Time to read: 5 minutes
The Foundations of MEDDPICC
As sales and go-to-market teams aim to master and control the evolving landscape of sales, one methodology has become the backbone of many stellar organizations: MEDDPICC.
MEDDPICC is an extension from the creation of Dick Dunkel, Jack Napoli and John McMahon, who created MEDDIC in 1996 to help sales professionals manoeuvre their way through complex sales. Over the years, Paper Process and Competition were added to evolve MEDDIC into MEDDPICC, as it helped further the methodology
MEDDPICC now represents the components of a successful sales strategy, helping sales pros navigate through complex and technical sales from start to finish. This blog will illuminate the fundamentals and foundations of this successful framework, presenting the critical importance and benefits it gives to those who apply it.
Knowing The Basics of MEDDPICC
MEDDPICC stands for Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, Champion, and Criteria. These elements can be standalone and become a bedrock of a crucial stage in a deal, such as understanding how you can help the prospect sign off on the contract.
Metrics are the quantifiable benefits they want to receive regarding a value proposition. How much more revenue can your solution bring them? How much overhead can it save? Breaking down M1s, which are the outcomes you have created for existing customers, M2s which are the customized outcomes you have presented to your prospect. This leaves you with M3s, which are realized M2s once the solution has gone live. Understanding Metrics allows you to put yourself in perfect alignment with the customer when it comes to expectations.
The Economic Buyer is the group or individual with ultimate power and oversight on whether the deal goes through. They are the final decision maker, so connecting, understanding, and resonating with this individual or group is crucial for making your deal.
Decision Criteria are the specifications and requirements that the customer will use internally to make their decision. Knowing this process can help you move through it seamlessly and tailor your proposition for the customer organization.
The Decision Process points towards the process and procedures a customer will go through when it comes to buying a solution. Knowing this can help you navigate through and know what to do at each stage, as well as preparing for any potential objections or questions.
Identifying the Pain means finding the obstacles or challenges that your prospect faces. By knowing these issues inside and out, you can position your solution in a way that alleviates the pain and helps you know which Metrics to bring up. Your solution or product can remedy the pains a customer faces if you know how to align yourself in this stage.
The Champion is someone within the prospective organization who advocates internally for your solution. Building a relationship with a Champion is one of the most critical moves you can make during a deal. They will be the person inside the customer’s building pushing your solution. They will benefit from buying your product and share a vested interest and enthusiasm for getting your deal over the line.
Competition can be the element that helps you keep ahead of competitors' solutions. It enables you to make your approach unique and more appealing to the customer.
Why is MEDDPICC Important in Sales?
MEDDPICC has become an all-encompassing framework that ensures you don’t miss any crucial deal stages. It encourages but demands a detailed and comprehensive understanding, a strategic mentality, and a commitment to deliberate action.
By enabling the MEDDPICC framework, sales and GTM professionals can boost their chances of success, improve their efficacy rate and level up their customer relationships.
One of the best things about MEDDPICC is that it’s not static or fixed; it’s open-source. You can adapt, mold, and shape it to work for your team, organization, or industry. You can make customizations and adjustments based on the unique scenarios you face every day, making MEDDPICC such a bona fide successful methodology for all sales and GTM organizations worldwide.
The Application of MEDDPICC
Applying MEDDPICC requires a skillset that involves an eye for detail, introspection, and excellent communication. It begins with knowing and understanding your customer and their challenges, whether spotting the key decision-makers or understanding the decision-making prospect from an organizational perspective.
From then on, you need to develop or connect with a Champion inside the prospect’s walls, which will advocate for your solution. It’s also an intelligent way to keep up-to-date on competition and how this might impact your deal. Learning about how you can become more proficient and operational with MEDDPICC can be a factor in how well you and your team apply it.
How You Can Enable MEDDPICC Today
The building blocks of MEDDPICC are deeply rooted in what customers want and need today. It considers their needs, how they make their decisions, and your competitors and prioritizes excelling in these areas.
Integrating MEDDPICC into your sales and GTM strategy can elevate your team and organizational performance, close more deals with a higher sales velocity, and build partnerships with customers that create more repeatable business for your organization.
Click here to start operationalizing MEDDPICC throughout your sales and GTM teams today.
Is MEDDPICC suitable for any industry?
Yes, MEDDPICC is versatile and can be adapted to suit any industry.
How does MEDDPICC differ from other sales methodologies?
How does MEDDPICC differ from other sales methodologies?
MEDDPICC stands out for its comprehensive focus on the client's needs, quantifiable data, and the process of how the prospect organization makes decisions.
Can MEDDPICC be used in small businesses?
MEDDPICC can be beneficial for businesses of any size, including small enterprises.