Tried BANT? Tried just rifting off vague questions to your prospects? Tried using sales tools to do it for you? Probably, I have. But what I found when I was doing that is that it was all about me and not them.
I probably left deals on the table, but not anymore. That’s due to a certain sales methodology – MEDDPICC.
Once you have mastered it, you won’t ever turn back. If you are struggling to hit quota, or your team is, then this is for you!
I give examples of my sheets throughout and there’s a free download at the end so you can literally start MEDDPICC today!
Note: MEDDPICC is a registered trademark. All sheets and examples shared in this article are created by me with no endorsements from a 3rd Party. In no way do I provide training or sell any products related to MEDDPICC.
What is MEDDPICC?
MEDDPICC is an acronym that stands for Metrics, Economic Buyer, Decision Criteria, Decision Process, Paper Process, Identify Pain Points, Champion, and Competition.
It is a sales methodology that helps sales teams and reps evaluate opportunities, prioritize resources, and increase win rates.
Here’s a visualization, which should help with this one!
It’s often used in a complex B2B sales cycle as it brings a ton of insight. It also identifies big burning red holes of information you don’t know, that you really should! This was a big eye-opener for me as I tried to ignore what I didn’t know (and probably lost some deals along the way).
This sales qualification methodology doesn’t let you lose sight of the critical details whilst keeping reps accountable.
You can embed this framework into most B2B sales prospecting software. There are even tools like Attention that will listen in on sales calls and auto-update your CRM with critical data and call notes that drive the MEDDPICC process.
MEDDPICC vs MEDDIC
MEDDPICC and MEDDIC may sound like a battle between acronyms, but they’re actually sales methodologies with a few key differences.
MEDDIC is an earlier version of MEDDPICC. MEDDPICC came along to make sure the paperwork process was understood (something I use to really struggle with) and introduce competition analysis.
Put simply, it’s a new and improved methodology!
The Importance of MEDDPICC in Sales
Having a systematic approach to consistently qualify complex sales is vital. MEDDPICC provides that framework. It enables sales professionals to thoroughly analyze sales opportunities, identify potential roadblocks, and develop effective strategies to overcome them.
I don’t know of any other framework that is as complete as the MEDDPICC sales methodology. By implementing it, you will align your sales efforts, decision-making will become far easier, and you will no doubt increase the likelihood of success.
So is it important? It isn’t if you’ve never tried it, it’s irreplaceable once you have.
The Components of MEDDPICC
There are 8 components of MEDDPICC. Here’s the lowdown.
When it comes to metrics, focus on the specific goals your prospect wants to achieve. For example, revenue potential, market share, customer acquisition cost, and return on investment (ROI) can be important metrics to consider.
This is the why behind the sale and I can tell you from experience, don’t take prospects at face value! Keep digging and digging until you uncover the real reason why they will say yes!
Quantifying the metrics is crucial for closing deals and improving forecast predictability. So, dive into the numbers, demonstrate the value you provide, and make a measurable impact on their success.
Questions to ask
- What specific goals does the prospect want to achieve, and how can your solution help them in quantifiable terms? Quantifiable is the main word on this one!
- How does the prospect measure success within their organization? Which metrics and key performance indicators (KPIs) are important to them?
- What is the anticipated percentage of improvement we can bring to the prospect’s current state? How will this translate into increased revenue or cost savings for their business?
- Can they provide specific examples of how achieving the metrics would positively impact their organization’s bottom line or strategic objectives?
- How do the identified metrics align with the prospect’s industry benchmarks or standards? Are there any specific targets they aim to achieve to stay competitive or meet industry requirements?
Here’s how I capture the metrics (download at the bottom for all sheets).
Remember, capturing and understanding these metrics is fundamental to the whole MEDDPICC sales process. It will allow you to align your offering with the prospect’s goals and demonstrate the tangible value you bring.
When it comes to the economic buyer in MEDDPICC, we’re talking about the big cheese. It’s the individual or group with the final decision and can say YES when everyone else says no or say NO when everyone else says Yes.
Knowing who they are, their role, what they need from the solution, and what makes them tick is essential for tailoring your sales strategies and hitting the bullseye. Leave this one out at your peril!
Questions to Ask:
- Who’s calling the shots here? Who’s the main decision-maker or the decision-making group for the purchase? Is there a committee? Are there multiple committees (yep, been there too!)? Is there a project sponsor?
- What specific roles and responsibilities do they hold within the organization? Are they the CFO, CEO, or someone else?
- What makes them tick? What are their motivations and priorities when they’re sizing up potential solutions?
- Are there any external factors or influences that might sway their decision-making process?
- How can we grab their attention and make a real connection? What can we do to address their unique needs and concerns head-on?
Getting to know the economic buyer early is like hitting the jackpot. It puts you in a prime position to tailor your approach, speak their language, and show them exactly why you’re the perfect fit for their needs.
