The History of MEDDIC
MEDDIC was born inside PTC in the ’90s by Jack Napoli and Dick Dunkel. PTC is renowned as one of the most successful software companies of all time, much of the credit is given to their sales team who took PTC from 0-10bn dollars in 10 years which is incredible growth, a feat only surpassed by how they never missed a single quarterly target in over 43 straight targets, almost 11 years!
PTC’s relentless focus on qualification and their development of the MEDDIC framework spawned thousands of MEDDIC proficient sellers into the wider workforce. Today, if you look at some of the world’s most successful sales leaders, you can trace their sales ancestry back to PTC.
The below chart shows the humungous impact PTC and their people’s expertise have had on the enterprise technology landscape today:
What is MEDDIC?
“MEDDIC is the straightforward model to remember, and the most elite sellers in the world are all doing some version of MEDDIC” because they understand that there is depth inside it. The value doesn’t come from it being simple; it comes from the massive extent of the qualification”.– John Kaplan, President – Force Management
MEDDIC is a qualification framework uniquely suited to enterprise sales organizations with complex sales engagements due to the complexity of their solution or the complexity or how their customers make decisions via multi-stakeholders and stages of approval.
Why do you need a Qualification Framework?
Sales leadership teams are trying to create predictable revenue for their peers, execs, board members, and shareholders. Two critical factors play a big part in creating predictable revenue:
- Efficient Resource Allocation
- Forecast Accuracy
Let’s dive a little deeper into each:
1. Efficient Resource Allocation
Sellers and their supporting peers are often the highest-paid individuals within their organization. This is for a good reason as the difference between a bad, good, and elite seller will be several multiples of their difference in salary in new revenue they will deliver.
However, just as they are often the most expensive, they can also be the most inefficient, mainly if they aren’t correct qualifying their opportunities.
MEDDIC helps sellers continually ensure that they are investing their time in the right deals, and if not, it gives a clear path of how they can get back on the right course or qualify out.
2. Forecast Accuracy
Being able to forecast the revenue performance accurately allows organizations to be confident in business-critical investments such as hiring personnel to support the growing customer base and how the organization funds go-to-market investments to further fuel the top of the growth funnel.
MEDDIC Helps your Customers too
Customers who are buying from a sales organization that utilizes MEDDIC benefit from an approach that is optimized to be efficient. It means that it won’t just save the sellers time but the customer’s time too. Further still, the customer is likely to benefit from a seller focused on also providing deeper clarity on the problem that the customer is trying to find a solution for. In doing so, the seller is likely to uncover a deeper quantification of the problem and potentially more benefits that the customer hadn’t considered.
Finally, the cherry on top will be that a good seller will help the customer get a deal through the organization securing budget and buy-in as she goes and cutting the time to go-live considerably.