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Meddic Metrics in Vendor Negotiations
How to Utilize Meddic Metrics in Vendor Negotiations with airSlate SignNow
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FAQs online signature
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What are the stages of MEDDPICC sales?
MEDDPICC is an acronym for the eight steps in this sales qualification methodology: Metrics. Economic buyer. Decision criteria. Decision process. Paper process. Implication of pain. Champion. Competition.
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What are the criteria for MEDDIC?
MEDDIC is sales qualification framework used by sales people and sales teams to help qualify their sales opportunities. Often labelled a sales methodology MEDDIC is an acronym based on the following six elements: Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, and, Champion.
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What are the sales methodologies for MEDDIC?
MEDDIC is an acronym that stands for Metrics, Economic buyer, Decision criteria, Decision process, Identify pain, and Champion. This process emphasizes better customer qualification—in other words, determining whether or not you should expend effort getting a customer into your sales funnel.
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What are metrics in MEDDIC?
Metrics are the quantifiable measures of value that your solution can provide.
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What are the metrics in MEDDPICC?
Metrics. Metrics in MEDDPICC is all about the real, quantifiable numbers—the end value, KPI improvements, the hard dollars—your prospect hopes to achieve.
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What is the M in MEDDPICC?
The elements of MEDDPICC M is for Metrics. The Metrics are the quantifiable measures of value that your solution can provide. Here at MEDDICC™, we break these down into M1s, M2s and M3s. E is for Economic Buyer: The Economic Buyer is the person with the overall authority in the buying decision.
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What is the difference between M1 and M2 in MEDDPICC?
M1s are the business outcomes you have delivered for your existing customers. M2s are the Metrics you have personalized specifically to your customer. M3s are the validated M2 after the solution has gone live. These can be used to go back into your M1 repository.
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What is M1 and M2 in MEDDPICC?
M1s are the business outcomes you have delivered for your existing customers. M2s are the Metrics you have personalized specifically to your customer. M3s are the validated M2 after the solution has gone live. These can be used to go back into your M1 repository.
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foreign [Music] this is Andy and that is PIM what are we talking about today Pim we are talking about what people get wrong with your favorite metric elements decision criteria breaks my heart when I see these things people not not utilizing it as fully as they could getting it wrong it's yeah makes me very very sad what do you think's that the main number one then what's the number one thing that sales people get wrong about decision criteria that there is this mindset where we think the the decision criteria are something that the customer has right we need to uncover what their decision criteria are like they're experts in buying your solution yeah they already know they've already got it all worked out um all you need to do as a salesperson is go and figure out you know what things in particular they know that they need to have in your solution to basically match Your solution to their needs yeah like like as if as if our customers are so busy day in day out that they're just spending time reading Forrester reports going on all of our websites competitors websites reading G2 crowd all this kind of stuff yeah and and even if they did do that that the opinion they had formed the decision criteria they had form is the one that's the best for their business that is the number one thing that people get wrong about the decision criteria yeah because when you do find out that they do have decision criteria there's probably something else going on right which is even less favorable for where you will be with that process best it's come from like good research good like un um unbiased research uh at worst it's come from a com competitor who's not going to go in there and tell about you know all the things that better about your solution that they should be looking for right they're really going to talk about yo what's great about this and if they're a really good salesperson they're going to set some traps for you that you're probably going to walk straight into if you try and match to that decision criteria that the competition has set nice yeah and then and then the maybe joint biggest thing that people get wrong with decision criteria is they're just reactive with it and what I mean by reactive is they kind of they go and find out what it is and then they react and a sort of tune their pitch I sort of accepted for what it is yeah I can't change it yeah yeah that's it that's it it's it's locked in now and and you know we've got to have to we're gonna have to do our best to make ours sound as good as it can against this criteria when you know like we just said like the even if the customer has a very very clear from their side decision criteria like we said it's unlikely that it's going to be good for you at best it's going to mean you know agnostic sort of neutral um