Have you used MEDDIC, MEDDPIC, or one of its variants as part of your lead qualification process? If you have, you have likely learned how to ask MEDDIC qualification questions to ensure you have completed a thorough discovery process with your leads.
Aaron Evans delivers excellent advice in his short videos, and this one is no exception. Aaron breaks it all down in a straightforward manner. Those that have already learned MEDDIC will benefit. Those that want to know the basics will benefit as well. All of your sales teams and Revenue Enablement teammates should give a listen and receive some free MEDDIC sales training.
MEDDIC is an acronym for Metrics, Economic Buyer, Decision criteria, Decision process, Identify pain, and Champion—the six concurrent steps used for lead qualification in the MEDDIC sales process.
The initial set of MEDDIC qualification quests are Metrics – you are going to need them as part of your lead qualification process. Can you impact the business in the manner that the potential customer requires?
- What is your average order value?
- How are you tracking against the target?
- What is your growth target?
- How are you tracking against that goal?
- How long is it taking?
- What would you do with that time if you had it back? How would that affect your goals?
You need to know who functions as the company’s economic buyer or the person who has the power to make decisions and authorize spending. It may be beneficial to talk to someone higher up in the company than your current contact. Knowing the economic buyer and their mindset will help you close sales as the buyer’s veto power makes them the one person at the potential customer who absolutely must be convinced.
If possible, talk directly to the economic buyer to learn about their expectations, personal metrics, and process for making decisions In some cases, talking will not be possible, in which case you should try to get this information about the economic buyer from your contact. Use this information to make the sale palatable to the lead, even if they will not be directly affected.
Here are a few example MEDDIC qualification questions for the economic buyer.
- Who would ultimately sign off on this?
- Would they need to see the product?
- What value would they get from the product?
- How would it help their objectives?
- What are they likely to say?
- Sometimes you will be surprised how senior an economic buyer can be, as an example, who do you think our economic buyer is?
While the decision criteria tell you what goes into a company’s decisions, the decision process tells you how that choice is made and followed through on. A decision process will include the person who makes a decision, the potential customer‘s timeline, and any formal approval processes in place. You need to know this information to have an accurate sales pipeline.
When you know the decision process, you are much less likely to lose sales due to stagnation. You know what needs to take place on the potential customer‘s side to close the deal, so you can work to meet those conditions. If, for example, you know that the economic buyer has okayed the decision but has not completed the follow-up process paperwork, you can specifically push to get that paperwork taken care of, thereby closing the sale.
Decision Criteria Questions
- What exactly would you need to see to make a decision?
- What would (other stakeholders) need to see to make a decision? Who are the decision makers?
- Why is that important to you?
- Which one of these pieces of criteria is the most important?
- What exactly would we need to demonstrate to be your partner of choice?
- Who else would we need to impress to get this over the line?
- I stands for Identify Pain/Problem/Initiative.
The potential customer must have pain need before they pursue a solution, and it’s vital to understand their pain points. This pain can manifest in many ways, including high costs, slow production, and low revenue. Identify the pain the customer is experiencing, and then identify how your solution can relieve that pain. What will happen if they don’t decide on a solution or if they make a terrible decision? And how will your solution fix it?
These MEDDIC qualification questions are crucial to your success.
- What are the priorities you’re focused on right now?
- How do your departmental goals (targets) affect the overarching business goal?
- What are some of the considerations/concerns/risks to take into account?
- What are the implications of not hitting that target/solving that problem?
- How does that feed into the overarching business goal?
- What is the strategy for solving this problem?
- What have you tried in the past to solve that problem?
- What would a good year look like?
- Why has the business picked that number? (target)
- What effect would it have on the company if you overachieved on that target?
Your Champion does not necessarily have to be in a managerial or other supervisory position, but they need to be well-respected. Having an employee known for being a lazy and selfish advocate for you might not be in your best interest. But having an employee with influence and respect in your corner can make a world of difference in helping you close that sale.
It’s effortless; powerful champions make things happen and raise the odds of a positive purchase decision:
- If this was your decision and budget, would you buy it?
- What do WE need to do to get this in the hands of your team?
- Are you prepared to take the right steps/work together to get this over the line?
- Have you asked your CEO/Boss for something like this before? What did they say?
- Does your boss trust your decisions?
- What would they likely say to a solution like ours?
- What objections are they likely to have?
- How will you help them see the value?
- How will they measure the return on investment of this purchase?