Understanding the MEDDICC Sales Qualification Framework
Explore the MEDDICC framework, a comprehensive methodology for qualifying sales opportunities. Learn about its elements including Metrics, Economic Buyer, Decision Process, Identify Pain, Champion, and Competition, illustrated with business examples and teaching objectives. Discover how MEDDICC can help improve sales success by assessing potential gains, influencing decision-makers, identifying pain points, gaining champions, and handling competition effectively.
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Presentation Transcript
Have you Qualified this Deal? Is this a real opportunity ? Can we really close this deal this quarter ?
Breakout Session 1: What are some ways you are helping students qualify opportunities?
Overview of MEDDICC Definition Element Quantification of the potential gain and ultimately the economic benefit Metrics Interaction with the person who has decision control on the funds for the PO Economic Buyer Process defined by the company to reach the purchase decision Decision Process Criteria used by the company to make the purchase decision and choose among options Decision Criteria Actual pains at the company which would require your product/service to be relieved Identify Pain Powerful & influential persons at the company, who are favorable to your solution Champion The Competition is any person, vendor, or initiative competing for the same funds or resources you are. Competition
Business Example - MEDDICC Element Business Example Metrics Increase sales, decrease costs, customer retention, prospect conversion, ROI Economic Buyer Chief Financial Officer, Anyone with Budget. Decision Process Demonstration of product, formal RFP, Proof of Concept, Proposal, Decision Criteria Feature/Functionality, Support, Pricing Model, References, Implementation Experience Identify Pain Decreased market share, increase in costs, lack of resources. Champion Champion could be either internal or external. Could be reference who lead you to opportunity, user, technical person, or other person of influence. Competition The Competition is any person, vendor, or initiative competing for the same funds or resources you are.
Definition Input Element Quantification of the potential gain and ultimately the economic benefit Metrics Interaction with the person who has decision control on the funds for the PO Economic Buyer Process defined by the company to reach the purchase decision Decision Process Criteria used by the company to make the purchase decision and choose among options Decision Criteria Actual pains at the company which would require your product/service to be relieved Identify Pain Powerful & influential persons at the company, who are favorable to your solution Champion Competition The Competition is any person, vendor, or initiative competing for the same funds or resources you are.
Breakout Session 2: Apply MEDDICC to Potential University Partner
University Example of Each Element of MEDDICC Element University Example Metrics Retention, performance, applications, ramp up time Economic Buyer VP Sales, Director Sales, Director Training Decision Process Decide budget in August for sponsorship Decision Criteria How many hires, past performance, location Identify Pain Great resignation, BDRs promoted quick Champion Board member, alumni, hiring manager, recruiter Competition Other schools in area, recruitment firms.
Implementation of MEDDICC: Project Options Step Week Long Semester Long X X 1: Review of Internal Selling and Resources X X 2. Overview of MEDDICC X X 3: Apply to Role Play Case Profile (NCSM, ICSC, NISC) X 4, Apply to Potential Sales Program/University Partner X 5. Team Presentation of MEDDIC for University Partner
Apply to Role Play Case Profile Element Example Metrics Economic Buyer Decision Process Decision Criteria Identify Pain Champion Competition
University Partner:_________________________ Element Company Details Metrics Economic Buyer Decision Process Decision Criteria Identify Pain Champion Competition
