In my own sales career, I have found that enterprise sales is very different to SMB sales. Due to more complex sales cycles it requires a more strategic, structured and organized approach. One great enterprise sales technique that has proven to be highly effective is MEDDPICC.
I recently had the opportunity to teach a workshop on MEDDPICC to a SaaS company, and it was a lot of fun exploring this framework with the team. They were able to see how understanding each element of MEDDPICC could help them close more sales and navigate the sales process more effectively. In subsequent coaching sessions we started implementing the concepts into their sales processes and daily business.
If you're not familiar with this sales technique, let me give you a quick overview and explain how it can help you increase your enterprise sales.
MEDDPICC is an acronym that stands for Metrics, Economic Buyer, Decision Criteria, Decision Process, Paper Process, Implementation, Champion, and Competition. It was first introduced in 1996 by Jack Napoli and Dick Dunkel, former executives at PTC, and has since been adopted by many top-performing sales organizations.
At its core, MEDDPICC is a framework for understanding and managing complex enterprise sales cycles. It helps sales teams identify key decision-makers, understand their priorities and decision criteria, and navigate the often-complicated sales process. Here's a breakdown of each of the MEDDPICC elements:
Metrics: What metrics matter most to your customer? This could include things like revenue growth, cost savings, or customer satisfaction. By understanding your customer's key metrics, you can tailor your sales pitch to show how your product or service can help them achieve their goals.
Economic Buyer: Who has the authority to make purchasing decisions? This is often not the same person as the one who will be using your product or service. Understanding who the economic buyer is and what their priorities are is critical for making a successful sale.
Decision Criteria: What factors will the customer consider when making a purchasing decision? This could include things like functionality, ease of use, and cost. By understanding the decision criteria, you can tailor your sales pitch to show how your product or service meets those needs.
Decision Process: What steps will the customer take to make a purchasing decision? This could include things like product demos, vendor evaluations, and contract negotiations. By understanding the decision process, you can anticipate roadblocks and navigate the process more effectively.
Paper Process: What paperwork or contracts will be required to complete the sale? Understanding the paperwork process is critical for ensuring a smooth and timely transaction.
Implementation: How will the customer implement your product or service? Understanding the implementation process is critical for ensuring a successful deployment and happy customer.
Champion: Who within the customer organization will champion your product or service? This is often someone who is passionate about your offering and will advocate for it within their organization.
Competition: Who else is vying for the customer's attention and budget? Understanding the competitive landscape is critical for differentiating your offering and showing why it's the best choice.
Now, how can MEDDPICC help you increase your enterprise sales? By understanding each of these elements, you can develop a more effective sales strategy that addresses the customer's needs and priorities at every step of the process. You'll also be able to anticipate roadblocks and objections and have a plan in place for overcoming them.
In conclusion, if you're looking to increase your enterprise sales, MEDDPICC is a highly effective sales technique that can help you do just that. As a sales coach, I've seen firsthand how powerful MEDDPICC can be, and I encourage you to explore this framework with your sales team and start seeing the results for yourself. If you have any questions or are interested in a workshop on MEDDPICC - reach out!
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