“I’m trying to understand, those types of positions and how people fit into those buckets and then how those buckets impact business.” – David Weiss in today’s Tips 90
Are you using MEDDPICC yourself?
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Scott Ingram: You’re listening to the Daily Sales Tips podcast and I’m your host, Scott Ingram. Today I thought I’d share one of the very most popular clips from the Sales Success Stories podcast and this was with David Weiss from ADP explained the details of the MEDDPICC sales process. This is a powerful methodology and here’s David explaining it:
David Weiss: The other piece of that is, once we’re actually in the deal cycle using a methodology called MEDDPICC and you know 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 their 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 then how those buckets impact of business. I think regardless of what you’re selling. If you’re selling a solution to a problem, you know. There’s some downstream implication that problem is having and it can often be quantified to a number if you ask the right questions and the whole idea within the M and metrics and business case within MEDDPICC is have we put our finger on what that business case is and what those metrics are and then how we can impact the organization. If you haven’t, that’s a gap within, what I considered my sales process. The next one is the E, which stands for “Economic Buyer”. That’s your meet up. 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 aligned 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 been identified, you know 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 has the evaluation gonna take place? Who else involved in that evaluation? It’s all the things. It’s every piece that the client’s processes dictating that you need to find out. And then again, if you don’t know what it’s a gap. Next ones, the other D in there is “Decision Criteria”. This to me is they’re essentially the client’s wishlist. What are they really looking for? Feature functionality from a solution and how well does your solution aligned to that? Next one is the “Paper Process”. This is super important when you get into the prospect or 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 that. Do you know if that person is on vacation next week to two weeks? That I’d believe it or not. It 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 do you know, the red lines and the objections are going to get and you know, have procurement or the CFO or illegal, you know, spoken to you yet and given you any of those objections because you know what, they’re going to come at some point. So, you know, those are ways that the Paper Process was really, really, really important when you come to when it comes down to forecasting, if that’s dialed in, you could tell within a day. You know, 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, you know, outside of the business case, which is the end results. Have you kind of identified the high-level reasons behind the change? The next one is do you have a coach within the organization? And a “Coach” is someone that will tell you for 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 where something unexpected happens, you know, they’ll help you connect the dots and it’d be real with you. Then the last one is “Competition”. That’s the last C. Do you act, do you know who you’re competing against, 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, you know, 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 can, I probably have a 90 plus percent close ratio and I would bet you know, most of your listeners would as well because there’s a lot there. That’s pretty much the whole sales process there. When you come to the things you need to have to be confident and an opportunity to your work.
Scott Ingram: David also shared a pretty incredible story that’s included in the full Sales Success Stories Book as well as the brand new B2B Sales Mentors Book where he talks about how he doubled his income using the MEDDPICC methodology. It’s a great read or listen and you’ll find links to both of those books along with David’s full interview on Sales Success Stories at DailySales.Tips/90. Are you using MEDDPICC yourself? I would love to hear your results or experiences with it. Just leave a comment on that page at DailySales.Tips/90.
Then come back tomorrow for another great sales tip.