If you’re a sales professional, then there’s a good chance that you’ve been struggling to close deals lately. Despite what some people might tell you, the problem may not be your salesmanship or your pitch–it could be the customers you’re selling to. The MEDDIC sales process helps solve this problem by focusing on better customer qualification–in other words, determining whether or not you are selling to the right people in the right way. This article will show how it works and why it can help make closing deals easier for both parties involved!

 

What is the MEDDIC sales process?

The meddic sales process is a BtoB sales methodology first developed in the 1990s. This process emphasizes better customer qualification–in other words, determining whether or not you are selling to the right people and if they will buy from you for reasons that go beyond your offer being simply “good enough.”

The acronym MDIC stands for Metrics, Economic Buyer, Decision criteria, Decision process, Identify pain and Champion in the MEDDIC sales approach.

Metrics: Begin by determining what the client wants to achieve with your product. These objectives should be measurable. The firm, for example, may want to improve its production output fourfold, get products to market in half the time, or save at least 20% on manufacturing costs.

There are four key metrics that you should have in place for your service. They’re all important, but it’s vital to understand which ones are most relevant to the customer. For example, most businesses cite financial gains as one of their top reasons for selling. These metrics help you quantify the economic advantages of your solution. Proving how much profit your solution provides is vital to closing the sale.

Economic buyer: You should figure out who serves as the company’s economic buyer or the person with authority to make decisions and approve expenditures. You should frequently be in contact with someone higher up in the organization than your current communication. Knowing who works as the firm’s economic buyer and their mentality will assist you in closing sales when they have a buy-in power that exceeds your own.

Decision criteria: When a customer is in the market for a solution, they have several criteria to consider before deciding. The meddic sales process helps you identify and prioritize their needs so that you can craft an offer that addresses them head-on. Identifying these will allow you to better tailor your product or service to meet their needs.

Decision process: It would help if you were trying to determine the customer’s buying process and how it intersects with your meddic solution. If you can show that what they’re currently using is broken, you have a good chance of closing them on an upgrade or replacement purchase. You need to know when this might happen to be prepared to act when the time comes.

Identify pain: This meddic phase is designed to help you determine what your customer’s most significant problem with their current solution may be–and how alleviating it could affect them positively in other ways. It also helps you understand why they haven’t already solved this issue themselves, which will be vital for you to know to win the sale.

Champion: This meddic phase is all about identifying your customer’s Champion or their crucial supporter within the organization that must approve of and drives through any purchase decision. This meddic step helps create a more streamlined sales process by making it easier for you to get the customer all the way through to a sale in one piece.

Hope this information helps you to know something about the MEDDIC Sales Process. To know more about this, visit meddicc.com