MEDDIC is the original name of the sales qualification framework, more commonly referred to as MEDDICC and MEDDPICC. MEDDIC is a Qualification Methodology that is widely adopted by the world’s most elite sales organizations.
MEDDIC’s strength comes in both its simplicity and depth. You can introduce MEDDIC to help you qualify your deal at the earliest opportunity and it stays relevant throughout its evolution keeping Sellers on their toes to focus on what matters.
MEDDIC is uniquely suited to enterprise sales organizations. Enterprise sales usually require engagement with multiple stakeholders and often will require a complex solution to meet their needs. For this purpose, MEDDIC is ideally suited as a qualification methodology.
Why use MEDDIC?
As a qualification framework, MEDDIC helps you to qualify first and foremost whether there is a real opportunity within the organization you are engaged with. Often this is an overlooked factor in sales as salespeople try to create opportunities within organizations that are unqualified. These areas of qualification (or unqualification as it is in this case) tend to fall into a few categories:
- The pain and value you are trying to solve not being strong enough
- The customer not being willing to run a buying process or not knowing their process
- The stakeholders not being strong enough or invested enough to get a deal done
MEDDIC works specifically to uncover these areas of qualification as well as acting as a framework for salespeople to use to put themselves back on the front foot to:
- Uncover more considerable pain and underpin the pain with metrics, thus driving urgency
- Uncover, influence, and in some cases take control of the process and criteria in which the customer will be making their decision.
- Build and empower stakeholders to understand the distinct value of your solution, building Champions and obtaining access to pivotal decision-makers
Who Created MEDDIC?
MEDDIC was born inside Parametric Technology Corporation (PTC) in the nineties. At the time, PTC’s sales team was led by legendary sales leader John McMahon.
Around halfway through the decade, PTC began to lose Sellers to attrition and couldn’t hire replacement sales reps fast enough. Something needed to shift and McMahon had a plan to get back on track, which included bringing experienced sellers out of the field to coach the global team. One of these sellers to be extracted from the field was Dick Dunkel.
One of the first things Dick did was to work with individual sales teams within PTC to ascertain the answers to three key questions:
- Why do PTC win?
- Why do PTC lose?
- and, Why do PTC deals slip?
In the answers to these three questions came three re-occurring elements, which Dick was able to adapt into the MEDDIC acronym as it would make the six elements memorable.
MEDDIC is a Common Language for your entire Revenue Team
When used to its full potential, MEDDIC becomes the common language in which revenue teams refer to all factors of an opportunity with a new or existing customer. MEDDIC helps define:
- Metrics: The key performance indicators of the customer’s business.
- Economic Buyer: The decision-maker responsible for the purchase.
- Decision Criteria: The factors the customer considers when making a purchase decision.
- Decision Process: The steps the customer follows in making a purchase decision.
- Identify Pain: The customer’s current business problems and needs.
- Champion: An internal sponsor or advocate for the solution within the customer’s organization.
Suppose you consider all of the above and imagine all of the different terminologies and definitions you could have for these critical factors of your opportunities. In that case, it is easy to see why MEDDICC as a common language is such a valuable aspect of MEDDIC. Standardizing the terminology and definitions used by all members during a deal results in increased clarity regarding the deal’s status. This, in turn, enhances the team’s ability to provide effective guidance on the steps needed to move the deal forward.
Apart from that, if you are interested to know about Different Types of Concrete Equipment then visit our Business category.
