Since MEDDIC arrived over twenty years ago in the industry, it has had to endure the challenge of staying relevant, functional, and innovative in a constantly improving world.
Despite a wave of technological advancements, MEDDIC has not only stood firm but has grown at every hurdle. Now, it is the framework of choice by global enterprises and sales organizations across the planet.
The sales workforce is only growing from strength to strength. Statista reported that the number of direct selling workers has grown from 108 million in 2015 to 128 million by 2021 – this rapid growth of salespeople increases the need for a reliable and timeless methodology.
It has become its more modern adaptation, now dubbed MEDDPICC and MEDDICC, but it is still a methodology that the sales workforce depends on. Here are the main reasons why people continue to love MEDDIC twenty years on:
It Saves Them Valuable Time
MEDDIC is beloved because it saves salespeople so much valuable time. MEDDIC is a methodology that puts a strong emphasis on qualification – this means time will not be wasted on deals that have a low success rate. This is a modern approach that is not only relevant to the sales world but across many industries – data-driven process work in all fields, whether it is sports, business, or entertainment – analytics and metrics are being used to achieve the most success.
MEDDIC, by allocating focus on deals that have a higher chance of success, saves valuable time and resources which also affects the company as well as the salesperson. This saved time and resources benefits the company and generates even more revenue.
Creates a Language That Everyone Can Speak
MEDDIC has revolutionized the sales industry in so many beneficial ways, but it has even created something akin to Esperanto – a common language that everyone can speak. By using terms like Metrics, Decision Process and Economic Buyer, there is a simple language that allows everyone to get to grips with the core aspects of a deal.
When your Sales Leader talks to someone about the “decision process” or asks you who your “champion” is, you will know exactly what they are asking about and can point them in the right direction. This creates a common language and baseline throughout a sales team and allows everyone to contribute and be direct to the point. No longer does unnecessary jargon complicate communication – MEDDIC simplifies sales language and this can lead to so many more wins.
Gives People A Success-Driven Process
Using self-evaluation tools like a process that has common usage in most areas of life, especially when you are striving for improvement. Whether doing a big house clean or working out in the gym to hit a health goal, a process and methodology keep you engaged and focused.
Processes help us perform better for many reasons, the main being that if a task is complex, it is easy to overlook a step. The second is that we are so used to doing complex tasks, we can easily lose focus and be demotivated. Sales are complex, they have a host of conditions, variables, and factors that a salesperson needs to be aware of. By breaking them down using processes, you can attack each task with full effort in the knowledge that you are solving the puzzle one piece at a time. The same can be said for when you assess and qualify a deal too – MEDDICC pushes you to be better and makes sure you do not miss a beat.
It Pushes Everyone To Be Better
MEDDICC is a framework that gives people the opportunity to self-reflect and analyze. There is little need for a coach to sit and give biased feedback – by using the MEDDIC sales methodology, you can monitor your progress and performance, looking at any leaks or missed opportunities you may have in your process. This leads to a more driven and refined salesperson and less time wasted on unnecessary tasks..
What does MEDDIC mean?
MEDDIC stands for Metrics, Economic Buyer, Decision criteria, Decision process, Identify pain, and Champion. It is a methodology that places a higher focus on qualification – or essentially, whether you should push effort into a potential lead or not.
Who invented MEDDIC?
MEDDIC was created at Parametric Technology, or PTC, by Jack Napoli, Dave Dunkel and John McMahon. MEDDIC was given a lot of recognition after helping lead PTC to more than $1 billion in revenues.
What is a Champion in MEDDIC?
A Champion in the MEDDIC process is someone within your client’s organization who will sell on your behalf when you are not present. They also take the role and responsibility of guiding you through the decision-making process and helping you shake hands with key players, and decision-makers, and also keep you in the loop in case something goes wrong.