Closing opportunities can be tough.
Just as a salesperson thinks a deal is a sure thing, it can fall apart, leaving the salesperson with no closure on what went wrong.
To combat this, MEDDIC was created. This simple but effective approach to qualifying sales opportunities allows salespeople to intelligently qualify how likely the opportunity is to be won. It takes six key areas important to closing deals, leading to better conversations and less burnt leads.
When was it made available?
Opportunity qualification was made available on June 3rd, 2020.
What does MEDDIC stand for?
MEDDIC is an acronym that tackles six key areas of any deal:
Metrics are the criteria your prospect uses to determine the success of this solution. This helps you prove return on investment (ROI) to your prospect.
The economic buyer is the person that can ultimately approve the purchase of this solution. If possible, try to establish a relationship directly with this person.
Decision criteria are factors that impact whether your prospect purchases your solution. Common examples include budget constraints, the potential return on investment (ROI), learning curve, and integration options.
The decision process covers how your prospect decides to purchase new solutions. Examples include who makes decisions, what formalities are involved, and general turn-around time. This is useful in ensuring your deal won't fall apart or end up in limbo.
When you identify pain, you know exactly which problems your solution solves for your prospect. Try to be as specific as possible to best pitch your solution.
A champion is a well-respected advocate within the prospect's company. They are invested in your solution and will push for the company to purchase.
How does MEDDIC work?
MEDDIC scores six key categories on a scale of 0 to 2. These are based on how well the salesperson knows each portion of the sales process. From there, the scores are tallied, giving the salesperson their overall score.
In general, the higher the score, the more likely the deal is to be closed successfully.
How do my salespeople use it?
The Qualification section now exists on all opportunities. This can be accessed on the Pipeline board view.
- Log in to Sales & Success Center
- Go to Pipeline > Board
- Click an opportunity
- Click Qualification
Salespeople will see a section for each part of MEDDIC. Salespeople can click any of these sections to see a description of those sections. From there, the salesperson can rate how well they know the details for the opportunity.
Each section is rated as follows:
- 0 - The salesperson has no information on this section
- 1 - The salesperson has some idea of the information
- 2 - The salesperson has all the information they need for the section
Soon, we'll introduce the ability to enter notes in each section, making it easier to track.