How can you add structure and purpose to your sales cycle? With the MEDDICC Sales Process, that’s how. At Flume, we talk to sales leaders every single day. Time and again we hear that teams are lacking confidence in qualifying out opportunities, and struggling to speed up decisions.  According to EBSTA and Pavillion, on 15% of opportunities are fully qualified – there’s a massive gap to close. It’s easy to cut corners in the sales process in the hope of a ‘closed won’ deal, but actually, the risk is you’ll miss a vital step or piece of information, and end up losing the deal.

A well-defined and structured sales process would address both these points – and more! Of course, it’s easy to say, but hard to implement. Where to start? There are lots of sales methodologies out there, and one of the most popular is MEDDICC. Variations of this include MEDDIC and MEDDPICC. This methodology allows sales teams to navigate complex sales cycles and close deals. And if you want to know what’s in it for you, the EBSTA Pavillion research also shared that when using a sales process, win rates increased by 311%. That’s a massive leap towards hitting your quota!

The MEDDICC Sales Process

MEDDICC stands for Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, Champion, and Competition. Each element of MEDDICC represents a key factor that sales teams must address and understand throughout the sales cycle.

Metrics:

Metrics refer to the specific quantifiable outcomes and objectives that the customer aims to achieve through their purchase. Listen for hard numbers when your client is talking, eg ‘We need to drive 25% ROI on each partnership.’ Understanding metrics enables you to align your product or service with the customer’s goals, demonstrating value and return on the investment in your company.

Economic Buyer:

The economic buyer holds the purse strings. They have the authority to make purchasing decisions. Identifying and engaging with the economic buyer early on ensures that sales efforts are directed towards those who can make the final decision. There may be more than one economic buyer within your client.

Decision Criteria:

Decision criteria are the factors and requirements that the customer considers when evaluating potential solutions. What exactly does your buyer need to see in order to make a decision? By identifying and addressing these criteria, sales teams can tailor their offerings to meet the customer’s specific needs.

Decision Process:

The decision process outlines the steps and stakeholders involved in the customer’s decision-making journey. With up to 11.2 decision makers in each B2B deal, mapping out the decision makers involved in the process will help you identify risk to the deal.

Identify Pain:

Identifying the pain points and challenges faced by the customer is crucial for you to explain how your product or service can help. By understanding their pain, sales teams can show how their solution can reduce these challenges and drive positive outcomes.

Champion:

A champion is an internal advocate within the customer’s organisation who supports and promotes your offering. Building strong relationships with champions is essential for gaining trust, influencing the decision-making process, and navigating internal dynamics.  A champion will sell on your behalf internally, introduce you to other key players, and alert you if things go wrong. Don’t confuse your mate in the business with a champion – unless they are comfortable and confident to sell you on internally, they are not a champion.

Competition:

Who else is trying to win this business? Understanding the competitive landscape allows sales teams to differentiate their offerings and articulate what’s unique about your proposition. If you can get under the skin of the competition, you can position your solution as the best choice.

Implementing The MEDDICC Sales Process

Implementing MEDDICC (or any sales methodology) provides structure from beginning to end of the pipeline.  It’ll help you stay organised, track progress against goals, and identify areas for improvement. High performers were 437%  more likely to complete the qualification criteria – get this implemented in your team to give structure, confidence, and powerful results.

At Flume, the customer is at the heart of what we do. So we wholeheartedly agree with focussing on the customer’s metrics and decision criteria – it means you can align your solution with their needs and goals. This alignment shows the relevance and value of your offering, increasing the chances of moving the deal to ‘closed won’.

It’s a competitive market out there, but with a framework in place, you’ll have clear visibility on where you are, and where you need to get to. Good luck!

Speak to the experts