“If you haven’t listed out every metric that your business improves, do that. Then find customer stories with realistic improvements.” – David Weiss in today’s Tip 641
Do you know what is your metrics?
Join the conversation below and share your idea!
“The Year I Doubled My Income” – Sample Story #10
David Weiss on LinkedIn
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Transcript
Scott Ingram: You’re listening to the Daily Sales Tips podcast and I’m your host, Scott Ingram. Today Outreach’s David Weiss is back to continue his 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: Good morning everyone out there in Sales Success Community. This is David Weiss, and I am going to be doing a little mini-series here on MEDDPICC®. Focused on tips to execute MEDDPICC® better.
So, first one today, first letter of MEDDPICC®. Metrics. So folks who don’t know what the metrics are, they are the levers, the business case numbers, or improvements that we all claim that we can help organizations too. So that’s, you know, for instance, booking more meetings, filling positions faster, less downtime, you know, yada yada. The percentages around those are metrics.
So here’s my tip. If you haven’t listed out every metric that your business improves, do that. Then find customer stories with realistic improvements. So let’s just take more meetings set and more opportunities booked. So say those were two metrics. I would then find two customers where we help them book 10% more meetings and 5% more opportunities or 30% more opportunities, or what presents at whatever more opportunities. So that would be the first two steps. Then put together a list of questions you need to ask to figure out those metrics. And that could be as simple as, Hey, what is your average number of meetings booked per week per person right now? Or what is your a close-ratio on your opportunities? Or, you know, how much revenue does a normal person generate or, you know, yada yada yada. So you build all those questions.
Now I want you to go and build your financial impact template. So what that look like?
Current state, left-hand side here are all the metrics that you impact in the middle. Here are the average improvements that we get. Then current state client, what are their metrics today against the questions that you’re asking, then future state, you look at the Delta, what is the gap? So now we are saying your current state, you have a 5% here, 10% here, 20% here, historically speaking, our customers get a 10% here, 20% here, 50% here improvement. The gap is, you know, 5, 10, 20% on each of those metrics. Then you work on quantifying it. Can we agree I’m going to improve this thing by 5%? Yes. What would that mean to your business if we can book this many more meetings, set this many more opportunities, generate this much more revenue per person do whatever your solution tries to accomplish? What would it mean if we pulled that lever that much? That’s it.
You put that together and a single document with some words around here’s current state, here’s future state, how we’re going to get you there. And here’s the financial impact statement on one page with a clear cost ROI. That’s how you leverage the heck out of metrics. So build that. That’s my tip for the day, and I’ll become natural with economic buyers next. Talk soon.
Scott Ingram: For more about David Weiss, including a link to his story titles: “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/641 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!
MEDDPICC® is a federally registered trademark of Darius Lahoutifard, exclusively
licensed by MEDDIC Academy, and is being used with permission.