales pipeline for both B2B and B2C sales.

MEDDIC is a valuable sales qualification framework because it helps you to:

Understand your Customer’s Buying Process

As a salesperson, you know that the more information you have about your customer and their buying process, the easier it is to be successful. But how are you supposed to get all this information?

With the MEDDIC sales process you can gain insight into what matters most to your prospect and what they’ll need from you at each stage of the buying process

Identify the Key Decision Makers Within Your Customer Organization

Using a sales qualification framework is a great way to identify the key decision makers within your customer organization.

In a world where we’re all trying to make more money, it’s important to remember that we need to make sure that the person who is making the purchasing decision is actually the one who has the final say-so on whether or not our product gets purchased. In fact, this is such an important piece of information that many salespeople will use a sales qualification framework in order to make sure they’re talking with the right person before making any kind of offer or engaging in any kind of negotiation.

Develop a Sales Strategy that Resonates with Your Customer

An excellent sales strategy is the key to closing the deal. The MEDDIC framework helps you develop a powerful, personalized pitch for each customer, so that you can craft the perfect message for each prospect.

Understand Your Customer’s Needs and Priorities

The MEDDIC framework helps you understand what’s important to your customers–and how they want their problems solved. It allows you to tailor your product or service so that it meets those needs and priorities.

Demonstrate Expertise and Authority on Your Product or Service

The MEDDIC framework gives you the opportunity to demonstrate that you’re not just another salesperson–you’re an expert in your field! You can use this knowledge as leverage when negotiating with customers on price or terms of service.

Win more business by aligning your sales process with your customer’s buying process

As a salesperson, it’s important to know what stage of the buying cycle your customer is in and to use the right approach for each stage.

The basic idea behind this method is to understand how people prefer to make decisions and then tailor your approach so that it aligns with their decision-making style. This will help you close more deals because you’ll be able to speak their language and better understand what they need from you.

What are the two most important elements of MEDDIC?

The first two Metrics and Economic Buyer are the most essential components of the MEDDIC sales process, although all of them are crucial.

Economic Buyer is a crucial component of MEDDIC because it allows you to identify the key decision makers within your customer organization. This is important because you need to make sure that you’re talking with the right person before making any kind of offer or engaging in any kind of negotiation.

Metrics is also a vital element of MEDDIC because it helps you understand what’s important to your customers–and how they want their problems solved. This allows you to tailor your product or service so that it meets those needs and priorities.

MEDDIC sales process checklist

Here is a detailed MEDDIC sales process checklist:

Your success in digital marketing especially when using PPC platforms for product advertising depends on several factors such as keyword intent, Metric values, Audience Targeting with location-wise, and Device type. Therefore, you need to constantly monitor your PPC campaigns and take timely actions. However, it is not easy to monitor and take immediate action if your campaign is not taking the anticipated direction.

Various metrics affect other factors and subsequently your PPC campaigns. For example, if you run a PPC campaign to promote a product you will need to consider very important metrics such as Clicks and Conversions, and ROI (return on investment). ROI is a performance metric used to measure the efficiency of an advertising campaign. It is essential to take into consideration when you want to generate more sales with your PPC campaigns.

With that need to constantly monitor all those metrics you need a robust marketing tool. That is where PPC Signals comes in. This tool allows you to easily track your PPC campaigns based on various metrics. So, you are able to get timely insights in regards to your campaign and take immediate action to change strategy to get more sales.

Here is “how to track your campaigns by using PPC Signal?”

Below is the PPC Signal dashboard:

The above image shows the insights the PPC Signal is delivering in the form of “signals”. The tool analyzes important filters that you choose and delivers insights based on that. To monitor your PPC campaign performance you click on the Metrics filter and then you will see information related to the selected metrics.

From the above screenshot you can see information about that particular filter Clicks and Conversions. You can further see an important signal “Anomaly Detected between Conversions and Clicks” as follows:

When you click on the explore button you will see a graphical representation of that signal as follows:

The graphical representation makes it easy to understand the signal and the overall campaign performance. From the above screenshot signal, you can see that there is a big difference in conversion rate and clicks. This means that something is wrong with the campaign and requires your attention to get the required ROI.

FAQs:

What is the MEDDIC Sales Qualification?

MEDDIC is a sales qualification framework that helps you determine whether or not a prospective customer is a good fit for your business. You can use it to evaluate the likelihood that a prospect will purchase from you.

The MEDDIC sales qualification is a powerful tool that can help sales professionals close more deals. MEDDIC is an acronym that stands for six key qualifying criteria: Market, Economic Buyer, Decision-Making Process, Decision-Makers, Influencers, and Champions.

By asking questions and collecting data related to each of these criteria, salespeople can get a clear picture of their customers’ needs and how best to position their products or services. With a better understanding of the customer, sales professionals can tailor their pitches effectively and improve their chances of making a sale.

What is MEDDIC decision criteria?

The decision criteria is one of the key components of the MEDDIC sales process. The decision criteria refers to the specific factors that the customer will use to make their purchasing decision. This can include factors such as price, quality, delivery time, and so on.

Wrap Up:

The MEDDIC sale process is a valuable tool for salespeople. It will help them to identify whether a potential customer is a good fit for their product or service. Additionally, the process can help salespeople to identify the key decision criteria that the customer will use to make their purchase. Finally, the process can help salespeople to identify any pain points that the customer may have and identify a champion within the organization who can help champion the product or service.

This framework can spur business growth by allowing salespeople to focus their efforts on those potential customers who are most likely to make a purchase. Additionally, the process can help salespeople to identify any potential obstacles that may prevent a sale from taking place. By using the MEDDIC sales process, businesses can increase their chances of making a sale and grow their business.