and if you just sit back you're not really kind of you're not really doing any wild classes professional selling you are just sort of answering questions about your solution you are demonstrating your vanilla solution rather than you know solution selling yeah so I think I also think as it as it connects back to Value right which is sort of like the bigger pillar that decision criteria are part of this is like how you do it so if you think about the pain that that this customer is looking to solve for potentially with you as a seller like you need to care about the way that you're gonna get there right and when you're thinking about the the strengths of your company your products Etc it's the articulate nation of how you do that better or or yeah better than anyone else or maybe even uniquely if you're in a really really a lucky spot I would I would add and so yeah I think that that reactiveness is like a real big thing that we see that people get wrong right yeah and it's it's not it shouldn't be forgotten about how much the customer will Mark you down as a partner if all you do is kind of go oh okay yeah we can do that like yeah okay it's like you know to kind of bring the thought more uh visual it's like if you invite an architect around your house and you tell them that you know you want you want an extension because you know you need more space in the house right and all of a sudden they're outside measuring how much of your garden you're going to lose and this sort of stuff and and they come back with a plan of like you know you're gonna lose half your half your backyard I should say yeah um and then another architect comes in and says tell me why why is it you on the extension they say well we need another room we've got a child on the way and they say well okay but if you have an extension you're gonna lose half your garden right um but I noticed you've got a a loft an attic right have you thought about converting that all of a sudden the person doesn't matter how good the architect is doesn't matter how you're beautiful the extension is going to be the second architect just came and changed the game and it's probably going to win the the deal yeah absolutely and that's in the decision criteria and that and actually you made me realize something else another thing that people get wrong is that they think about it just in the technical sense right but we break it down in other categories too there are other things to consider here right sure for sure it's like for in in your example here economical relationship yeah but it's it for sure there's you know from an economics perspective for sure there'll be difference in costs but also you know we like we we say it's not just about cost in terms of money yeah probably don't need as much planning permission Authority involvement to convert an attic as you do to move your house out the back depending on where you live that yeah that comes under the time to value and efficiencies and that kind of stuff relationship on an extension maybe I mean it's it's um it's an interesting one from a perspective of future sale value of the house you know it's kind of aligning with the future might be under relationship if you know the house even though it's got an extra couple of bedrooms might not be that appealing anymore because there's nothing like that we're going way too far into this analogy but um let's summarize I'm thinking like oh you probably have like a project going on and we'll have like Architects cold calling you now it's like oh no hello let's summarize so what is it people people assume that customers either have one or if they do have one that it's well thought out being reactive about active about it it just just lining yourself up and just hearing what the customer's got to say rather than influencing taking control thought leading all those good things yeah so that's the assumption that it's well thought out basically right yeah what else oh there's one there is one actually I thought of is that people assume like they go in they do the world's greatest job of influencing thought leadership and they're like wow look at this look at this decision criteria that I've got confirmation from my customer and we have consensus look I'm gonna hang it put it on the wall I'm going to tell everyone about it and they assume it's not going to change they assume that the salesperson that goes in after them or comes in late is not gonna you know make the customer think about things differently you know it's like hey I'm bringing the analogy back I'm sorry Pym but it's like hey you know what we're going to build an Annex or we actually maybe it's not maybe they don't need more space for a child maybe they just wanted more space that actually someone catches their eye and they sell them a time share somewhere else right or like a holiday home or something like that the as long as you're attaching back to the business needs the decision criteria is so far away from that that it could change radically and that's why you know salespeople today they can have five deals and in each of those deals they can have five ten fifteen different competitors they won't see necessarily the same competition in the same deal even if they're selling their same solution well any I'm I'm really glad that you brought it back to selling I've been through quite a bit of a rebuild myself and I think that everyone who has and is listening to this will resonate with that but yeah it makes a lot of sense in the in the context of professional selling yeah well cheers to medic Towers thank you
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