Is your business having challenges closing any sales? Often people might think that the problem is your sales team, but this is not always the case. Sometimes, you might do everything right but pitch your business to the wrong customers. This makes it impossible for sales persons to make sales, and those that manage only make insignificant sales. In such cases, the business suffers a waste of resources and time. The MEDDIC process is phenomenal that makes a huge difference in such a scenario. It makes it easy for businesses to identify the right audience and close sales easily. This method is focused on using available data insight to understand the market and identify the right target audience. Through the process, you will know the right customers and also sell your products in the right way.
Darius Lahoutifard, the founder of MEDDIC Academy, was among the pioneers at PTC who developed this life-changing approach to closing sales. Through the MEDDIC sales approach, businesses can sell on time and other resources and close more sales. Darius established MEDDIC Academy with the goal of training salespersons on how to close sales successfully and acquire certifications while at it.
What is the MEDDIC Sales Process?
As mentioned, MEDDIC Sales process was a methodology established at PTC by a group of sales leaders, including Darius Lahoutifard, who believed sales should be approached differently. Through the process, a salesperson can evaluate potential customers to identify the right ones and use the right strategies to close sales. Instead of closing sales, the focus is on information; have all the necessary information regarding potential customers. This makes it easy to know the right way to close sales and to the right customers. MEDDIC are acronyms representing Metrics, Economy buyer, Decision Criteria, Decision Process, Identify pain, and Champion.
Metric
Metric in the MEDDIC sales process aims to understand how the potential customer will benefit from your solution. It is important to ensure that the sales are quantifiable. Metrics in the sales process are used to explain the economic benefits of your solution to the customer firm. Researching will help you identify the metrics your customer cares about, making it easy to pitch your idea as you already know what is needed. You can prove how your solution will bring about a good ROI to the company through the metrics.
Economic buyer
Economy buyer is about understanding the person who makes decisions and controls financial resources in the potential customer firm. Identifying the economic buyer and interacting with them makes understanding their perspective, attitude, and approach to the business easy. You should focus on this person as they need convincing to close sales. Interacting with them will help you understand their metrics, decision-making process, and expectations; use the gained insights to make palatable sales.
Decision Criteria
In the MEDDIC Sales process, understanding the steps followed by the client firm in making the decision is essential. In most cases, firms interact with sales persons from different companies and later make a comparison before settling for one. You must understand the factors they check when choosing and aspects that are important to them. This way, you can cover this in your presentation; it puts you at an advantage over your competitors.
Decision Process
The decision process explains how the decisions are made and followed through by the potential customer. The process includes the person who makes the final decision, the amount of time taken, the factors considered, and all the involved processes. When you know the process, you know what conditions to meet to avoid stagnation during the sales process.
Identify Pain
Without pain, customers will not go out of their way to find a solution. It is your duty to identify what is causing the pain. This makes it easy to avail of the ideal solution. If the pain is low revenue, your solution must be a way to improve the revenue. Your solution should be precise.
Champion
The Champion is often the person that is affected most by the pain. Find this person, as they will always root for you. They want your solution to be adopted so that it can solve your problem.
