Qualifying Deals >50k With MEDDICC

Today, I'm diving into something that might sound complicated but is really just a game-changer with the right approach.

We're talking about MEDDICC.

This isn’t some new fad—it's a tried-and-true methodology that's been helping top software organizations crush their sales cycles for years. So, let's nerd out together and break this down.

What is MEDDICC?

MEDDICC is a sales qualification methodology. It's not your whole sales process, but it helps you analyze and inspect your deals to make sure you’re set up to win.

MEDDICC stands for:

• Metrics
• Economic Buyer
• Decision Criteria
• Decision Process
• Identify Pain
• Champion
• Competition

Alright, let’s break these down and see how you can leverage each step to win more deals.

Metrics: Metrics are the quantifiable results that justify the investment. Think bottom line (cost savings) and top line (revenue growth).

Here are some questions to flesh out metrics:

• How would you measure the success of your project?
• What metrics around cost, efficiency, or business outcomes do you need to achieve in the next 12 months?
• How would this success be measured by the business?

Economic Buyer: The Economic Buyer (EB) is the person who ultimately says “yes.” They’re not always the first person you meet, and you usually need to earn this meeting. When you do, your chance of winning skyrockets.

Key questions to ask:

• If you’re on board, is there anyone else you need to run this by for budget approval?
• Do you sponsor this project?
• What does success look like for you personally?
• If we fulfill the success criteria, what happens next?

Decision Criteria: There are two types of decision criteria: technical and business. The technical side is all about whether you can deliver what they need, while the business side is about funding.

Questions to ask:

• What are the technical requirements?
• How will you calculate the business case to justify the investment?

Pro tip: Influence the decision criteria to stack the deck in your favor. If you have a competitive advantage, make sure it’s part of their criteria.

Decision Process: This is about the steps needed to reach a decision. It’s typically broken into technical, business, and legal (paper) processes.

Questions to ask:

• What are the steps and in what order do they need to be taken?
• Who is involved in each step?
• How long do each of these steps take historically?

Identify Pain: No pain, no sale. It’s that simple. Pain can be about time, cost, risk, or revenue. Make sure they feel the need to change.

Questions to ask:

• What’s wrong with the current state?
• What does this issue mean for you and the company?
• What happens if you do nothing?

Champion: The champion is your inside person who will push your deal forward. They’ve got skin in the game and influence within the organization.

Questions to ask:

• Why is this person a champion for me?
• Do they have influence?
• Will they sell for you behind closed doors?

Competition: Never underestimate the competition, even if they say there isn’t any. Status quo and in-house solutions are your biggest competitors.

Questions to ask:

• Who are you looking at and why?
• Could you get by if you did nothing?
• Have you ever built a solution in-house before?
• Who is a fan of other options internally?

Pro Tips for Implementing MEDDICC

• Internal Scorecard: Use it to assess your deals and discuss them regularly.
• Assume the Worst: Always plan for hidden landmines.
• Identify and Test Your Champion: Make sure they have the influence and drive to push your deal through.

So there you have it—MEDDICC in all its glory. Implement this, and you'll see your win rates soar. I’ve been using MEDIC for over a decade, and it's been a game-changer.

For practical examples and a deeper dive into implementing MEDDICC check out this week's video.