KEY TAKEAWAYS:
The 100-Hour rule dictates that spending a significant amount of time on something will lead to eventual mastery of it. Because when it comes to mastering something, consistency is the only way forward.
When we view deal reviews with this mindset, it stands to reason that time spent in deal reviews is time spent mastering the craft of selling.
Not only that, but deal reviews allow you to cement understanding of MEDDPICC by applying it to real experiences you've had in real deals.
In our second part of the deal reviews series, we sit down with Pim Roelofsen, MEDDICC CRO to unearth the essence of the 100-hour rule.
Mastering a new skill is akin to embarking on a journey – a journey that requires sustained effort, commitment, and above all, time. In the realm of sales, one particular journey demands special attention: the path to embedding the robust sales qualification methodology, MEDDPICC, into your team's operations. Integral to this journey is the concept of the 100-Hour Rule. This rule, which proposes that mastery of any skill necessitates dedicated practice over 100 hours, serves as a crucial benchmark for skill acquisition. In this article, we delve into the essence of the 100-Hour Rule, the unique advantage of deal reviews, and how these two intertwine to accelerate the mastery of MEDDPICC.
Understanding the 100-Hour Rule
What Does It Mean?
The 100-Hour Rule asserts that consistent, dedicated practice drives skill acquisition and mastery. While the number may vary depending on the complexity of the skill and the individual's prior knowledge, 100 hours symbolizes a substantial investment of time and energy dedicated to learning and perfecting a skill. In the context of MEDDPICC, these hours embody the dedication needed to understand and effectively implement each element of the methodology - Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, Champion, and Competition.
The Value of Consistency
Critical to the 100-Hour Rule is the element of consistency. Mastery is not achieved through sporadic, intensive bursts of practice but through regular, dedicated efforts. The practice should be distributed over a period of time, allowing for the gradual absorption, assimilation, and application of the learned skill. In this way, the 100-Hour Rule is as much about the consistency of practice as it is about the total time spent.
The Strategic Role of Deal Reviews
A Significant Contribution to Mastery
Deal reviews form an essential part of the journey to mastery. As thorough examinations of opportunities, strategies, and decision-making processes, they offer significant learning experiences. When integrated into the sales process, regular deal reviews contribute substantially to fulfilling the 100-hour rule.
Think about this - dedicating one hour weekly to deal with reviews translates to approximately 44 hours in a year, considering around 44 working weeks. That's almost half of the 100-hour rule achieved merely through deal reviews. Thus, by committing to a weekly deal review, your team is set on a path toward achieving proficiency and expertise in MEDDPICC.
Deal reviews do more than just count toward the 100-hour goal. They offer a platform for applying the MEDDPICC methodology to real-world scenarios, cementing understanding and encouraging the hands-on use of the methodology. The review sessions provoke insightful discussions, promote learning from success and failure, and stimulate team members to constructively challenge each other's perspectives. Over time, this iterative cycle of review and refinement boosts the team's collective proficiency in MEDDPICC, ingraining the methodology into the team's practices and operations.
The Interplay of Deal Reviews and the 100-Hour Rule
When viewed in isolation, the 100-Hour Rule and deal review each plays a significant role in sales success. However, when they intersect, their combined power truly shines. Deal reviews serve as an ongoing feedback mechanism that helps identify and address gaps in the application of the MEDDPICC methodology. They foster an environment of continuous learning and improvement, aligning perfectly with the core principle of the 100-Hour Rule - consistent practice.
Pim shared, “Knowing vs Doing; However good your MEDDPICC Enablement and ultimately knowledge is, the structure of cadences like deal reviews and the discipline driving consistency in 'doing' define the time-to-value and overall impact of a MEDDPICC initiative.”
So, in conclusion, incorporating deal reviews into your sales process is more than a strategic move to boost sales performance. It's a fundamental step in integrating the MEDDPICC methodology into your team's operations. By acknowledging the 100-hour rule and harnessing the power of deal reviews, you pave the way for exponential growth, inching your team closer to the coveted mastery of MEDDPICC. The journey to mastery is a continuous cycle of learning, practicing, and refining, a process not unlike the relentless motion of a flywheel.