MEDDIC? MEDDICC? or MEDDPICC?
2021 is the year of MEDDIC, but with so many voices and opinions talking about MEDDIC which is the right variant for you to implement?
This video covers which is the 'correct' variant of MEDDIC and which one you should implement.
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Which variation of MEDDIC should you implement?
I get asked all of the time: “Which MEDDIC is the right MEDDIC?”
The truth is… and this may upset some people… In my opinion, there is no ‘correct’ acronym for MEDDIC.
But don’t take my word for it..!
Dick Dunkel invented MEDDIC, but he trained me in MEDDPICC, and in his current role he uses MEDDPICC and the P stands for Partners, not Paper Process
Jack Napoli is known as the Godfather of MEDDIC, but, most commonly implements MEDDICC with two C’s and MEDDPICC
John McMahon is for me the greatest sales leader of all time. He was the CRO at PTC when MEDDIC was invented. Today he serves on the boards of some of the greatest software companies of our time, such as Sprinklr, Snowflake, MongoDB, Lacework, Cybereason, and Fuze and as you may have guessed – they use different variations of MEDDIC.
Force Management has a roster of some of the most impressive enterprise companies out there and always refers to MEDDICC with two C’s and commonly implements MEDDPICC too.
Zendesk, DataDog, Okta, MongoDB, Celonis, Braze, the list goes on and on and on of elite sales organizations who use a variation of MEDDIC different from the one that Dick Dunkel created in the ’90s at PTC.
It is back to the ’90s that I want to take you to explain why I believe MEDDIC has evolved to include more letters:
You probably know the story of how MEDDIC was incepted – Dick Dunkel was a top sales guy at PTC and was pulled out of the field to help John McMahon with a big challenge he was facing where PTC was losing salespeople quicker than they could hire them. They needed to improve their approach to coaching their Sellers.
One of the exercises that Dick ran, which he still runs today was to sit with the sales teams and ask them to answer three key questions:
- Why Do We Win?
- Why Do We Lose?
- Why Do Deals Slip?
As Dick worked with hundreds of PTC Sellers he started to spot 6 trending answers to those questions. Through his creative mind, Dick was able to articulate those 6 elements into an acronym that we know and love today called MEDDIC.
- Economic Buyer
- Decision Criteria
- Decision Process
- Identify the Pain
- and Champion
With John McMahon’s approval, Dick joined up with another of PTC’s all-time great sellers Jack Napoli and went on a mission to share the good word of MEDDIC to every PTC sales team globally.
As you know this period of time coincided with immense success at PTC and MEDDIC went on to influence virtually every impressive enterprise sales team since.
However, while MEDDIC was and still is brilliant…
While MEDDIC in all it’s brilliance still represents 6 of the most common answers to Dick’s Three Key Questions exercise I guarantee if you run the exercise today with your sales team you will find two new elements that feature regularly:
What’s that? It’s the sound of the MEDDIC purists shouting that Paper Process and Competition has always existed and falls inside of existing letter in MEDDIC….
But the cloud changed EVERYTHING for MEDDIC
In the ’90s when MEDDIC was incepted software was bought On-Premise – you owned it outright, and while you may have paid support payments for it there were no cloud agreements, there was no data privacy, security assessments, no user-level agreements..
Today’s Paper Process is vastly more complicated than it has ever been before and it is showing no signs of getting better.
Ask yourself this question – deals that you saw slip recently, why did they slip? I bet you a worrying percentage of them slipped because of the Paper Process.. Stuck with legal or security. Or maybe you outright lost deals because you couldn’t agree on legal or privacy terms? I know I have.
This is the argument for the Paper Process.
Of course, there is a good argument to say that the Paper Process can exist perfectly fine within the Decision Process and there are some elite companies that do this.
It all comes down to how you think you can make MEDDIC most effective for you and whether calling it out as a standalone letter is worthwhile.
Here are some questions to help you decide whether you should call out the Paper Process in your MEDDIC.
