Everything you ever wanted to know about MEDDIC and MEDDPICC

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“Always be qualifying" is in opposition to Always be Closing [from the famous Glengarry Glen Ross movie with Alec Baldwin]. When you are selling a low end product, often retail, inexpensive, one shot transactional, maybe “Always be Closing” is a good motto to have. But when you are selling more sophisticated products, higher end, Enterprise, with longer sales cycle with different people involved, actually closing comes by itself when you do the right things at the beginning.
Steve Benson interviews Darius Lahoutifard on his Badger Maps Podcast episode 133.
Everything you ever wanted to know about #MEDDIC and #MEDDPICC and never dared ask.
What problems does MEDDIC/MEDDPICC solve for a seller?
What is actually QUALIFICATION and how does it impact results?
When should we be qualifying opportunities?
To which type of #sales does MEDDPICC apply best?
Why was MEDDIC Academy created? / What’s the history of MEDDIC/MEDDPICC
Difference between MEDDIC & MEDDPICC - MEDDIC vs. MEDDPICC
MEDDIC vs other sales methodologies
How to identify pain, How to quantify pain, how to get metrics?
An improvised role playing on metrics/pain (min 34)
Can you turn a coach into a champion?
How to forecast deals with MEDDPICC
First line managers role with MEDDPICC
Summary:
• First MEDDIC stands for metrics. Economic buyer decision criteria, decision process, identify pain and champion, and all of these are effectively elements of qualification that is ongoing throughout your sales cycle.
• Qualification is truly important for every single step of the sales process, and if you do it right, then your deals will close themselves.
• The salesperson who can qualify better will have a better win rate.
• You can ask questions to find a champion within the company.
• Your champion needs to be someone who is getting something out of the deal. They stand to win or lose. If this happens or doesn't happen, they need it to make their number. They need it to meet their metrics. They're the person who the responsibility falls on their shoulders, and that's not always the economic buyer.
• MEDDIC helps define which questions to ask, when and how you ask those questions.
• When there are different people involved in the sales decision, it's really important to use MEDDIC
• The other MEDDIC’s close cousin, which adds more specificity is MEDDPICC and this is metrics economic buyer decision criteria decision process, which that's all the same and then paper process and then identify pain, champion and then add a C for competition. Don't just rely on sales tools. Sales people need to work on their skills so they can actually qualify deals with using these questions and gaining these understandings.
• MEDDIC works alongside and support other sales methodologies. These aren't exclusive.
• Ask yourself who is impacted by the sales by getting this deal done and work to get in contact with those people because they can really be your Champions. They're the ones that are most likely to actually get a deal over the line and not just be interested.
• Sales managers can ask their sales reps questions about how they've qualified their deals with MEDDIC when they're doing their forecast.
• And a really important point that Darius gave us about forecasting. Don't put a deal in your forecast before sharing it with your champion to make sure that they support you forecasting it. So you got to ask them, hey, I'm going to tell my manager that this is going to close this quarter. Is that okay? Or this year or whatever it is depending on your sales cycle this month, whatever. Mention that to them before you do it. And because you'll get good answers there, not only will you uncover other objections other stakeholders have, but you'll just get their opinion on whether or not given everything they know, whether or not what the timeline is, that you can get this done and that'll save you keep a lot of egg off your face with your management team.