METRICS
Metrics are the quantifiable measures of value that your solution provides. They typically fall into three categories: Economic, Efficiency, Risk.
THERE ARE THREE KINDS OF METRICS:
METRICS 1s (M1s)
M1s are the business outcomes you have delivered for your existing customers.
METRICS 2s (M2s)
M2s are the Metrics you have personalized specifically to your customer.
METRICS 3s (M3s)
M3s are the validated M2 after the solution has gone live. These can be used to go back into your M1 repository.
DISCOVERY
The metrics you use in early conversations with your customers need to come from meaningful discovery. Just sharing a standard metric without taking the time to find out what your prospect cares about is a waste of your time and theirs..
To discover your customer’s metrics, you first need to earn their trust. Part of doing that can include sharing an M1, a use-case that is relevant to your prospect that allows you to talk about the pain your solution solves without making your prospect uncomfortable too early.
Don’t forget, discovery is not a single stage. It is something that you do continuously throughout the sales process.
URGENCY
You should use Metrics to drive urgency with your customers. By quantifying the value of your solution, you make it clear to your prospects what is to be gained from buying your solution, and on the flipside, what is to be lost the longer they go without buying it.
Many of the highest performing salespeople use the Three Whys to focus on the things that matter when engaging with prospective customers. They ask: Why anything? Why you? Why now?
Metrics are essential to answering these questions, as they support the business case that states why the customer should invest now.
POST-SALES
Metrics play a critical role in the Post-Sales process. The M2s that you have built with your customer transform into M3s, the value that you strive to deliver once the solution has gone live. M3s ensure that you remain focused on the business outcomes, while simultaneously making the handover from the sales to post-sales team nice and smooth. Customer Success are clear on the value that has been promised, and can start working with the customer towards that goal straight away.
Involving Metrics in your post-sales process not only allows you to stay focused on value, but it makes it easier to communicate what has been achieved when the time comes for renewals.
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WANT TO KNOW MORE ABOUT METRICS?
Andy and Pim talk about the importance of asking yourself the question, “Who cares about this?” as well as how you can carry Metrics through to all stages of the Customer Lifecycle.
MEDDIC as it was first known is the number one methodology in enterprise sales. This video gives a brief overview of each element of the most commonly implemented connotation of MEDDPICC and MEDDICC.
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In this episode of MEDMEN, Andy and Pim explain the 3 Ps – tactics to help you uncover more metrics and lay the foundation to build Champions.