WHAT IS MEDDIC?
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.
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
WHY DO YOU NEED A QUALIFICATION FRAMEWORK?
Sales leadership teams are trying to create predictable revenue for their execs, board members, and shareholders. There are two critical factors required to create predictable revenue:
- Efficient Resource Allocation
- Forecast Accuracy
1. Efficient Resource Allocation
Sellers and their supporting peers are often the highest-paid individuals within their organization. This is for good reason as an elite Seller is likely to deliver exponentially more revenue than what their additional cost is over an average Seller.
A Seller who is unable to qualify their opportunities won’t just be inefficient to themselves, but they will also pull in other resources draining their efficiency too.
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 accurately forecast revenue performance allows organizations to confidently invest in strategies that support growth such as hiring to support the growing customer base and investing more in go-to-market strategies.
For the executive team, being able to work with an accurate forecast is imperative to their planning and execution.
Elite Sellers are accurate forecasters and elite sales leaders are too.
MEDDIC DOESN’T JUST HELP SALES TEAMS, IT HELPS CUSTOMERS BUY TOO!
Customers who are buying from a sales organization that utilizes MEDDIC also benefit from an approach that is optimized to be efficient. It means that it won’t just save the Seller’s time but the customer’s time too. Further still, the customer will benefit from a Seller focused on providing deeper clarity on the problem that the customer is trying to find a solution for. In doing so, the Seller will uncover a deeper quantification of the problem and potentially more benefits that the customer hadn’t yet considered.
Finally, the cherry on top will be that a good Seller will help the customer drive a deal through their organization securing budget and buy-in as they go, cutting the time to go-live considerably.
There have been several instances of customers outwardly commenting on what a great experience it is to buy from a company that uses MEDDIC. MEDDIC is as aligned to the customers buying process as it is the sellers sales process. In fact, you could argue MEDDIC more closely suits the buying process.
The head if purchasing at multi billion dollar organization, Siemens is quoted as saying he actively looks for MEDDIC in vendors that he is selecting to buy from.
WHICH VARIANT OF MEDDIC? MEDDICC MEDDPICC?
The original variation of MEDDIC was created in 1995 and technology has evolved radically since then. Today it is a much more complicated process to procure technology due to the business model changing from perpetual licenses that organizations own outright to the subscription model as used in most technology companies today. With the model change came an adaptation to how technology is used and subsequently there are many more stringent requirements in the relationship between vendor and customer such as privacy, security, and service level agreements. Therefore, the Paper Process has become several multitudes more complex and subsequently is often called out as its own element in MEDDIC by including a P so MEDDIC becomes MEDDPICC.
You will notice the additional C also, which stands for Competition. Today Competition is much more prevalent in sales cycles not just because there are more rivals solutions to the average vendor, but, because the average buyer has vastly more opportunities available to them to invest in technology that will help them towards their goals and solving their challenges.
An average deal today is not only competing against the vendors rivals, but, other solutions AND the possibility that the organization will want to build their own solution.
Therefore as a result in this evolution of technology and how it is bought by organizations, MEDDIC has evolved to include the P for Paper Process and an additional C for Competition.
MEDDIC with an additional P and C, doesn’t instantly guarantee that the definitions are Paper Process and Competition as often you will find sales teams will have P referencing Partners and a C referencing Compelling Event.
The bottom line here is that one of the reasons why MEDDIC has lasted the test of time and been so successful for so many elite sales organizations is because it is adaptable and open. Therefore, sales leaders should implement MEDDIC however they best think it will help improve their sales velocity.
The below video describes in a little more detail the things that you should consider when thinking which variant of MEDDIC to implement:
WHICH MEDDIC TO IMPLEMENT?
MEDDIC IS the original variation, but, since it's inception in the nineties the world and more importantly the technology landscape has evolved radically.
Which variation of MEDDIC is right for you? This video will help you decide!
THE HISTORY OF 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 thing 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.
With approval of the new MEDDIC framework from John McMahon Dick joined up with another legendary PTC seller Jack Napoli, and the two of them went on a global tour of PTC sales teams that led to the proliferation of MEDDIC to every corner of the globe.
What happened next was incredible – PTC went on a gangbusters run of over 10 years of hitting their quarterly goals, 43 straight quarters to be specific! Achieving over $10bn of revenue along the way.
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 world’s greatest sales organizations use MEDDIC or a variation of MEDDIC such as MEDDICC or MEDDPICC. The MEDDIC registry illustrates which companies use MEDDIC and which variation. Below is just a small sample of organizations that use MEDDIC today:
Metrics are the quantifiable measures of value that your solution can provide.
Economic Buyer is the person with the overall authority in the buying decision.
Decision Criteria are the various criteria in which a decision to process your solution will be judged.
Decision Process is the series of steps and stakeholders involved in making a decision.
Identifying Pain relates to the pain found within the organization that your solution can solve.
A Champion is a person who has power, influence, and credibility within the customer’s organization.
WHAT COMPANIES USE MEDDIC?
The MEDDIC Registry is a place to find which companies use MEDDIC or one of its variants such as MEDDICC or MEDDPICC.
LEARN MEDDIC THROUGH TO MEDDPICC
The book deconstructs MEDDPICC into easy to understand and implement steps. Breaking down every letter of the acronym into actionable insights.
ORDER THE BEST SELLING MEDDIC BOOK