“All of those steps in that process that makes up MEDDPICC have red, yellow, green attached to them. And to me, I’m not comfortable with a deal until they’re all green and when they’re all green, I probably have a 90 plus percent close ratio.” – David Weiss in today’s Tip 467
Do you have your own sales process?
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The MEDDPICC Sales Process
The Year I Doubled My Income
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Episode 75: Take The Lead with David Weiss
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Scott Ingram: You’re listening to the Daily Sales Tips podcast and I’m your host, Scott Ingram. I’m not sure why I haven’t thought to share this before, because it is THE most popular clip from my Sales Success Stories podcast interviews, and if you’ve listened to the excerpts from my interview with Dalai Cote in the last two tips, then you should be pretty eager to hear about the MEDDPICC sales process. Well, here’s David Weiss who explains it better than anyone:
David Weiss: The other piece of that is once we’re actually in the deal cycle using a methodology called MEDDPICC. MEDDPICC is spelled M, E, D, D, P, I, C, C.
The M stands for metrics. So metrics are essentially your business case. So have you spoken to someone and quantified the challenge they’re having? Not that they have a pain but what the pain actually means to the business? I’m a firm believer that everyone that works at an organization either generates revenue, enables someone else to generate revenue or somebody there protects revenue. So for me what I’m trying to do is quantify since I deal in talent acquisition people strategy. I’m trying to understand those types of positions and how people fit into those buckets and how those buckets impact the business. I think regardless of what you’re selling if you’re selling a solution to a problem there’s some downstream implication that problem’s having. And it can often be quantified to a number if you ask the right questions and the whole idea within the M in metrics and business case within MEDDPICC is have we put our finger on? What that business case is and what those metrics are and how we can impact the organization? If you haven’t that’s a gap within what I consider my sales process.
The next one is the E which stands for the economic buyer. That’s your VITO. Have you identified that person? Are you meeting with that person? Have you identified the personal and professional wins for that person? Are you completely in line with that person on the business case and all the metrics and all the end results that your solution will have? If you haven’t if you don’t know who’s actually signing the agreement and you haven’t identified all of those things. That to me is a gap in the sales process.
The next one is what their decision process is. So who are they evaluating? How many people are they evaluating? How long is the evaluation going to take place? Who all is involved in that evaluation? It’s all the things it’s every piece that the client’s process is dictating that you need to find out. And then again if you don’t know it’s a gap.
Next one the other D in there is decision criteria. This to me is essentially a client’s wish list. What are they really looking for features functionality from a solution? And how well does your solution align to that?
Next one is the paper process. This is super important when you get into the proposal contracting and also the commit stage within your business where you’re doing your forecasts. Do you actually know who’s signing? When they’re signing the steps in their legal process? Do you know if that person is on vacation for the next week to two weeks? Believe it or not, happens all the time. I’m sure you’ve seen it. Have you really dialed in what that legal process is and how long the last solution that they signed that’s similar to yours? How long that took and the roadblocks and the challenges that you may now need to overcome? And the red lines and the objections you’re going to get and have procurement or the CFO or legal spoken to you yet and given you any of those objections because you know what they’re going to come at some point.
So those are ways that the paper process is really, really, really important when it comes down to forecasting. If that’s dialed in, you could tell within a day if an opportunity is going to close or not.
Have you really identified pain? That’s the I, identify pain. So that to me is outside of the business case which is the end result. Have you identified the high-level reasons behind the change?
Next one is, do you have a coach within the organization? And a coach is someone that will you know tell you from lack of a better word inside information about how well you’re doing and provide you and give you access to people and when things stall or things go slow or something unexpected happens they’ll help you connect the dots and be real with you know.
And the last one is competition. It’s the last C. Do you know who you’re competing against? Do you know your strengths and weaknesses versus them and have you been able to articulate those to the client.
All of those steps in that process that makes up MEDDPICC have red, yellow, green attached to them. And to me, I’m not comfortable with a deal until they’re all green and when they’re all green I probably have a 90 plus percent close ratio and I would bet most of your listeners would as well because there’s a lot there that’s pretty much the whole sales process there when it comes to things you need to have to be confident in an opportunity you are working.
Scott Ingram: You can get a lot deeper into the MEDDPICC sales process. If you’ll click over to DailySales.Tips/467 I’ll have links to the much more detailed interviews I’ve done with David Weiss, and we’ll also have a link to one of the stories that he shared in the first Sales Success Stories book called: “The Year I Doubled My Income,” which is also the story of MEDDPICC.
Once you’ve started digging into all of that. Be sure to come back tomorrow for another great sales tip. Thanks for listening!