What is MEDDIC Sales Process!
What is MEDDIC! This is the question in many people’s minds looking for an answer of this Sales process! The MEDDIC model is a framework to help you understand how to think about the marketing and sales of your product. It incorporates all aspects of marketing, from understanding who your customers are and what their needs are, to analyzing customer buying patterns and shaping your company’s strategic direction.
What do Letters stand for in MEDDIC?
Letters stand for in Meddic Market-Needs-Desires-Differentiation-Innovation-Communication. The five key pillars of Meddic provide opportunities for companies looking to be successful in today’s marketplace. Whether you’re selling products or services, this model will help you devise an effective strategy that takes into account everything from market research to branding strategies.
Here are Letter stand for in MEDDIC :
Metrics are the quantifiable measures of your solution’s value. They highlight to customers exactly what their dollars buy them, providing a straightforward and easy-to-understand breakdown for any stakeholder in the customer’s organization who is curious about how much they’re getting from you!
2. Economic Buyer
The Economic Buyer is the one person with ultimate decision-making power in any deal. If they like your product, you are set; if not, well then it’s time to start over and try again some other day. It can be tough to identify who this key player will be but once identified getting their approval for a purchase or managing them on a project should go smoothly as long as you meet their needs first and foremost. The language of business usually rolls off the tongue of an economic buyer very easily so make sure that when interacting there words match what he/she expects from others at all times!
3. Paper Process
Paperwork is a significant factor in sales and has been cited as the number one reason why deals slip. In today’s world of B2B sales, which can be complicated with many moving parts to get done right on time without any delays or obstacles that may arise from different departments within an organization (i.e., legal teams), it becomes important to account for what might delay paperwork processing when mapping out your strategy alongside
whoever you are selling to at their company.
Is there someone who will take care of the contracts? If not, does your team have everything they need readily available so no matter how fast-paced things got during negotiations if would still allow them enough time to do this
the task before handing over the offer letters?
3. Implicate Pain
Imagine that you are trying to capture a fly. The more pain the fly feels as it is being
captured, the higher your chances of catching it will be in comparison to if there was no pain
at all or just minimal amounts of pressure applied on its body. If we can successfully identify
and convey our customer’s pains through various mediums such as websites, pamphlets
etc., then they’ll feel compelled enough not only buy from us but recommend their friends
do too due to high levels of satisfaction with both product and service rendered by either
company – ours or theirs!
4. Simply put:
identifying your customers’ biggest pains leads them towards purchasing from you because these same problems bother them so much which means those who use your
products/services have fewer chances.
No Champion, No Deal. Big Champions always get the big deals. Sounds like a simple
formula but every single CRO I asked which part of MEDDIC they see as most important has
The original MEDDIC model did not include a second C for Competition. However, the landscape of modern sales has evolved so much that it is imperative to focus on competition and qualify opportunities correctly. It’s not just that there are more direct competitors today (there are), but also indirect ones who offer solutions with similar or different goals
from your own product/service offerings. The customer’s ability to solve their problems themselves using new technologies like building apps without any coding knowledge means you have less control over how they’ll use yours in ways you may never think possible!
Want to learn more about MEDDIC?
If you want to learn more about MEDDIC we have a number of resources that are
available to you, from, Buying MEDDICC the book, or enrolling in MEDDPICC
Masterclass From the Link Above.