All About The MEDDIC Strategy To Take Your Business To The Next Level
Posted by antonioabraham748 on June 25th, 2020
Everybody wants to increase the sales close rate and take the business to the next level. Then there are many tips and insights which will help any business to grow in multiple volumes regarding sales by following the MEDDIC process salesforce and methodology.Also See: Sales Process, Meddic Process, Decision Process, Volumes Regarding, Sales, Process, Decision
The MEDDIC sales process is very unique and effective. This sales process and MEDDIC methodology salesforce have helped many companies across the globe to achieve their desired results. This is a very renowned sales qualification process that applies to any enterprise sales force.
MEDDIC is an acronym which stands for: -
M - metrics, E - economic buyer, D - decision process, D - decision criteria, I - identify pain, C - champion.
This methodology can be further categorized and elaborated as under:
1. Metrics-This are the quantification measurements of the potential gains and economic benefits. Further, this also has been divided into two groups.
• Below the line
• Above the line
2. Economic Buyer-This refers to the person who has the decision power to spend the funds. This person has the discretionary power to approve or not approve the project. The successful meeting with the EB is the key to success. If Eb confirms the project and proposal then the deal has the chance to close.
3. Decision Process- Every project has different verticals where there are formally defined decision-taking criteria. These areas are categorized further into legal, commercial, and technical. In the technical decision, the feasibility factor is discussed and the project pros and cons are reviewed. In the commercial decision process, there are decisions to be taken on several budgets, for example, operation expenses, capital expenses, and purchase budgets, etc. The third important is a legal decision that involves people making decisions on legal matters like land, lease, or other government-related NOCS, etc.
4. Decision Criteria- This refers to the criteria used by the project owner or the company to make the decisions on purchase and other segments.
5. Identify Pain- These are the areas where the company needs to focus because these pains can cause severe damage to the company on the financial as well on reputation grounds. For example, if some company has to deliver the product at a particular time but fails to do so because of logistics or production or some other reasons. The company’s reputation will be hampered and will have to pay some penalty as well. So, identifying the pain areas is important which can be plugged in.
6. Champion- Last but not the least these are the inflation, resourceful and powerful persons at the company, who can take immediate decisions and can give effective solutions.
Stats around the world prove that there are possibilities of substantial growth even in the saturated markets if we follow this process. Many renowned companies globally have build-up strong future forecasts on the fundamental of this process. This particular process can be referred to as a checklist or a sales process.
Antonio Abraham is the author of this website and writes articles for a long time. To know more about the MEDDIC process salesforce and MEDDIC methodology salesforce please visit the website.
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