How To Use MEDDIC and Meet Your Sales Quotas: A Step-by-Step Guide

You didn't meet your sales quota last quarter. You can't help but wonder what's broken? Your sales process? How do you fix it? What measures can you take to close more deals? Despite what you think, the issue may not be your sales pitch or salesmanship. It could be the people you're selling to—the quality of your leads. Luckily, you also have a highly effective solution to change your numbers stat: MEDDIC. Applying the MEDDIC sales process will help you understand and quantify your prospects better. It ensures you're focused on the right people in the right way, leading to more closed deals and higher revenue. But there's a catch… MEDDIC can be confusing, especially for beginners. This article will show you a step-by-step breakdown of the MEDDIC sales methodology to set you up for success and transform your selling game. What Is the MEDDIC Sales Process? MEDDIC is a B2B sales methodology designed to help sales professionals qualify better leads, which ultimately contribute to a higher closing rate and increased sales success. Using its principles, you can determine whether you should invest your time and effort in getting a customer into your sales funnel. MEDDIC is essentially an acronym that stands for: Metrics, Economic buyer, Decision criteria, Decision process, Identify pain, and Champion. A Step-by-Step Guide To the MEDDIC Framework As per the acronym, MEDDIC has six qualification steps. First, let's review how to check off every letter in the MEDDIC sales methodology and achieve more deals. And remember that the meddic sales qualification framework is designed to disqualify prospects as well as qualify them. For most sales people, closing deals means getting rid of unqualified buyers from your sales pipeline as much as it means qualifying decision makers to stay in it. Never be afraiod to kick prospects out of your sales cycle so you can spend more time with potential prospects will will spent money with you. 1) Metrics Metrics refer to the quantifiable measures of your solution's value to your prospects. Find out what quantifiable goals your prospect hopes to achieve by implementing your solution. For example, the prospect may want to double their output or reduce 15% of their total overheads. See? Quantifiable goals. Once you know the metrics your customer cares about, you can prove how your solution will provide a good return on investment (ROI). Again, the idea here is to justify your solution from an economic standpoint. Knowing the metrics will help you justify the economic benefits of your solution from your prospect's perspective, encouraging them to go further in the sales funnel. Questions to Consider: * What goals does the prospect want to achieve? * How do they measure their success? * How can you help them save time, boost productivity, and accelerate revenue? 2) Economic Buyer The MEDDIC methodology prioritizes making effective conversations with decision-makers, the one who has the ultimate power to make decisions and authorize spending. It's possible this person may not be the point of contact you established within the company, but they're still important as you can use their help to get in touch with the economic buyer. Finding your economic buyers is key for sale reps hoping to leverage the meddic process. Talk to the economic buyer about their expectations, personal metrics, and decision-making process. If you cannot reach out to this person directly, try to collect as much data as possible to know the economic buyer's mindset. Knowing this information will help you make the sale more palatable to the buyer—even if they aren't directly affected by it. Questions to Consider: * Are you talking to the decision-maker?