MEDDIC method: increase your turnover

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What is the MEDDIC method?

MEDDIC method: definition

The MEDDIC method is A sales technique particularly used in BtoB. It allows you to identify and qualify new opportunities while providing structure to your sales process. This method represents one of the most used techniques in Tech startups. Thanks to it, salespeople manage to identify the need, the context and the essential points of each business opportunity.

It is a classic taught on the Akimbo Bootcamp to become a Business Developer.

The acronym MEDDIC consists of:

• M for Metrics: what does your solution represent economically for your prospect?
• E for Economic Buyer: who will make the final purchase decision?
• D for Decision Criteria: which criteria will mainly influence the purchase?
• D for Decision Process: what are the steps leading to the purchase?
• I for Identify Pain: what are the needs of your prospect?
• C for Champion: who will be in charge of promoting your offer in your prospect's company?

Why use the MEDDIC method? 

You must ask yourself why use this method and not another? We will get you the answer to your question right now! Thanks to the MEDDIC method, you will be able to sell more while streamlining your sales approach. You will now be at the center of the sales process and you will be asking yourself the right questions about your customers and prospects. It is by providing a methodological framework that the MEDDIC method allows you to make a difference and improve your commercial performance!

The more you use this grid to qualify your prospects, the more likely you are to close a sale!

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The advantages of the MEDDIC method  

Integrating the MEDDIC method into your commercial approach has multiple advantages:

1. A clear and easy to use methodological framework

The MEDDIC method provides you with everything you need to successfully sell. Thanks to its checklist, you have all the key information at your disposal. In addition to adapting to all sales processes, this method is easy to remember, especially thanks to its acronym.

2. Increased performance and time savings

Thanks to the MEDDIC method, you qualify your prospects more quickly. This sales technique allows you to know if this or that prospect represents a sustainable and profitable investment. By knowing this, you will therefore no longer waste time with uninterested prospects!

3. Relevant information

Data collection allows you to obtain a precise and objective assessment of the qualification level of your lead. Elements of the grid that would prove to be invalid are then subject to an adjustment of the actions to be taken, in order to close.

4. A clever and complete sales technique 

Many sales techniques, such as the BANT method, make it possible to qualify prospects as well as customers. However, the MEDDIC method is more accurate. In addition to allowing rapid qualification, it offers a personalized commercial approach similar to account-based marketing. This method is particularly used and effective for complex sales. During this type of sales, it is essential to rely on a complete and meticulous sales technique. And that's what the MEDDIC method allows!

Finally, its main advantage is to guarantee you a higher close rate and therefore also ensure a better turnover!

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How to use the MEDDIC method?

Use the MEDDIC method? Nothing could be easier! By relying on a methodological grid that is easy to understand and precise, you can only improve your sales quickly!

M for Metrics - Indicators 

The first stage is based on indicators and in particular on economic indicators. If you are unable to give numbers and concrete facts to your prospect, it will be difficult for you to make a sale! In order to provide appropriate arguments, you must identify the benefits of your offer for your prospect. Give him concrete but also relevant figures that will attract his attention! The prospect must feel concerned about what you offer him, so include it as much as possible in your offer! The MEDDIC method will show you the essential KPIs for your offer.

E for Economic Buyers - The Buyers 

During this second stage, you must identify the person who, in the company of your potential customer, will be in a position to decide whether to buy your solution. By talking to someone who is incapable of making this kind of decision, you will be wasting your time unnecessarily. This step is therefore crucial in the sales process. To identify the decision-maker more quickly, do not hesitate to do your research on social networks as well as on LinkedIn. If you are unable to reach the decision maker directly, feel free to set up a telephone meeting and invite all individuals who may be involved in purchasing decisions.

