WHAT IS MEDDPICC?
MEDDPICC is a variation of MEDDIC that has evolved to include a P that stands for Paper Process and an additional C that stands for Competition.
A frequently asked question people ask when considering MEDDIC training is whether they should implement MEDDPICC with the P. The P in MEDDPICC stands for Paper Process.
Many sales teams will roll the Paper Process into the Decision Process and refer to MEDDPICC as MEDDICC.
WHY MEDDPICC AND NOT MEDDIC OR MEDDICC?
MEDDIC was created in 1995 inside of product lifecycle technology company PTC. At the time it served the landscape of complex, multi-stakeholder technology sales very well. However, since 1995 the technology space has evolved and the advent of the cloud has brought about two pivotal changes to enterprise sales. They are:
1. AN INCREASE IN COMPLEXITY IN THE PAPER PROCESS
In the nineties buying technology was a much more straightforward process than it is today. The licenses were perpetual meaning once an organization has bought them they owned them outright. The only reoccurring arrangement between a technology vendor and customer was in support which included updates. Therefore there were no subscription license agreements to consider or any of the additional complexity and commitment that comes with them. An analogy would be like comparing the difference between buying a car for cash, or via a finance product. Much more paperwork with the finance approach, right?
The complexity didn’t cease there! Because with, subscription models came cloud hosting too, and with the evolution of technology along came much more stringent requirements around data security and privacy. Meaning that the average technology vendor contract today contains all kinds of additional parts of the Paper Process that just weren’t required when MEDDIC was created.
This evolution of the relationship and contractual obligations between vendor and customer have meant that the Paper Process has become a higher risk to a Sellers forecast, and therefore the Paper Process is commonly called outside of its previous home within the Decision Process. Therefore evolving MEDDIC or MEDDICC to MEDDPICC.
2. INCREASED COMPETITION
While the advent of the cloud may have made things more complicated on the Paper Process side of technology it radically simplified the investment and complexity required to build a technology. Where as in the days when MEDDIC was invented you would need a serious amount of up-front investment to fund an army of developers and a room full of servers, today, you can build technology platforms with relative ease thanks to services such as Amazon Web Services, and developer marketplaces.
The cloud shifted the barrier of entry down to the floor meaning that there is a vast amount more Competitors than there ever has been before. In Marketing Technology in 2011 there were 500 Martech companies. Today in 2021 that figure is more like 10,000 and they are popping up at a rate of almost 5 a day in just marketing technology alone.
Competition is not just solutions that rival you though. Competition in a deal is anyone one vendor, initiative, or person that is competing for the same budget and resource you are. This means that if you are selling application monitoring software to a CIO that your Competition isn’t just other application monitoring technologies, but, any other technology or service that is vying for the budget and resource that will be used to go towards your solution.
On top of this, many organization’s will choose to build out solutions themselves putting the full trifecta on the complexity of Competition now being vastly more dangerous to a Sellers forecast than ever before:
YOUR COMPETITION IS MORE THAN JUST YOUR RIVAL SOLUTIONS
THERE ARE THREE TYPES OF COMPETITION:
1. RIVAL SOLUTIONS
The most common type of Competition and the one most sellers make the mistake of only limiting their minds to consider.
2. OTHER BUDGET CONSIDERATIONS
Your Economic Buyer will have multiple projects, investments, and initiatives on their desk that they will be comparing the value of your solution to.
3. BUILDING INTERNALLY
It has never been easier for an organization to build its own solution than it is today. This risk always exists no matter how unfeasible you see it.
“Wait a minute… I was told that MEDDPICC stood for something different..!?” 🧐
Fair point! One of the beautiful things about MEDDIC is that it is effectively an open-source framework for revenue teams. This means organizations and individuals can adapt variations of MEDDIC to suit their needs. A common example of this is how people will use a C in MEDDPICC for ‘Compelling Event’ or will use the P for ‘Partners’.
WHAT ABOUT MEDDPIC?
Despite the term MEDDPIC getting more search traffic than the term MEDDPICC, it isn’t actually a widely used variation of MEDDIC. In fact, I have never come across an organization using MEDDPIC without a second C. If you are curious about the breakdown of how organizations use variations of MEDDIC then you may find The MEDDIC Registry interesting.
LOOKING FOR INFORMATION ON THE PAPER PROCESS?
The P in MEDDPICC stands for the Paper Process which is the steps or actions that lie in place ahead of contracts being agreed and signed. For more information on the Paper Process in particular click the button below.
Read More About Paper Process
WHEN DOES THE PAPER PROCESS BEGIN?
Generally, the Paper Process begins once the solution provider has been given a clear indication that they have been selected. Usually, this means that the specifications and commercial elements of the deal have been agreed upon; however, they may still be in play in some instances.
The Paper Process doesn’t tend to differ too much regardless of the state of the deal specification or commercials unless they push the deal into a new boundary of approval requirements.
The specification of the Paper Process will vary from customer to customer. However, the endpoint of the process is always the same – for the seller, it is a signed contract, and for the buyer, it is approval to release funds for the investment and approval to sign the Sellers contract.
There is a lot of cross-over between the Paper Process and the Decision Process, and in some variations of MEDDPICC, the Paper Process is rolled inside the Paper Process.
If you have seen an organization that doesn’t have a P in their MEDDIC acronym it doesn’t mean that you are not following the Paper Process as many sales organizations will roll the Paper Process into the Decision Process.
What is the process - the series of steps and stages within the Paper Process?
Who are the people - the various stakeholders within the Paper Process?
