Need a “MEDDIC”?

On day one of new hire training, the SVP of Sales at a high-growth Bay Area tech company covers two things in his one hour presentation – 1) expectations for his sales team, and 2) the MEDDIC approach to managing a sales campaign. Want to add some science and realism to your sales process? Want to close more deals, and live by a forecast that you can count on? Read on…

The MEDDIC approach to selling:

Metrics & ROI – Do you know what the true ROI will be on the project? What is the payback period? Does the customer agree with this asssessment? Did they participate in building the ROI model? And have you reviewed it with the Economic Buyer?

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The “sales compensation equation”

From my experience, and as I learned from my MBA, part of the value of a job – are you learning and growing your career? So, the equation becomes: Total Compensation = Base + Commission + Equity + LEARNING. Never underestimate the value of LEARNING. When you can align yourself with a sales mentor who can teach you new things, it’s hard to put a value on that. PRICELESS. That said, the same Professor said that you will learn 80% of what you will ever learn within 18-24 months when working with a sales leader.

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Virtual Selling Best Practices using WebEx, Gotomeeting, LiveMeeting, or any other web meeting tool

Tip #3 Listen for buying signs & objections – How great would it be to have a microphone in your prospects office immediately following your meeting, once you’ve left? With web meeting tools, you can. You simply put the phone on mute, and tell the prospect your’re going to play a short customer testimonial (WebEx allows integrated video with sound), and then listen. 9 times out of 10 the prospect will discuss what they like or dislike about your product, what competitors they are using and more when you use this simple tactic.

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The “sniper shot” vs. “shotgun approach” to Target Account Prospecting

Step 4: If your company has a lot of customers, odds are one of their prior employers was a customer of yours!

Step 5: Email the person (through Linked In, or directly by looking up their email address in Jigsaw), and mention that their prior employer ABC CO. is a satisfied customer of yours, and wouldn’t they like to see similar business benefits at the company they work for now (benefits include: x, y, z).

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