Meddpic sales principles - A summary

In the ever-evolving landscape of sales, having a structured approach can make a significant difference in achieving success. One such approach that has gained recognition is the MEDDPIC framework. However, to me, MEDDPIC is not a standalone strategy. It is most effective when integrated with an existing organisational sales strategy, acting as a complementary tool that enhances overall performance.

There is no one-size-fits-all method for implementing MEDDPIC; its application varies depending on your unique scenario.This post provides a quick review of MEDDPIC and its key components. Use this as a reminder when going into sales meetings or engaging with your customers about their pain points, which you aim to resolve.

What is MEDDPIC

Metrics	Metrics are the quantifiable measures of value that your solution can provide. METRICS are split into two parts: M1's: these are the business outcomes you have delivered for your existing customers. M2's: Metrics you have personalized to the specific to your customer (proved / supported M1’s). How do we determine the metrics? Through a rigorous discovery process. Elite sellers know they must be patient and go deep to truly uncover the full extent of value and pain within an organization you are selling t
Economic Buyer	The Economic Buyer (EB in short) is the person with the overall authority in the buying decision. The Economic Buyer can say “No” when other people say “Yes”, and, “Yes" when other people say “No”.We all have been in situation like: “I need to share this with another colleague,” or, “I don’t have the budget,” etc. You want to meet this person early in the process. Make sure you understand their vision and their pain. When we understand the challenges they have, clearly state the problem we solve for, build trust, demonstrate the ROI, and help them get there, we will get their attention, this development in collaboration with your champion(s).
Decision Criteria and decision Process	I have combined the decision criteria and decision process as they are closely related. These are the criterions along which the solution will be judged. 1. Technical - RFP to validate if the solution checks all the boxes Which approvals are required on the customer side? 2. Economic - Is this solution economic based on the financial commitment? 3. Relationship -How close do the values of the two organizations align
Paper Process	This is going from the decision to the PO submission This is not something that only happens later in the deal. Undertanding the paper process will help save time in your deal, quarter or the year and alos keep you on your front foot while talking to the customer.
Identify the Pain	This is metrics best friend. We identify the pain well enough to solidify the "why change" message This is where we are certain that the solution we offer will solve their challenges
Champion	This is the individual within the account selling on your behalf when you are not there. This is your cheer leader. How do you qualify a champion? They have power and influence Can act as an internal seller for you Has vested interest in yoir success.
Competition	Competition is not only the vendors but any person, vendor or initiative going after the same funds or resources as we. Once you have a good handle on who the competition is and the products they have, then zou will have a good handle on the sales process. Use a competitive startegy plan, use battle cards, use references...e.t.c.

Conclusion

The MEDPIC framework is a powerful tool that can significantly enhance your sales strategy. Remember, it is not a standalone strategy but rather a complementary approach that integrates with and strengthens your existing sales efforts. There is no single correct way to implement MEDPIC; its application depends on your specific context and needs. Use this framework as a guide in your sales meetings to address your customers’ pain points effectively and drive successful outcomes.