Here’s my template
When it comes to decision criteria, we’re talking about how the buyer is going to make their decision. If it’s an RFP, then get into your proposal software and work out how you will win. If it’s open season, then you will need to dig deep to uncover this!
But pinpointing these criteria is like finding the secret recipe for success. By addressing this head-on, you can position yourself as the ultimate solution and skyrocket your chances of sealing the deal.
Questions to Ask
- What really matters to you when evaluating solutions? What are the critical factors or requirements that have the biggest sway?
- How do these decision criteria align with your overall business objectives? Let’s make sure we’re on the same page.
- Are there any specific benchmarks or standards that need to be met? We want to surpass expectations.
- On a scale from one to crucial, how would you weigh the importance of each decision criterion in your evaluation process?
- Are there any deal-breakers or specific areas where our solution needs to shine bright to earn your seal of approval?
Tip: Grab a pen and paper (or open a fresh document) and create a Decision Criteria Capture Sheet. Divide it into columns for each criterion, allowing you to jot down the prospect’s requirements, align your offering, and keep track of how you address each criterion. It doesn’t need to be pretty.
Here’s an example.
The decision process outlines the steps involved in the buyer’s decision-making journey. By mapping out this process, it becomes far easier to anticipate potential obstacles and tailor your approach at each stage.
To effectively map out the decision process, I find a Google sheet the best thing. You can add it into your CRM if your CRM is capable of it. But I find seeing this stuff all in one sheet the easiest to review and strategize. I keep the Google sheet in my CRM – that’s OK, right? Hang on, RevOps are calling my cell…..
Questions to ask
- Who are the key stakeholders involved in the decision-making process, and what roles do they play?
- What are the specific steps or stages involved in the decision-making journey?
- What are the criteria or factors that influence the decision at each stage?
- Can you foresee any potential obstacles or challenges that may arise during the decision process?
- How can we effectively guide and support the prospect throughout the decision-making journey to ensure a favorable outcome?
Tip: To map out the decision process, create a Decision Journey Framework. Identify the key stakeholders involved, their roles, and their decision-making influence at each stage. Note down the information and requirements important to each stakeholder. Identify the gaps and plug them in ASAP.
Here’s my template.
The paper process refers to the administrative and logistical aspects of closing a deal. This includes legal documentation, product contracts, data privacy and handling, pricing negotiations, and any other paperwork. The list gets longer every month it seems.
Understanding the paper process means you will be able to navigate the procedures efficiently, expedite the closing process and not get a nasty sting once you have done 95% of the work!
Questions to ask
- What are the key documents required for the paper process? (e.g., contracts, legal documentation, pricing agreements)
- Who are the key stakeholders involved in reviewing and approving the documents?
- Are there any specific negotiation points or terms that need to be addressed in the contracts?
- Are there any potential hurdles or challenges that may arise during the paper process, such as additional approvals or revisions?
- Are there any post-paper process steps, such as signing or filing the documents, that need to be addressed? I have been caught out on this one – they had to be mailed somewhere!!
Tip: Use my “Paper Process Checklist” as a starting point to document and track the necessary paperwork and administrative tasks in your sales process. Customize it based on your specific documents and deadlines.
Here’s my checklist.
Identify Pain Points
If you’ve been in sales anytime, you would have heard of pain points, sometimes called win themes. It’s uncovering, and I mean truly uncovering, the challenges and frustrations that your prospect is facing. You need to dive deep into conversations, ask the right questions, and actively listen to uncover them.
If you work on multistakeholder deals then you need to do this for everyone in the decision process (see how it all starts to tie together?).
Once you have a clear picture, you can then highlight how your product or service addresses those pain points. I.e. how you will win the deal. You can weave this into every conversation, subtly, of course, to make them feel you have listened, really understand, and will solve all their problems!
Questions to ask
- What are the current challenges or frustrations you are experiencing in your [relevant area or process]?
- How are these challenges impacting your day-to-day operations or desired outcomes?
- Can you provide specific examples or scenarios that highlight these pain points?
- What have you tried so far to address these challenges, and why do you feel those solutions have fallen short?
- What will be the Cost Of Inaction (COI)? I.e. what’s the impact if you do nothing?
Here’s my example Pain Point capture sheet.
Ah, the champion—the unsung hero of so many of my deals! The champion is the person within the prospect’s organization who advocates for your solution. They help navigate the internal landscape, their buying process, and pave the way for a successful sale. Building a strong relationship with the champion is crucial for gaining internal support and overcoming obstacles.
It really can be the difference between winning and losing if you can develop a strong champion.
Questions to ask
- Who within the prospect’s organization can be the champion for your solution?
- What challenges or pain points do they personally experience that align with your offering?
- How can you demonstrate the value and benefits of your solution to the champion’s specific role or responsibilities?
- What support or resources can you provide to help the champion advocate for your solution within their organization?
- How can you build a strong rapport and maintain ongoing communication with the champion throughout the sales process?
