MEDDPICC is a sales methodology that the Sandler Training organization created. Sandler Training is a global leader in sales, management, and leadership training, with over 250 licensed offices worldwide. The organization was founded in 1967 by David H. Sandler, who developed the Sandler Selling System, which is the basis for the MEDDPICC methodology. The acronym stands for Money, Authority, Decision-maker, Decision-making process, Pain, Problem, Interest, Capability, and Communication. Sales professionals and organizations widely use this methodology to help them identify and qualify potential customers and increase their chances of closing a sale.
MEDDPICC for Technology Companies
MEDDPICC is a B2B (business-to-business) sales qualification framework to qualify, develop, and close prospects. The MEDDPICC framework enables account executives to quickly understand the best opportunities by asking key discovery questions while ensuring documentation of every sales process step.
By using MEDDPICC as a sales methodology and following these best practices, you can more effectively identify and qualify potential customers and increase the chances of closing a sale. The acronym changes slightly for SaaS/technology companies.
- Metrics: Leverage of the measured potential gain and their economic benefit
- Economic Buyer: Interaction with the person in the account who has discretionary access to the funds
- Decision Criteria: Criteria used by the customer to select the solution and the vendor
- Decision Process: Process that the customer has adopted, which leads to the purchase decision
- Paper Process: Approval process in the account through which the purchase order request needs to go before reaching the vendor
- Identify Pain: Actual pains at the company require your product/service to be relieved.
- Champion: Powerful & influential persons at the company who are favorable to your solution
- Competition: Knowledge of the competing vendors in the account, their strengths and weaknesses, and their champions
The level of knowledge, control, and progress of each of the above elements in a specific account is critical for assessing the chance of success. These elements lead to a sharp and clear report qualification throughout the sales cycle. For example, the unchecked elements of the MEDDPICC checklist will help disqualify a deal early in the sales cycle, or they will direct the seller to the right actions in the account, which will lead to closing that deal.