What is the timing? - what is the timing related to the milestones and deadlines of the Paper Process?
Do you have consensus? - have you confirmed the Paper Process and triangulated across stakeholders?
IS YOUR PAPERWORK COMPLICATED?
How complicated is your paperwork? Does your paperwork regularly get stuck in approval chains or multiple cycles of red-lines with legal teams?
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?
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?
DO YOU SELL TO LARGE ORGS?
Is the typical organization you sell to of a size where stakeholders within the Paper Process don't know each other/work together regularly?
DO UNPLANNED FOR EVENTS OCCUR?
When you analyze events that occur in the Paper Process, are they mostly expected? Or do you find yourself frequently surprised and on the back foot?
DO FORECASTED DEALS SLIP?
Have you had a deal slip recently due to an event occurring that you didn't foresee, but could have predicted if you had been more thorough in qualifying the Paper Process and stakeholders?
How did you respond to the questions above?
It sounds like you have a more complicated Paper Process, and you may have had deals slip by unforeseen events that have occurred.
I would recommend MEDDPICC for you.
It sounds like your Paper Process is pretty predictable and well understood. You are most likely familiar with the steps and stages.
I would recommend MEDDICC for you.
ELITE TACTICS FOR WINNING THE PAPER PROCESS:
Start the Paper Process Early
Elite Sellers know that they can radically improve their average time to close deals by tackling steps within the Paper Process early.
A popular example of this tactic is to work with your Champion in order to get the customer's legal and security teams to begin evaluating the paperwork associated with your solution early.
Using a Checklist to win the Paper Process
Once you have established the steps and stages of the Paper Process an Elite tactic is to map out each of the steps. I recommend doing this visually on a whiteboard, or dashboard where all internal stakeholders can see it.
In the later stage of your month, quarter, or year-end a good tactic to hold regular standups around the Paper Process Checklist to obtain updates and agree actions.
Elements of MEDDPICC in the Paper Process:
MEDDPICC and the Metrics
Many Sellers overlook the importance of Metrics in the Paper Process as they assume the work the Metrics do is limited to the Selling stages, not the Closing stages.
This is an incorrect assumption as throughout the Paper Process your deal is likely to come across stakeholders who's approval either relies upon, or would benefit from understanding the Metrics related to the deal.
If you have quantified your value within the Metrics then you may also have a quantified return on investment that is being missed for every day the deal gets stuck in the Paper Process.
Learn more about the Metrics
MEDDPICC and the Economic Buyer
The Economic Buyer by definition is likely to have authority over the stages and stakeholders within the Paper Process. They will at the least have influence and Elite Sellers know that utilizing the Economic Buyer in the Paper Process is a key requirement to driving urgency throughout the Paper Process.
Learn more about the Economic Buyer
MEDDPICC and the Decision Criteria
A fully executed Decision Criteria should cover the economic and commercial elements required for the customer to make a decision. If deployed and leveraged correctly the Decision Criteria should help to put you on your front foot in regards to elements that the Paper Process may refer to, such as security and privacy concerns.
Elite Sellers push elements of the Paper Process that slow deals down into the Decision Criteria to tackle them head-on and to save time in the later stages.
Learn more about the Decision Criteria
MEDDPICC and the Decision Process
The Decision Process is the parent to the Paper Process and as already discussed on this page the Paper Process often rolls inside of the Decision Process.
The Decision Process in MEDDPICC specifically refers to the validation and approval stages of the vendor selection process. Once a vendor decision. has been made then the process shifts from the Decision Process to the Paper Process.
Elite Sellers focus on surfacing items that may come under the Paper Process into the Decision Process to be pro-active about obtaining approval upon them.
Learn more about the Decision Process
MEDDPICC and Implicating the Pain
Just like Metrics, many Sellers think that the work of the Pain is complete by the time they get to the Paper Process. This is a mistake, and it can be a costly one. As your deal goes through the steps and stages of the Paper Process it is likely that it will come across the desk of stakeholders who may challenge your solution. They may not see the need for your solution. Having the Pain clearly attached to every engagement is a critical way of keeping hearts and minds focused on the Pain your solution will help solve.
Learn more about Implicating the Pain
MEDDPICC and the Champion
No Seller can tackle the Paper Process alone; they need the support of their Champion to map out each step and go into bat for the seller if any unexpected issues arise or your deal needs prioritizing with other stakeholders.
As uncomfortable as it may become to press your Champion for confirmation and updates for each stage, it is required. Your Champion is likely to ease your pressures by telling you they have it all in hand, but easing up on thoroughly working through each stage is the opposite of what you should do.
For each stakeholder in the Paper Process, you want to ensure your Champion has confirmed that they are briefed and available to fulfill their commitments to the timeframes which have been committed.
Learn more about the Champion
Questions to ask your Champion
As discussed, your Champion is key in helping you navigate the Paper Process. Good questions to ask your Champion are:
"Have you worked through these stages with a solution of similar complexity/cost before?"
"What things should we look out for?"
"What have you seen go wrong?"
"What things should we be doing to be on the front foot?"
MEDDPICC and the Competition
As you know the Competition doesn't just refer to your rival solutions, but, to any project, purchase, or initiative that could call upon the same budget or resources required for your solution.
With this in mind, it is important to work with your Champion on identifying any Competition that may exist in the eyes of stakeholders in the Paper Process.
Learn more about the Competition
MEDDIC - THE BOOK
Although the book is named 'MEDDICC' it covers MEDDPICC in its entirety.
Order the book