Not every lead that comes into contact with your business will translate into a sale. That is why qualifying leads as soon as possible should be a priority for every salesperson. When done well, sales qualification eliminates leads that are not interested in the products or services you are selling. MEDDIC is one sales qualification framework that has passed the test of time since its inception in the 1990s.
Understanding MEDDIC Sales Qualification
MEDDIC, which stands for Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Process, Champion, is a sales qualification methodology consisting of a series of questions to help sales teams qualify leads faster.
It is a thorough process that addresses each component of the purchasing process, making it a valuable tool for B2B enterprises, particularly those dealing with technical, complex, or expensive products.
Successful implementation of the MEDDIC sales qualification framework requires that you master its components – which you can achieve through MEDDIC training and certification.
MEDDIC is a prospect-centric sales framework that focuses on understanding who your business is serving. The framework provides a list of questions you can ask to objectively qualify leads through data-driven metrics.
Its implementation lies in asking relevant questions as defined by the “MEDDIC” acronym as follows:
Metrics are the quantifiable goals your prospect has. Determining what they are will point you in the right direction as you define the prospects’ benefits from consuming your product or service. Metrics are the difference between “increasing annual profits” and “increasing annual profits for 2022 by 30%”. The latter is more quantifiable and can help you customize the benefit of your product or service to the prospect.
Identify the Economic Buyer
The economic buyer in your prospect company is the person who has the power to authorize spending. They might not be the person who eventually uses your product or service, but they can decide whether your prospect company buys the product.
Knowing the economic buyer early in the sales process allows you to identify their decision-making process, priorities, personal metrics, and expectations. Knowing them allows you to curate your pitch to something the economic buyer would respond to.
Understand Your Prospect’s Decision-Making Criteria
What critical factors is your prospect considering when they evaluate a product or service? In the B2B space, it’s common for prospects to consider more than one solution simultaneously before making a final decision.
Their decision-making criteria may be influenced by the ease of use of a product, its potential ROI, budget, and integration concerns.
You want to understand the criteria to demonstrate that your product meets their expectations.
Understand the Prospect’s Decision Process
By evaluating the prospect’s decision-making criteria, you have established the factors that your prospect considers during their decision-making process. Understanding their decision process gives insight into how they make their decision and follow through with them.
The decision process defines the internal processes the prospect company follows in finalizing a decision. It might include filing paperwork and passing approval processes before closing a deal.
Identify Your Prospect’s Pain Points
What exactly is the problem your prospect is seeking to solve? Prospects come to your business because they have a pain point. Your job is to understand these pain points and target your message to address them.
You can do this successfully by asking how the problem affects the prospect’s business, profits, and the potential consequences of not solving the problem. With that data, you can tailor your pitch into a helpful solution.
Know the Champion in the Prospect’s Company
The B2B decision-making process involves more than one person. One of these people is the champion or the person within the prospect’s company who advocates for you or your product. They could be someone who will use the solution or another person who has enough trust within the company to sway the purchasing decision in your company’s favor.
Getting MEDDIC Sales Qualification Right
Implementing MEDDIC sales qualification means asking the right questions at the right time. It is a process that any salesperson can learn and implement for various products and different buyer personas to close more sales in less time. MEDDIC Academy offers resources to beginners and experts who want to improve their MEDDIC sales methodology. MEDDIC training courses and certifications are fully online and accessible for self-learning.