Every company that has to make sales is concerned with making the maximum possible profit. There are many ways to achieve this, but some of them don’t prove as effective as they should, and every company manager knows that profits are essential for the business to grow.
An answer to this dilemma is implementing a new, overall strategy to the company’s business plan. What can it be?
MEDDIC is an example of a general, complex, and effective sales strategy that is based on certain steps. As a manager or a company owner, you can create an actual checklist to measure progress made with MEDDIC.
What is this strategy about and how can it improve the profits of your business?
What is MEDDIC? Basic info
MEDDIC is an acronym that stands for the steps that are involved in the process – Metrics, Economic Buyer, Decision criteria, Decision process, Identify pain, and Champion.
Each of these components is equally meaningful in the process.
The MEDDIC strategy was introduced in the 1990s., and since then it has been broadly developed in business environments all over the world.
The strategy is mainly aimed at recognizing the market and the customers’ needs. It focuses on classifying the clients and making sure that the product or service is targeting the right audience. It often turns out that the failure in the sales area is connected with mistakes in the audience and customer choice. If you’re interested in the topic of choosing the right audience, read this article.
The Processes Involved in MEDDIC
The first process involved in MEDDIC is Metrics.
The term metrics stands for the need for measuring the potential gain that the customer can have from a certain product or service. It can be measured by, for example, a percentage value – when a customer wishes, for instance, to save up 10% on a purchase.
If you, as a company owner or a product manager, become aware of the customer’s needs expressed by value, it becomes easier for you to predict their behavior and, therefore, take some actions to boost your sales.
Once the metrics are established, it is necessary to proceed to the next step called Economic Buyer.
This part of the MEDDIC strategy is concerned with contacting the economic buyer in the company – the person who is responsible for all the actions connected with buying and recognizing customer behavior patterns.
It will additionally help in adjusting the company’s strategy to every customer’s needs. To get to know more about the function of an economic buyer, click here.
Another step in MEDDIC methodology is Decision criteria.
Decision criteria are the factors that influence the company’s decision-making process. These are the things that are taken into consideration while preparing and releasing a service or product, such as simplicity, total costs, engagement, and the current situation in the market.
If the decision criteria are properly established and agreed upon, the process of sales can be accelerated and improved.
Next, the company should be aware of the Decision Process.
It is vital to establish a proper routine in the decision-making process in the sales department, as this will accelerate the whole sales process and prevent any possible stagnation.
If you know exactly who’s responsible for particular steps in making sales decisions, it will be easier to keep on track and avoid any unnecessary delays or problems.
Another important part of the MEDDIC strategy is called Identify Pain.
This enigmatic name refers to identifying potential problems that customers may have, and deciding how the particular products or services can fix them and improve the customer’s quality of life.
To give an example – while potential users of one streaming platform might have problems with its mobile-friendliness, another company might release a product that solves this difficulty and offer a well-designed, user-friendly equivalent.
It is crucial to be aware of potential or existing struggles to make any relevant improvements.
Champion is the name of the final part of MEDICC.
In this strategy, the name Champion refers to a person that is inside the company and for whom a certain sales solution might be the most beneficial.
Once you find that person, it will be easier to establish a proper sales development plan and follow it, as there are people who find your solution beneficial and want to invest in it.
Conclusion
All the six steps that MEDDIC methodology involves – Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, Champion – are crucial in establishing a proper, high-quality, broad sales strategy.
If they are understood and implemented into the sales plan in your company, they might do wonders for the profit and general improvement.
In case you are still hesitant if this is the right track for you, read this guide to get further information.
MEDDIC methodology can be an ideal option for company owners and managers who are concerned with releasing excellent products and services and getting positive feedback from loyal customers.
