MEDDPICC Your Way To Sales Success: A Step-by-Step Guide

Learning about your customer, asking discovery questions , scoring leads… you already know the basics of sales qualification. You’re past that; you want more. You need an effective sales methodology—one that can help you find more qualified buyers, quicker. MEDDPICC can help you achieve just that. We’re talking 30% growth rates in saturated markets and 250%+ in start-ups. If you are struggling to qualify quality leads, try out the MEDDPICC sales methodology and set your organization up for success. NOTE: MEDDIC™ and MEDDPICC™ are branded training products in the UK and are sold in the UK by Andy Whyte (MEDDIC.com). We do not do any training or sell any products related to MEDDIC™ and MEDDPICC™. What Does MEDDPICC Stand For? MEDDPICC stands for: Metrics, Economic buyer, Decision criteria, Decision process, Paper process, Identify pain, Champion, and Competition. Here’s a brief explanation of the MEDDPICC acronym: Metrics — What are the economic benefits of your solution? Economic buyer — Who makes the buying decisions? Which person has the ultimate authority? Decision criteria — What factors drive the purchase decision? Decision process — How are decisions being made in the company? Paper process — What process is being followed to keep the paperwork in order? Identify pain — What pain points you must resolve? Champion — Which person or end-user has a level of power, influence, and credibility? Competition — Who is your competition? Pretty cool right? Now, let’s dive deeper into the MEDDPICC sales process. What Is MEDDPICC Anyway? MEDDPICC is one of the most popular B2B enterprise sales qualification methodologies. It can help you identify high-quality prospects. It’s a checklist of the following: Information you need to know Tasks you need to do Relationships with people you need to nurture MEDDPICC vs. MEDDIC Despite having almost the same name, MEDDPICC and MEDDIC are (slightly) different from one another. MEDDPICC is a variation of MEDDIC. The updated methodolog is expanded to take care of more nuanced needs for a complex B2B sale. Why Should You Use MEDDPICC? The MEDDPICC sales process is a tried-and-tested strategy that helped many sales professionals around the globe achieve extraordinary results. You can use it to: Collect quantifiable and actionable high-quality data to improve forecast and overall results Review and remedy gaps in sales campaigns, shortening the overall sales cycle Help sales management focus on coaching rather than micromanaging MEDDPICC ensures you don’t overlook the more vital parts of the sales process while simultaneously standardizing your sales methodology, leading to consistently good results. The 8 Letters of MEDDPICC Framework: A Step-by-Step Guide Checking off every letter in MEDDPICC can seriously increase your chances of closing deals. If you can’t tick off each letter of the framework then you know which areas require your attention. Let’s look at how you can check off every letter in the MEDDPICC framework and achieve your sales objectives. 1. Metrics Metrics in MEDDPICC is all about the real, quantifiable numbers—the end value, KPI improvements, the hard dollars—your prospect hopes to achieve. For instance, instead of giving you a vague goal of “increasing win rates,“ your prospect will tell you they want to increase their win rates by 10% in 2021.” Direct and specific financial goals. When you know the benefits that matter most to your prospect, you can customize your offering to the buyer. You can encourage them to buy by leveraging your product or service as the best solution to help them achieve their goals. Be sure to identify every percentage of improvement your solution can bring to increase...