Lesson 44 - Master MEDDPICC

Get the companion study guide for all episodes — packed with practical assignments, templates, and key takeaways at thedailyquota.com

Bringing it all together, this lesson will teach you how to master the MEDDPICC framework to qualify and close deals consistently, giving you step-by-step guidance for closing the gaps for each area of MEDDPICC. Your assignment will involve completing a comprehensive MEDDPICC worksheet for a current deal.

Transcript

0:00

Nicholas, welcome back to the daily quota. I'm your host, Nicholas, and in today's lesson, we're going to apply the med pick framework to an active opportunity in your book. Now at this point in the course, you've gone through all eight areas of med pick qualification. So what we're going to do is for an active opportunity of your choosing, you are going to, one, ask yourself questions that let you know, do you have this area of med, pick handled? And two, if you don't have that area handled, we'll give you some steps that you can take to start to address that gap. It's as simple as that, if you have an opportunity, I would grab a pen, open your CRM. You can do this live while you listen. Otherwise, your study guide will walk you through it at the end. If you don't have an opportunity that's active right now, my recommendation would be to wait until you have one. Otherwise, I'll try and add some guidance in the study guide for some alternatives. Now, let's start with metrics, the M in med pick for the opportunity you've chosen to evaluate, ask yourself, Have you confirmed the metrics that the prospect is going to use to measure success, and are the key success metrics clearly defined? So you've confirmed the metrics. You've defined the metrics. If you haven't done those two things, you probably don't have metrics handled, and if you don't, here are some actions you can take to strengthen that area. Set up a call with your champion to review the metrics that matter most to them and their team and how they plan to measure the success of the solution, ask direct questions such as, what specific metrics will you be looking at to determine if this is going to be successful for your business? And then finally, gather benchmark data and case studies that demonstrate how your solution has improved, those metrics for other customers in similar roles. Let's look at economic buyer. You should be asking yourself, do you understand what the economic buyer cares about the most? And are you engaged with the economic buyer, or are you still relying on your champion to relay messages for you? So basically asking, Are you directly engaged? If the answer to those questions are no, here are some actions you can take. One request an introduction to the economic buyer, through your champion emphasize how crucial it is to align on strategic goals. Two, send an executive to executive outreach email to request a brief call with the economic buyer offering to discuss strategic alignment. Or three, prepare a business case with strong ROI data and present it to the economic buyer to capture their attention and build a direct relationship. Four, decision criteria, you should be asking yourself, have you documented all of the decision criteria? Have you listed it out? And then two, do you know which criteria are most important, our highest priority for the prospect? If the answer is no, here are some actions you can take, review your call notes and emails to identify any requested features, functionality or must haves that the customers mentioned. You can use AI to help you summarize these calls and ask it to read call transcripts. Ask your champion directly, are there any additional criteria or requirements that you haven't yet discussed, and then create a visual decision criteria checklist and review it with your prospect to ensure alignment for decision process, ask yourself, do you understand all of the stages and the key stakeholders and the required milestones for each area of the decision process, for each step all the way to from where you are today to the closing of the deal. And then two, have you mapped out that complete timeline and given yourself some estimated time frames for getting those things done? And then I guess I'll add a third one. Have you aligned on that with your prospect? If the answers are no, you should create a visual map of the decision process with the key miles stakeholders and approval stages that you understand so far. You should ask your champion or primary contact to validate your understanding of the process, provide any additional context, and you should request a joint meeting with all stakeholders involved in the decision process to clarify roles, next steps and timelines for paper process. Ask yourself, do you know what documents are required to finalize the deal? Are there any legal or procurement approvals that might cause delays if you don't know the answer to that question, do the following? Ask your prospect about their standard paper process, including any NDAs pilot agreements or MSAs required engage your legal or contract teams early to review and prepare necessary documents, ensuring there are no last minute surprises, and request a timeline from the procurement team to understand how long each approval stage typically takes. I. For implicating the pain, ask yourself, do have you tied the prospects pain points directly to revenue, cost or risk? Have you made the pain urgent and compelling enough that they need to take action now, if the answers to the above questions are no, here are some actions you can take. Revisit your discovery notes highlight the specific business impacts of the pain points they mentioned, use this information to create a compelling narrative. Use the less is more technique to focus on one or two highly impactful consequences of inaction. So make the pain feel urgent and real. And then three, ask your prospects how long they're willing to continue with the current challenges and what it's costing them in lost opportunities for champions, ask yourself, Do I have a true champion, or am I dealing with a coach? Have I tested my champion's ability to sell on my behalf? If the answer to either of those questions are no, here's some things you can do. One, ask your champion to sponsor a meeting with the economic buyer, test their level of influence and commitment. Two, give your champion a personal win, exclusive insights reports, presentations that will make them look good internally. Three, conduct a mutual success plan, review it with your champion and review, ensure that they're aligned on next steps and know how to advocate for your solution. And then finally, your competition ask yourself, do you know who your competitors are in this deal, and have you positioned your solution effectively against them? If the answers are no, ask your champion about other tools or platforms being considered to gain insights into your competition set trap setting questions during your conversations, to subtly highlight gaps in your competitors offerings, and review your competitive battle card and prepare rebuttals and differentiators to use during your upcoming meetings. All right, we've covered all eight areas of the med pick framework. Now it's your turn. If you weren't doing that while we were talking, make sure that you have now completed the above for at least one of your focus opportunities. Even better if you do it for your top two or three opportunities. And frankly, I would ask managers to require this of all of your opportunities, I think every opportunity, you should be looking at Med pick and understanding what you have and what you don't remember. This qualification framework is popular for a reason. Once you've identified gaps, it's no big deal. You're going to have gaps. If you didn't have gaps, the deal would probably be closed. So write down your action plan for addressing those gaps, meet with your mentor manager or new hire buddy to validate your plan and gain feedback. And of course, your study guide will walk you through everything we just mentioned. And that is it for today's lesson on the daily quota and our brief kind of series on the med pick qualification framework. Thanks for listening, and we'll see you in the next one. Bye, bye.