MEDDPICC QUALIFICATION QUESTION NUMBER 1: IS YOUR PAPERWORK COMPLICATED?
Do deals regularly get stuck in approval chains or multiple cycles of red-lines with legal teams? Do your customers complain that your legal process seems inflexible? Or voice frustration that things are taking a long time (on either side)?
MEDDPICC QUALIFICATION QUESTION NUMBER 2: IS YOUR SOLUTION NEW?
Is your solution often the first of its kind that your customer is buying and therefore has new areas of approval such as legal, privacy, and security that slow the deal down? This is a common scenario when your solution is creating a category and you paperwork is approaching new areas that the customer hasn’t thought through before.
MEDDPICC QUALIFICATION QUESTION NUMBER 3: IS YOUR CHAMPION DISCONNECTED?
Do you frequently find that your Champion is having to learn about the steps and stages of the Paper Process at the same time you are? Or do you feel as though your Champion feels powerless to change or speed up the Paper Process?
MEDDPICC QUALIFICATION QUESTION NUMBER 4: DO YOU SELL TO LARGE ORGS?
Are the stakeholders within the Paper Process spread out in difference offices or even countries? Do people in the Paper Process not know each other or is there even a challenge where your Paper Process gets pushed up to a group level frequently?
MEDDPICC QUALIFICATION QUESTION NUMBER 5: DO UNPLANNED FOR EVENTS OCCUR?
Do events in the Paper Process occur as expected? Or do you find yourself frequently surprised and on the back foot? Even though you feel like you have a good Champion are they taken by surprise?
MEDDPICC QUALIFICATION QUESTION NUMBER 6: DO FORECASTED DEALS SLIP?
Have you had a forecasted deal slip recently due to an event occurring that you didn’t foresee, but could have predicted if you had been more thorough in the Paper Process?
– If you responded mostly Yes’s to the above then I’d recommend you use MEDDPICC..
– If you responded mostly No’s then I would recommend MEDDICC.
Again – that is for you to decide, not me, or any self-professed MEDDIC expert.
From my perspective to answer this question we need to go back to the advent of the cloud.
The cloud not only lowered the barrier of entry for your rival solutions meaning there are more competitors than ever but it also opened up the possibility to your customers for them to build their own solutions and by proxy, they have many many more opportunities to use technology to improve their operations.
Therefore, in MEDDIC your Competition is much more than your rival solutions. Your Competition is anything that is competing for the same budget or resources that you are.
I’ll give you an example: – I once led the sales team at a company that had a SaaS platform that allowed retailers to extend their ecommerce stores into native apps. We not only had competition from other SaaS companies that did the same thing as us but, it was common for the retailers to want to build their own apps themselves. If that wasn’t bad enough, we were fighting for budget and resources from other initiatives such as re-platforming their ecommerce solution, implementing new analytics software, reviews and ratings software, ESP’s, CDP’s, DMP’s, CRM’s. CMS’s the list went on and on and on…
If this sounds familiar to you then this is a good reason to call out Competition separately in your MEDDIC because to beat your Competition you need to do much more than just tick a box in a checklist
You need a strategy to beat your competition – just like you need a strategy for your Champion, for the Economic Buyer, and all of the other parts of MEDDIC.
So, yes, my opinion based on my experience of using MEDDIC in a variety of roles and companies and in research for my book is that you should always call out the competition separately in your MEDDIC.
That said, the message I would like to leave you with is the same as what I started with –
There is no one correct acronym for MEDDIC
My advice for deciding would be to go back to where it all started with Dick Dunkel’s ‘Three Key Questions Exercise’.
- Why Do We Win?
- Why Do We Lose?
- Why Do Deals Slip?
Look at the answers and if you are losing deals to your competition and deals are slipping because of the Paper Process then I’d strongly urge you to consider MEDDPICC.
Whatever happens, nobody knows your business, your customers, and your sales process better than you and therefore you are the best person to decide which version of MEDDIC is right for you.
I am just pleased that you are using it 🙂 .