MEDDICC Champion, Competition, and Compelling Event?
Today I heard someone state that the second C in MEDDICC stands for Compelling Event.
That was a first for me, and a search on Google surfaces no results that would support this definition.
However, I don’t necessarily disagree with it. I think a commonly missed element in enterprise sales is not focusing on a compelling event.
In my last two sales leadership roles, I have had a scenario where the majority of deals we mark as ‘closed lost’ in Salesforce CRM are not lost to Competition, but inertia. The customers select to do nothing.
This is usually a reflection of a lack of pain or quantification of value via the Metrics, but it often is also because they lack the incentive to do anything. In most of the deals, we lost to inertia; the customers were not stating that they had decided not to buy from us ever, just not now.
A compelling event can be a sure way of driving some urgency into the sales cycle, or perhaps it can just take the place of keeping the seller on their toes to always look for a compelling event. If they are unable to find one on the client’s side, they know they have to make one.
Methods to create your own compelling event could be to make a commercial offer that is time-limited, or to offer a unique advantage such as access to a beta of a new product.
Either way, not having a compelling event is a major red flag in your deal and should be monitored.
Whether it takes place in MEDDICC or MEDDICCC, as may be the case is up to how you wish to deploy MEDDICC. For me, I look for compelling events in the Decision Process, specifically within the Go-Live Plan, and if they are missing, it is a major red flag to not proceed any further without it.
Isn’t it funny to think that if you put all of the stated letters of MEDDICC together you end up with the acronym of MEDDPPICCCR:
Metrics, Economic Buyer, Decision Criteria, Decision Process, Paper Process, Partners, Implicate the Pain, Champion, Competition, Compelling Event, Risks.
Whatever version of MEDDICC you choose, it is looking unlikely that you’ll pick MEDDIC!