D for Decision criteria - The decision criteria 

In order to best qualify your prospects, it is imperative that you also know what the decision criteria are when they make a purchase. Before opting for this or that solution, customers encounter numerous salespeople. So ask yourself what criteria will make the difference! Different decision criteria can be found. Focus primarily on:

• Technical criteria: Will your solution be tailored to the business and easy to use?
• Financial criteria : does your solution represent a significant economic impact for your prospect's business?
• Product criteria : is your offer different and more efficient than that of other competitors? Make sure you prove that this is the case!
• Advice criteria: how, with your company, will your prospect feel better supported (compared to if they had worked with another company)?

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D for Decision process - The decision process 

This stage refers to the decision-making process carried out prior to the purchase. In this phase, the salesperson must focus on the party or parties making the decisions, on the deadlines put in place and on the processes implemented in the decision-making process. During this stage, the salesperson must ask himself multiple questions:

• How long will it take to make decisions in each department of the company?
• Who is involved in decision making?
• Etc.

I for Identify Pain - Identified problems 

Every sale faces needs and therefore problems! Be sure to identify the problems known to your prospect's company and to offer them adapted solutions. Use facts to support your statements. Show them that, through some inaction in the face of their same problem, businesses have experienced and are experiencing great difficulties as a result. Be concrete and rely on numbers. Finally, make sure that your prospect is well aware of the solution you are offering them and that they are convinced of it.

C for Champion - The prescriber 

During this stage, you will have the opportunity to identify the person who will become your spokesperson in your prospect's company. It plays a key role in your sale. It is on it that the knowledge and appreciation of your offer in society are based. In key account sales, it is an essential third party to move the deal forward. Choose an individual who recognizes himself in the problem to be solved. It is through this identification that his involvement will be more present!

The prescriber has faith in you. It is certain that your solution represents a way of responding to the problem of his business. It is through this belief that he will be able to make you meet the right people who will allow you to complete the sales process.

MEDDPICC: to go further than MEDDIC?

With the MEDDIC method, your commercial approach becomes more structured and more harmonious. So imagine using the MEDDPICC method, an even more accurate sales technique?

MEDDPICC VS MEDDIC, what's the difference?  

The MEDDPICC method represents an extension of the MEDDIC sales technique. This method, which is a bit more advanced, is particularly beneficial for more complex B2B sales processes. Compared to the acronym MEDDIC, the acronym MEDDPICC has two additional letters, thus providing more information to the salesperson. The P refers to the paper-based process (such as security processes) and the additional C refers to the competition.

MEDDPICC: P for Process

In the acronym MEDDPICC, the P refers to the paper-based process. During this stage, the salesperson identifies the constraints related to paper documents (such as legal or security documents) that may be an obstacle to the signing of contracts. This phase is essential for complex B2B sales because, without working with the teams responsible for issues, in particular relating to security, the transaction can be delayed and reset to zero. It is therefore essential to include all stakeholders active in this area from the start of the sales process. Ask yourself frequently:

• What type of contract is preferred?
• What are the deadlines between each acceptance?
• Etc.

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Meddic: the limits of this method 

Although the MEDDIC method is very beneficial for many aspects, it has some limitations:

The MEDDIC method focuses too intensely on the seller

Easy to use, the MEDDIC method is very interesting for salespeople. However, each stage of this sales technique focuses too much on the salesperson and on the criteria that allow him to classify the various opportunities. The problem is that a sale is much more complex than the MEDDIC method makes it seem. It's not enough just to meet criteria to close a deal.

The MEDDIC method may be too abstract

The MEDDIC method allows you to structure your CRM. It is therefore very advantageous for this aspect. However, it can be far too abstract to succeed in closing sales quickly. It is true that with this method, you are in a position to know the information that will be essential for you in the sales process. But you don't know how to get them! So is it useful?

Meddic does not provide real structure to your sales process

The MEDDIC method allows you to know the essential information to find during the sales process but does not give any details concerning when it seems appropriate to use this information. Should you ask yourself about the problems before asking the prospect about their decision criteria? Does it have to be done at the beginning? At the end of the interview? You can see that. You don't know where to start and that can hurt your sales process!

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