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MEDDICC was pioneered by Jack Napoli, when he was at technology company PTC, in order to better pipeline and close bigger deals. Other sales qualification frameworks got them from $0 to $100M no problem, but from $100M to $1 billion, there needed to be a better process created upfront.
In SAAS, MEDDICC has been a great framework for products that require transformation of behavior or incredibly high sales prices. For Funding Pros, MEDDICC can be helpful in working with bigger deals, where the decision maker is not necessarily the owner of the company (office manager, bookkeeper, CFO, etc.), and what you have to offer isn’t exactly the kind of bank financing products they’ve been used to.
This is where really understanding exactly how a prospect buys, why they would buy, and who’s championing you internally is crucial to moving these type of bigger deals forward.
MEDDIC stands for:
Metrics – What is the economic impact of the solution?
Economic Buyer – Who has profit and loss responsibility for this?
Decision Criteria – What are their technical, vendor and financial criteria?
Decision Process – Then what happens / Define validation and approval?
Identify Pain – What are their primary business objectives?
Champion – Who will sell on your behalf?
Competition – Who are we competing against and why?
Here are examples of MEDDICC questions that have routinely been used:
Metrics
How would you measure the success of your project?
Which metrics are you already using to achieve your objectives?
Economic Buyer
What does success look like for you?
Who, in addition to yourself, is involved in making this decision happen?
Decision Criteria
How do you typically arrive at these decisions?
How do you typically calculate the ROI for a project like this to justify the investment?
Decision Process
Which personnel are involved and what are the steps to reach the decision?
What does the approval process for a program like this typically look like?
Identify Pain
How quickly do you need to act on this decision?
What are implications of not getting this done?
Champion
How does this person have influence?
What is his/her personal interest?
Competition
Who are we competing against?
What about them is appealing?
How can you start tailoring this approach to some of the bigger deals in your pipeline?
-FundingStrategist
https://fundingstrat.com
https://fundingstrat.com/quality-qualification-meddicc/
