MEDDIC (pronounced "med-dee-see") and MEDPIC (pronounced "med-pick") are two sales methodologies that can help sales teams identify and qualify potential customers, understand their needs, and close deals more effectively. Both methodologies were developed in the early 1990s by Jack Napoli, a sales leader at Cisco Systems, and have since become popular among sales teams in various industries.
So, what exactly are MEDDIC and MEDPIC, and how can they benefit sales managers and their teams? Here's a breakdown of each methodology and how you can use them to drive better sales results.
What is MEDDIC?
MEDDIC is an acronym that stands for the six key elements of customer qualification:
Metrics: What key performance indicators (KPIs) are a potential customer looking to improve or achieve through your product or service?
Economic buyers: Who are the economic buyers within the potential customer's organization, and what is their budget for this purchase?
Decision criteria: What criteria does the potential customer use to evaluate potential vendors and make purchasing decisions?
Decision process: What is the process that the potential customer uses to evaluate and select vendors?
Identify pain: What pain points or challenges is the potential customer experiencing that your product or service can solve?
Champion: Who is the internal champion or advocate within the potential customer's organization, and how can you engage and align with them?
By thoroughly understanding these six elements, sales teams can better qualify potential customers and tailor their sales approach to meet those customers' specific needs and decision-making processes.
What is MEDPIC?
MEDPIC is an acronym that stands for the six key elements of the sales process. The difference from MEDDIC is just that the “Decision Process” is termed as “Process” here, therefore, replacing a “D” with “P.”
Using MEDDIC and MEDPIC to drive better sales results
Use MEDDIC to qualify potential customers. By thoroughly understanding the six elements of MEDDIC, sales teams can better qualify potential customers and ensure that they are a good fit for your product or service.
Use MEDPIC to align your sales efforts with the potential customer's decision-making process. By thoroughly understanding the six elements of MEDPIC, sales teams can better align their sales efforts with their potential customers' specific needs and decision-making processes.
Train your team on MEDDIC and MEDPIC. Make sure your team is fully trained on MEDDIC and MEDPIC so they can effectively use these methodologies in their sales efforts. You might consider conducting regular training sessions or providing resources and tools that your team can use to refresh their knowledge of these methodologies.
Encourage your team to review and update their MEDDIC and MEDPIC knowledge regularly. Potential customers' needs and decision-making processes can change over time, so your team must regularly review and update their MEDDIC and MEDPIC knowledge to ensure that they are aligning their sales efforts with the most current information.
Use MEDDIC and MEDPIC as part of your overall sales strategy. While MEDDIC and MEDPIC can be valuable tools for sales teams, they should be part of a broader sales strategy. Be sure to consider how these methodologies fit into your overall sales process and how to use them to drive better results for your organization.
In conclusion, MEDDIC and MEDPIC are two powerful sales methodologies that can help sales teams better understand and qualify potential customers, align their sales efforts with the specific needs and decision-making processes of those customers, and drive better sales results. By training your team on these methodologies and encouraging them to review and update their knowledge regularly, you can help ensure that your team uses MEDDIC and MEDPIC to their full potential. So, it's a very important process for sales managers to know and use these methodologies to improve their sales performance.
All these processes are of no use if you don't know how to execute them in your existing processes. To learn more read: Evolve your sales processes with revenue intelligence
