Streamline Your Document Processes with Meddic Metrics for Teams

How to create outlook signature

[Music] hi everyone my name is andy white and i'm going to try and give an overview of medpick in under 10 minutes let's see how this goes okay so the first part of medpick is the metrics now these are the quantifiable measures of value in which your solution provides for your customers they could be things like increases in revenue increasing efficiency via percentage or monetary values now early in your opportunity you are unlikely to have uncovered rock-solid metrics for your customers what you need to do is look to your existing customers and bring in the metrics of success they've had the proof points of success that they've had into your deal as early as possible this will do two things the first is to act as social proofing to prove that you've delivered value for other customers secondly it will open up the customer's mind into thinking about understanding the kind of value you have this will lead to a much more productive discovery session where you can uncover your customers needs goals challenges and then start to really mold those into metrics that they can use to build their business case hand in hand with you the next part of the media pick is the economic buyer this person is the overall authority in your deal they're who the budget will roll up to they have the power to say yes when others say no and no when others say yes they generally will have discretionary use of funds and be able to create their own budgets and when you talk to them they're talking the language of business if you imagine how their annual report reads that's how they like to talk they're likely to have profit and loss responsibilities and here's the thing the economic buyer has the single biggest impact on the time it's going to take you to close your deal the size of the deal and your risk to your forecast put simply you cannot sell to somebody who can't buy you can sell to the economic buyer and you absolutely have to be engaged with them in your deal okay the next part of netpick is the decision criteria this is the criteria in which the customer is going to make their decision it sounds much easier than it is it breaks into three parts the first is the technical criteria this fundamentally is can your solution do what your customer needs it to do technically but not just that it's also going to come under infrastructure criteria security criteria interface criteria integrations criteria all that kind of stuff will come under the technical criteria next up is the economic criteria this is really around business case does the solution give enough value does the roi stack up is the business case strong enough but it's not just about money resources counts as well is your solution going to take a lot of resource to implement and if so does the business case support it to be at the top of the priorities list third relationship this is really about you does the customer want to work with you do you feel like a good partner to them not just that though what about your your road map your trajectory as a company how strong are you in their industry do you work with their other partners all that kind of stuff now different people in the decision process will have different decision criteria so you've got to really map your stakeholders and understand what their criteria is this gets harder as well because customers don't generally have a decision criteria written out unless it's like an rfp sometimes that helps but generally especially if you generate the opportunity yourself there won't be a decision criteria that means it's your job to create the decision criteria at the very least you have to influence it towards you the next part of medpick is the decision process this is the process in which the customer is going to go through so they can make a decision who are the people involved and what are the processes those people will go through in order to evaluate select and purchase your solution generally breaks into two parts the first is the validation phase this is when they're checking through the highest priority requirements the solution needs to have is to make sure everything works as promised basically checking against the decision criteria in most cases the second part is the approval stage this is the sequence of events that need to happen in order to get your deal signed okay the next part of medpick is the paper process these are the series of steps and actions that are ahead of you getting your contract signed now a lot of organizations will roll the p inside of the decision process and just simply call it medic but a lot of organizations today are breaking it out and having med pick and the reason for that is quite simple the paper process is the single biggest cause for forecasted deals slipping where unforeseen things happen and cause a deal to slip a week a month whatever it may be that's a big big problem so it's really really really valuable to have great insight about what could happen what could go wrong are people going on maternity leave paternity leave on holiday you know any kind of things can happen they're generally unexpected so what things could impact the timeline of your deal making sure you're ahead of those and on top of them is really really important okay strap yourself in because this is an important one in fact for me it's the most important of all the med pick it is of course implicate the pain now the pain is a problem which your customers have inside of their business which is so big that they have to find a solution to solve it now those astute amongst you the med pick practitioners will be wondering hang on a minute i thought that the i in med-pix stood for identify the pain well it kind of does for me there's three eyes in med pick the first is identify the pain and what this means is that you you identify the pain it's really simple in fact even bad sellers can identify the pain and what they normally will do they will identify the pain get excited and jump straight into their slide deck of 30 40 50 slides to talk about how they can solve the pain for the customers now that's bad well you're watching this video so i don't need to tell you why that's bad but it's not a good thing to do now what most sales people do and what good sellers do now is that they indicate the pain what that means is they identify the pain and then they indicate to the customer how much is costing them what what is the pain what is the quantification of it you know is it lost revenue is it inefficient operations and they generally will do that in an roi document a business case a proposal of sorts and you know it works it it helps you know build the business case does help but what elite sellers do what elite sellers know is that pain is a mindset they know that they have to find some pain and dig deeper and deeper via great discovery and open-ended discovery questions to really surface up that pain so that the customer feels it so much inside of them that they absolutely have to solve it now if not sooner and the least sellers do that because they know that with no pain there is no problem if there's no problem there's no urgency if there's no urgency there's no executive sponsor if there's no executive sponsor there's no budget and if there's no budget there is no deal and if there is no deal what are you doing here okay the seventh part of medpick is the champion now the champion is probably the most commonly used phrase in sales unfortunately i think it's the most misused phrase and by that i mean is to have a real champion a true champion they have to meet three criteria the first of those is they have to have power and influence they have that credibility when they speak others take notice and that's important because the second criteria is they need to be selling internally for you you can't always be there and there'll be times when they need to stick up for you or talk about your benefits when you can't be there the third is that they need to have a vested interest in your success basically if you win they win so this can look like things like munch rewards it might you might help them hit their bonus it might be a new skill that by working with youth again it might be a promotion whatever it is they have to have some sort of shared success with you now it's not just you that has a champion your competitor is likely to have a champion as well and it can't be the same as your champion because then it wouldn't be a champion so what you need to figure out is whose champion is stronger and set your champion up for success to beat your competition's champion my favorite phrase around champions comes from the folks at sales medic group who say no champion no deal big champion big deal the final part of the med pick is the competition now the competition is commonly misunderstood in med pick people think about the competition as just being your rival solution the solution that's the same as what you do just a bit differently but in fact the competition is any individual initiative or vendor that is competing for the same resources or budget as you are so this could be a cio who is trying to build your solution internally or just come up with a solution to get by so they don't have to invest in your solution it could be another solution it could be one of the thousands of other solutions that are out there that all provide a positive roi to the organization it could be inertia which is you know my least favorite of them all because that's the one that really means you've probably not done you're not qualified well enough which obviously medic really really helps with so there's all kinds of different things the competition could be and it's your job as the seller to get on top of who it is once you identify who the possible competitors are you need to come up with a plan the plan i think works best is to do a swot analysis think about strengths weaknesses opportunities and threats and get on the front foot so often sellers get themselves on the back foot because they wait too long to think about the competition how they can be ahead and by the way most important thing about all this never knock the competition always focus on your strengths your benefits your unique differentiators and if you must lay traps make it around your unique benefits don't talk bad about the competition customers hate it and it very very rarely gets you on the front foot so there you have it an overview of medpick in maybe under maybe over 10 minutes i don't know because i haven't edited it yet but um if you enjoyed this then please please hit the like button it really really helps and also if you can hit the subscribe button too so i can bring more great content like this thanks for tuning in see ya