MEDDIC is a sales methodology that helps salespeople qualify and close deals more effectively. It stands for Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, and Champion.
Metrics: These are the quantitative measures you use to track your progress toward closing a deal. For example, you might use metrics like the number of meetings held, the number of emails sent, or the number of proposals submitted.
Economic Buyer: This person has the ultimate authority to approve or reject a deal. They may not be the person that you interact with the most often, but they are the person who will ultimately decide whether or not to buy from you.
Decision Criteria: These are the factors that the economic buyer will use to make their decision. For example, the decision criteria might include price, features, benefits, and ROI.
Decision Process: This is the process that the economic buyer will go through to make their decision. It may include multiple steps, such as gathering information, evaluating options, and getting approval from other stakeholders.
Identify Pain: This is the problem that your product or service solves for the economic buyer. It is essential to understand the economic buyer's pain to position your product or service as the best solution.
Champion: This is the person within the economic buyer's organization who most supports your product or service. They can be a valuable ally in helping you to close the deal.
How to use MEDDIC to close more deals:
- Qualify your leads: Use MEDDIC to qualify your leads and identify the ones that are most likely to close. This will help you to focus your sales efforts on the deals that are most worth your time.
- Understand your economic buyer: Once you have qualified a lead, take the time to understand the economic buyer. What are their pain points? What are their decision criteria? What is their decision process?
- Position your product or service as the best solution: Once you understand the economic buyer, you can position it as the best solution to their pain points.
- Get approval from other stakeholders: If necessary, get approval from other stakeholders within the economic buyer's organization.
- Close the deal: Once you have approval from the economic buyer and all other relevant stakeholders, you can close the deal.
How OtterPilot for Sales can help you utilize MEDDIC:
OtterPilot for Sales is an AI sales assistant that can help you with every step of the MEDDIC process. It can help you to:
- Qualify your leads by identifying the ones that are most likely to close.
- Understand your economic buyer by transcribing your meetings and providing insights into their pain points, decision criteria, and decision process.
- Position your product or service as the best solution by helping you to create personalized sales pitches and proposals.
- Get approval from other stakeholders by helping you to identify and influence key decision-makers.
- Close the deal by helping you to track your progress, manage your time, and identify opportunities to follow up.
Here are some specific examples of how you can use OtterPilot for Sales to improve your MEDDIC process:
- Qualifying leads: Use OtterPilot for Sales to transcribe your sales calls and meetings. This will give you a searchable record of your interactions with your leads. You can then use this information to identify the leads that are most likely to close. For example, you can look for leads who are asking specific questions about your product or service, or who are showing a clear need for what you have to offer.
- Understanding your economic buyer: Once you have qualified a lead, use OtterPilot to understand the economic buyer. Pay attention to what the economic buyer is talking about, what questions they are asking, and what their concerns are. This information will help you to position your product or service as the best solution to their pain points.
- Positioning your product or service as the best solution: Use OtterPilot to create personalized sales pitches and proposals. OtterPilot can help you to identify the key pain points of your economic buyer and highlight how your product or service can solve those pain points. OtterPilot can also help you to create customized proposals that are tailored to the specific needs of your economic buyer.
- Getting approval from other stakeholders: Use OtterPilot to identify and influence key decision-makers. OtterPilot can help you to understand the relationships between different stakeholders within your economic buyer's organization. This information can help you to identify the key decision-makers and develop a strategy for influencing them.