Lesson 34 - Learn the MEDDPICC Qualification Framework

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The MEDDPICC framework is a proven method for qualifying sales opportunities. In this lesson, you’ll learn the core elements of MEDDPICC and how to apply them in your sales process. Your assignment will involve creating a MEDDPICC worksheet for one of your active deals.

Transcript

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Nicholas, welcome back to the daily quota. I'm your host, Nicholas Hill, and in today's lesson, we're going to introduce an incredibly popular and powerful sales qualification framework. This framework is called Med pick. Now you may have heard of med pick before, and in fact, if you have experience in sales, chances are you've run across some version of med pick. You might have heard it called medic that was a kind of an earlier version of it. But med pick is very, very powerful for a reason. It works really well as a way to qualify your deal, to understand what you have and what you don't. Now this lesson, we're just going to introduce the framework, but over the next several lessons, we're going to dive into each individual piece of the framework so that you can understand how they all work together, what each one means, why it's important, and how you can ultimately fulfill that area of qualification. So what does med pick stand for? First of all, there are 2d and two C's. So it's M, E, D, D, p, i, c, c, the M stands for metrics. Metrics really comes down to what are the quantitative metrics that your prospect is trying to improve upon? So this could be normally, they're tied to revenue, cost, you know, reputational risk, etc, but there are usually quality, quantitative metrics that you're trying to move the needle on. E stands for economic buyer. This is the person that has the authority to approve the budget for your solution. So your economic buyer is not going, not necessarily the person that signs the contract that's normally a member of, like legal or finance, but it's the person who can ultimately get the deal done. They're the one that that is in charge of that budget. Then you have your decision criteria, which is the, basically their internal RFP, right? It's the list of criteria that they're going to use to decide to ultimately make their decision. I'm going to try and see how many times I can say the word ultimately in this in this lecture, apparently. But the decision criteria, it's that that list of criteria we talked about it previously is required, capabilities, right? What are the things that they need to see to make their decision. Then you have the second D, which is decision process. Decision Process is a list of steps that the that the decision is going to go through. So decision process might be, you know, first it goes through the team leader, then it goes through the steering committee, then it's approved by it and procurement, then it has final approval by legal and finance, right? I'm making that up, but there are multiple steps that a decision goes through. The P stands for paper process, which essentially means, what are the specific pieces of paper that need to be signed? Is there an NDA? Is there an sow? Is there a purchase order? Is there an MSA? Right? All of the different acronyms. So thinking about security agreements and non disclosures and statements of work, what are the different things that you need to sign to ultimately make this happen? Then you have your I, which stands for implicate the pain. Implicate the pain basically means you need to have an understanding of the pain that you're solving. So med pick i is one of the most important letters, because if there's no pain, there's no deal and and really, the next letter is also incredibly important, which is C, which is the champion, and your champion is the person that is ultimately selling for you when you're not in the room. So a champion is someone with power, influence and authority. They have a vested interest in selling the product on your behalf, they usually have a personal win. We'll talk all about champions in that specific lesson. And then the last C stands for competition. So who are your competitors in this deal? Who are the ones that are Who are you competing against, even if that's just status quo or business as usual or a free version, that's good enough, right? You need to know what, what you need to differentiate against. So that's Med, pick metrics, economic buyer, decision process, decision criteria, paper process, implicate the pay. Nine champion competition. If you have all eight letters of med pick, if you have all eight areas completed, then you have a ridiculously strong deal that is most likely going to close if you have significant gaps. That doesn't necessarily mean that you don't have a good opportunity, but it means that you have some work to do. And the real benefit of med pick is that you can use it like a compass to understand your heading, to understand where you ultimately need to go next. What do you need to learn? Who do you need to get to? What do you need to achieve? So that is a brief overview of med pick over the next few lessons. As I mentioned, we're going to go into each one in detail. So don't worry if you don't feel like you understand it yet. What I do want you to do, though, is, for today's assignment, you are going to analyze three of your current opportunities, and I want you to compare them against each letter of med pick. So I want you to understand which areas of med pick Do I have a strong understanding of, and which areas do I have a weak understanding of, based on this very rudimentary description that I've just given you, I know that we're going to go into more details on it. You may not have a full understanding just yet, but give it a shot, because at the end of these lessons, I'm going to ask you to revisit these opportunities, and we're going to understand what we can do to ultimately make them far, far stronger. Cool. Let me make sure I covered everything in my notes, because I kind of did that entire lesson off the cuff. Yeah, I think that's I think that's good. Your study guide will help you. Your study guide will list out all eight of these areas with their descriptions to help you with the assignment. Cool. That's it for today's lesson on the daily quota, thanks for listening, and we'll see you next time bye, bye.