M.E.D.D.I.C. (also known as MEDDICC and MEDDPICC)

 

MEDDIC was born at PTC (Parametric Technology Corp.), a software company in the 90s. It is targeted at enterprise level technology firms who are looking to boost Revenues organically. It's a sales qualifying methodology that gets embedded in your sales process, one of the biggest outcomes it produces is that it allows Sales people to focus on customers who will buy. This improves the productivity of individuals and allows the firms to allocate their resources efficiently.  

 

It's very good at driving increased win rates and improving forecast accuracy, it gives Sales people a structure and shortens the Sales cycle, resulting in deals closing earlier so that they can concentrate on hunting new business. With the Sales pipeline qualified, the management receives an accurate forecast that delivers Revenue and on time. 

 

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Let's see what MEDDPICC means:

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Metrics - There's metric proof points, which are essentially short case studies that have definable measurable outcomes. If you have those, it allows the sellers to talk about what you've done for others to new prospects, so they can see what you could do for them.

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Economic buyer - They're the people that create budgets and give the final approval to spend budget with a particular supplier. People get budgets, but until an Economic Buyer decides to spend the money, they can't spend the money.

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Decision criteria -  is a list of the criteria that a buyer has for picking a solution to solve a problem. It should also be tied to outcomes.

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Decision process - is the events that need to be orchestrated for the client or the prospect to make a decision.

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Paper process - is the paper trail that need to be completed before the contracts are signed.

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Identify pain - what problem are you trying to solve for a customer and what outcomes are you producing? M&I are very closely related. 

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Champion. There's usually one person that's really driving the initiative, because they're held accountable to it from the C-suite, and that's the business person you need to align with to make them your champion, in order to get any deal done and big deals done

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Competition - is more than just your rivals, it is any initiative competing for the same pool of resources that could jeopardise your deal.

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Our MEDDPICC training complements existing Sales processes. It empowers Leaders to focus efforts on customers likely to purchase, improves forecasting and increases Revenue.