Picture this scenario: You’ve demonstrated your solution’s value and ROI, qualified your buyer, identified their pain points, created an opportunity, and now the deal seems inevitable. You even visualize yourself hitting that sales gong once that signed contract hits your email inbox.
But now was almost a month ago. Today, despite your pleasantly persistent outreach efforts… the sales deal has clearly stalled.
But how? Everything was going as planned. The customer liked your offer. They seemed ready to buy. And your closing game never seemed stronger. You even followed the MEDDIC sales methodology to ensure the opportunity was worth pursuing.
Need to learn more about the MEDDIC sales process before diving into these tips?
After all, MEDDIC is more than a sequential checklist. It’s a valuable sales methodology/process for understanding what motivates your buyer and prompts them into action. A valuable concept that takes time to master.
But gaining mastery of the MEDDIC sales process is worth the effort. Here are a few reasons why:
- Getting the Economic Buyer to sponsor your deal can result in a 90% closing rate.
- Without the EB’s approval, your odds of closing the deal on time drops below 50%.
- If you learn how to resolve your champion’s pain points, they’ll be more willing to fight for you internally in order to get your product/service inside their company.
With that said, here’s 3 ways you can realize the full potential of the MEDDIC sales process:
Sales tip #1: Create a relationship map and understand how decisions are made
First things first—take time to visually map the “buying circle” and the decision process. This begins with identifying who reports to who and everyone who has the potential to influence your sale… for better or worse.
Think beyond your current contact. Who has the power to make decisions and authorize the necessary spending to close the deal? This is your Economic Buyer, the person who has the ultimate power to make or break your sale. It’s crucial to get all the information you can about your EB’s expectations, interests, and overall decision-making process.
Even better, talk directly with your EB and begin establishing a personal rapport. Then, find your champion—someone whose respect and influence will make all the difference.
How it's done: First, schedule some time to meet with your buyer/champion so they can help you understand the internal political landscape in their company so you can create a visual relationship map. Second, discuss and find out what the actual decision process looks like from start to finish. These valuable insights will be part of your close plan. If they don’t know the process, you may have to talk to other people within their organization.
Then, establish a timeline that outlines what actions your team will perform to keep things moving forward—along with what actions the buyer’s team will be responsible for and when. To ensure everyone understands their roles and the agreed-upon timelines, feel free to use the Lucidchart template below to combine this close plan along with your account map.
Sales tip #2: Support your champion throughout the entire customer journey
Sure, your champion is/should be your advocate. The one who is invested in your success, feels the company’s pain, and is pushing for your solution. But they also need your help, and it’s your job to educate, train, and equip them with everything/anything they need to help you win.
Make a concerted effort to champion your champion. The more successful they are, the more likely it is that you’ll close the sale. This means supplying them with whatever data, marketing collateral, and resources it takes to influence your economic buyers or any other decision-makers.
Let your champion recognize your support and dedication to solving their pain. When they see yours is a joint effort, your champion will become a true defender of the cause.
How it's done: Do everything within your power to make the champion’s job easier. For example, if you need your champion to write an email to the ultimate decision-maker at their company, offer to write it for them and have them tweak it here and there if needed. Gestures like this do more than help champions act on your behalf.
It’s also a great way to ensure your buyer receives the right material at the right time.
Share your expertise on how to address possible objections. Coach your champion on how to effectively pitch your solution. Give them any marketing collateral they need to move the deal forward. Always act as if their success is your success… because it is.
Sales tip #3: Create sales coaching scenarios with your team
Everyone is familiar with the saying, “Practice makes perfect.” When thinking about the MEDDIC sales process, a more appropriate saying might be “practice makes progress.” If you’re a sales manager, create a series of applicable and current sales coaching scenarios for your reps. If you’re a rep, ask your sales manager to coach you on specific areas of the MEDDIC process so you can improve in areas you’re not as strong.
How it's done: Draw coaching scenarios from real-world situations that involve your solution, each reflecting a different step of the MEDDIC process. Come up with stories that incorporate open-ended questions and encourage reps to articulate a response.
For example, tell them about a time where a customer was losing thousands of dollars a week because of an inefficient production process. Then, ask how they might pitch your solution in a compelling way to relieve that customer’s pain. These coaching scenarios can become part of your one-on-one meeting agendas or weekly sales coaching sessions.
Consider these conversation templates from Winning by Design as you plan your coaching scenarios.
Hope you found these tips helpful and good luck out there closing the month, quarter, and year strong! That’s it for now.
Do it big!