I don’t usually document anything for the champion, I don’t feel I need to but I created this just for you!
This is one that was added to the original methodology as you need to neutralize the competition. Only focusing on you, sometimes isn’t enough, and that’s where this comes in.
Understanding the competitive landscape is essential for positioning your offering effectively. If you know the strengths, weaknesses, and unique selling points of the competition you can neutralize them or differentiate your product or service and highlight your value proposition.
This goes hand in hand with identifying their pain points – I’m sure you are joining the dots!
Questions to ask
- Who are the key competitors in the market, and what are their main offerings?
- What are the strengths and weaknesses of each competitor, particularly in relation to our solution and overall offer?
- How does our solution differentiate itself from the competition? What unique value propositions do we offer?
- What customer feedback or testimonials can be leveraged to showcase our superiority over competitors?
- How can we effectively position our offering to highlight its advantages and address any concerns raised by the prospect about the competition?
Here’s my example.
Implementing MEDDPICC in Sales
To implement MEDDPICC successfully, you will need to foster a culture that values data-driven decision-making, collaboration, and continuous improvement. It’s not necessarily going to be easy depending on the current sales culture you have.
If you decide to jump in, here are some thoughts.
- Sales teams should be trained on the framework and provided with the necessary tools and resources to effectively apply MEDDPICC to their sales opportunities (my downloadable template is a great way to start!).
- You should carry out regular reviews and feedback sessions to help refine the process and identify areas for improvement.
- Make sure you use color coding the sheets or whatever tool you use – make it seem like the sheets are there to help, not hinder.
- Don’t tackle it from a ‘more admin’ perspective. I hate admin, as do most sellers. You must get across the value and benefit it will offer the seller.
Benefits of MEDDPICC
Not sold? Or need to sell it to your team? Here are some benefits of introducing the MEDDPICC sales methodology.
- Improved Sales Performance: MEDDPICC provides a structured approach to evaluating opportunities. This will enable sales teams to focus on high-potential deals and allocate resources far more strategically. This should lead to an increase in win rates and higher sales performance. Just tell them more commission!
- Streamlined Decision-Making: By understanding the decision criteria and process, sales reps can navigate the buyer’s journey more effectively, anticipate objections, and tailor their approach accordingly. This streamlines the decision-making process and reduces the sales cycle.
- Enhanced Sales Forecasting: AI sales tools are all the rage with this one but MEDDPICC further facilitates accurate sales forecasting by utilizing metrics and objective measures – gone are the days of finger in the air.
- Improved Customer Understanding: The framework encourages sales teams to delve deeper into customer pain points, motivations, and requirements. This understanding enables them to present tailored solutions that address specific customer needs, which lets them know you have been listening and you understand.
- Increased Collaboration: MEDDPICC promotes collaboration within the sales team and with other departments, such as marketing and product development.
Challenges of Implementing MEDDPICC
OK, so it’s not always roses and Champagne. While MEDDPICC does offer a ton of benefits, implementing the framework can present some challenges.
These may include:
- Resistance to change
- Lack of understanding or buy-in from stakeholders
- The need for comprehensive training
- Staying consistent across the sales team
Overcoming these challenges will require effective change management strategies, ongoing training and support, and clear communication of the framework’s benefits. Also, make sure you set clear expectations, this can a go long way when done right!
Tips for Effective Use of MEDDPICC
- Invest in Training: Provide comprehensive training and coaching to your sales teams on MEDDPICC and its components. Ensure they have a clear understanding of how to apply the framework to their sales opportunities – it’s not difficult to understand but it can be hard for some reps to do consistently at the beginning.
- Foster Collaboration: Encourage collaboration between sales teams and other departments. Make it seem wider than one sales rep to bring the GTM together in one common goal – drive more revenue!
- Continuously Refine the Process: Regularly review and refine the MEDDPICC process based on feedback and performance data. The same process, templates, data requirements won’t work with everyone so listen to your team and make changes when needed.
- Utilize Technology: Leverage sales enablement tools and customer relationship management (CRM) systems to streamline the implementation of MEDDPICC and capture relevant data for analysis. Consider using AI note-takers to help capture all the relevant information from prospect calls.
- Celebrate Success: Recognize and celebrate success stories that demonstrate the effectiveness of MEDDPICC. Don’t forget this one. This reinforces the importance of the framework and encourages its adoption throughout the organization.
Final Thoughts & Download
MEDDPICC is a powerful sales methodology that provides a structured approach to evaluating opportunities, understanding customer needs, and increasing sales performance.
If you implement it right and your sales team gets on board, you won’t go wrong. They will thank you for it when they are driving their sweet new ride into the office!
Grab the template and get going! Open the link, click file, make a copy, and save it. If you use Excel then hit file, download and choose Excel.
Whilst we are talking of ways to improve your sales game, if you haven’t already – get ChatGPT into your sales workflow, it will literally change your life!