67% of the lost sales are due to sales representatives being unable to qualify the potential customers. In this case, The Meddic Sales Process can help to reach target customers.
While you might think that you have the most experienced sales representatives if they don’t know the right questions to ask their customers.
This brings us to the question, how can your team qualify the right customers for the sales to funnel?
The Answer Is the Meddic Sales Process
Meddic is a sales methodology that helps the sales team achieve extraordinary results in terms of sales numbers.
Without a structured sales approach, it is difficult for the organization to identify new leads, qualify them for the sales funnel, and ensure the right customers are targeted for conversion.
This is where Meddic comes into play. It acts as a powerful tool that enables you to close the deal.
So, what exactly is The Meddic Sales Process?
- 1 Meddic Sales Process: What Is It?
- 2 Meddic Sales Qualification Test
- 3 How Does Gong Help Companies In Their Sales Strategy?
- 4 Begin Implementing The Meddic Sales Approach
Meddic Sales Process: What Is It?
Meddic sales process is a business-to-business (B2B) framework of different questions that help to identify, qualify, improve and close expectations.
The process involves a sales representative asking the relevant questions to the customers, documenting the different stages of the purchase journey, and finding promising opportunities to make sales.
The Meddic sales methodology or The Meddic Sales Process helps you introduce a deal at the previous opportunity. In addition, this technique further determines whether qualifying a customer to the sales funnel will be worthwhile.
In addition, the data collected using the Medduic sales methodology help the organization accurately predict its future sales performance.
The bottom line is that if you can successfully implement Meddic sales methodology, it will make it easier for you to find opportunities at different levels to make sales.
Meddic Sales Qualification Test
As defined above, The Meddic Sales Process is a sales methodology that can be divided into six different steps. So, what is a meddic sales process? Meddic is the acronym for “Metrics, Decision criteria, Economic buyer, Identity pain, Decision process, and Champion”.
It is the sales process to figure out the exact business objectives and who has profit and loss responsibility for this.
The first step is to find the quantifiable goals prospects hope to achieve. In this phase, experts look into the sales funnel to find out the right metrics that actually drive your sales. In addition, these metrics will also describe the economic benefits of your solution. Once you know what metrics your customers care about, you can formulate your sales strategy around it.
2. Economic Buyer
In this phase, you need to know who functions as the economic buyer or the person who holds the authority to make spending decisions. Knowing the economic buyer will help you close the deal by prioritizing the buyer’s veto power.
To better serve the economy, try to talk to them personally and learn more about their experiences. This will further add new information to strategize your sales process better.
3. Decision Criteria
You need to know about the criteria companies use to make their decisions. When a company sits down to make a decision, they are presented with different solutions. They compare the solution before picking one. If you understand how they make this decision, you can better tailor your messaging.
4. Decision Process
While the decision criteria talk about the factors that go into making a decision, a decision process tells you how decisions are made and followed.
A decision process includes a person who makes the decision, the timeline in which the decision is made, and the formal approval process. When you know the decision-making process, you can identify the right opportunity to make sales.
5. Identify Pain
Customers look for something only when they are in need. You, as the salesperson, must know the needs and cause the pain. Identifying the customer’s pain and how your solution can help will offer you the right opportunity to convert the customer.
Finally, find the champion of the sales process. While everyone is trying their best to convert, there is one who is not only just trying but is actually bringing results. They don’t need to be in managerial or other supervisory positions. Find the champion, respect them for their hard work and reward them for their efforts.
While the initial concept was “The Meddic Sales Process”, to adapt is better, it has two new levels – Meddpicc. The extra P stands for paper process and C for competition.
While both the sales methods have the same root, it becomes difficult for many to make out the differences. In that case, you must seek help from a professional like Gong.
How Does Gong Help Companies In Their Sales Strategy?
Gong was founded in 2015, and since then, it has done its business and has offered its services to more than 2000 customers. This was possible because Gong is very particular about finding the right opportunity to make sales. Staff working in Gong capture the frontline conversations with the meddic discovery questions to better understand the deals, teams, and the market.
Here is how Gong helps companies with their sales strategy.
1. Find The Hidden Truth In The Sales Pipeline
Most sales representatives are still using the same method without thinking about whether they are missing their opportunities to close the deals. This is because they are not looking into the sales pipeline.
Gong audits the sales pipelines and finds the hidden truth about missing opportunities. They gather the data on why customers are moving away from making deals. The information is shared with the sales representative to take action.
2. Help Sales Representative Find The Path To Close The Deal
Once the information is collected, it is shared with all the sales representative members. In addition to the information, Gong also comes with a solution to deal with the shortcomings of the current sales process.
Gong discusses with the sales representatives and highlights the area they need to work on. They even share a few approaches in which they can approach the customers to increase the chance of making a deal.
3. Make Changes In The Strategy To Drive Results
Gong’s early insight into what works and what’s not gives the team confidence to bet big on different initiatives to market successfully.
With the information gathered using the Meddic Sales Process, Gong revamped the sales strategy that directs more relevant customers into the sales funnel.
Begin Implementing The Meddic Sales Approach
Nothing is guaranteed in the world of sales. You can do everything and still lose to make any deal. But using The Meddic Sales Process, you can increase the chances and opportunities to make sales.
Meddic can help you identify your strength, Unique selling Propositions, find loopholes in the sales funnel, and find strategies to cover them.
Take immediate action and empower your sales process by implementing Meddic Sales Methodology.