“MEDDPICC for me has had such a tremendous impact.” – David Weiss in today’s Tip 639
How MEDDPICC helps you?
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Scott Ingram: You’re listening to the Daily Sales Tips podcast and I’m your host, Scott Ingram. Today Outreach’s David Weiss is kicking off a 9 part series on MEDDPICC. I’ll be releasing these tips Monday, Wednesday, and Friday for the next 3 weeks. Here’s David:
David Weiss: Hello everyone out there in the Sales Success Community. And this is David Weiss, and I am going to be doing a series on MEDDPICC. So look for M E D D P I C C coming out as individual tips here in the future.
So what is MEDDPICC?
MEDDPICC is not a sales process. MEDDPICC is your enterprise checklist. The thought around MEDDPICC is you ask yourself, do I have a financial business case driven by metrics? Am I aligned to an economic buyer? Do I understand a company’s decision process and decision criteria? Do I understand the paper process, a legal process that they’re going to go through? Have identified pain? If I built champions and I do I know competition? You ask yourself those questions on every deal.
You rank yourselves, red, yellow, green. Red, don’t know the information. Yellow, know some of the information, but it has not been verified by the customer. Green, I know it all. It’s been verified lockstep, done. Your job is to get all of those letters to green. When you do. I see people have an 80 to 90% close ratio. I see people have a 90 plus percent accuracy on their forecast. Personally, I’ve seen teams that deploy MEDDPICC 2X, their revenue. I’ve seen individuals 2 to 3X or more their revenue. I’ve seen people to X their close ratios.
So MEDDPICC, why do it? It’s super easy. Like literally you can look at a deal, ask yourself those eight questions, and understand your gaps. It just works. It is the foundational element of every deal. If you look at buying, selling anything, you can med pick it. I mean, seriously, it is like just the building blocks of all deals. All deals should have some sort of impact. Some deals need to be bought by someone. Somebody has a decision process in buying something, they have criteria they’re looking for. There is often some sort of paperwork involved. There is pain involved. There’s often somebody that can influence somebody else as a champion. And there’s always competition including, of course, status quo.
So if you think about that, that is the foundation of all deals. It doesn’t matter what you’re selling those apply. So it applies to everything. It will help you identify your blind spots. It will help you drive net-next steps.
So MEDDPICC for me has had such a tremendous impact. I am an evangelist. I share it with the world and I help coach people on it. I do training classes on it. I do deal with reviews for people on it. So if I can help you with it, let me know. And I hope you enjoy this upcoming series. Thanks for listening!
Scott Ingram: For more about David Weiss, including a link to his story titled: “The Year I Doubled My Income” that he contributed to the first Sales Success Stories book where he talks about discovering MEDDPICC and the impact it had on his own results, just click over to DailySales.Tips/639 and we’ll have that for you there.
Then be sure you’re subscribed to the podcast so you don’t miss the rest of the series and come on back tomorrow for another great sales tip. Thanks for listening!