MEDDIC: The Key to Success in Tech Sales

If you want to be successful in tech sales, there's one acronym you need to know: MEDDIC. This stands for…

• Market
• Economic Buyer
• Decision Criteria
• Decision Process
• Identify Pain
• Champion.

In this blog post, we'll take a closer look at each of these elements. How they can help you close more deals in the tech industry. And how they can help you on your journey to Career Success. Let's find out!

What is MEDDIC?

It’s a B2B sales method that, in essence, helps you figure out whether a prospect is worth pursuing. You don’t want to waste your time on someone who isn’t interested in buying.

MEDDIC can help with that. Here’s what it stands for.

Market

You want to be successful in tech sales. Well, you need to have a thorough understanding of the market you're selling into.

This means being up-to-date on the latest trends and developments in the industry. Having a deep understanding of your target customer's needs is as important.

Examples of different market types in tech:

• Medtech
• Edtech
• Martech
• Sales Tech
• These are JUST to name a few...

Economic Buyer

The economic buyer is the decision-maker for your deal. This is the person who has the authority to sign off on your proposal.

They'll make the final decision of whether to buy your product. When making your pitch, focus on the value that your product can provide for their company.

Decision Criteria

When evaluating potential vendors, decision-makers will often have a list of criteria. Be aware of these criteria so that you can tailor your pitch and position yourself as the best solution.

Not sure what their decision criteria is for evaluating new software? Ask them. Each company will have a broad strokes process they must follow. Normally the rule of thumb is, the larger the company, the more established a process. And the more cooks there will be in the decision-making process and criteria.

Decision Process

Knowing the criteria that their company uses to evaluate vendors, is also helpful. It will help you understand the decision-making process your prospect uses.

Align your sales process with their decision-making timeline. Ensure that you're providing the information they need at each stage of the process.

Identify Pain

Being a successful salesperson means identifying pain points within an organization. Then, position your product as a solution to those pain points.

Understanding your customer's challenges will help show how your product can help them. Again, not sure what's causing their biggest pain point? Ask them. But be careful. There is a reason you've reached out to this prospect for a reason, you should be able to make an educated guess on the pain points faced.

Champion

In order for a deal to be successful, you need a champion within the organization. Someone who is passionate about your product and willing to champion it.

Champions are essential for deals because they build consensus within an organization. They also get buy-in from other stakeholders involved in the decision-making process.

Have no fear, Uvaro is here!

MEDDIC is a powerful tool that can help you close more deals in the tech industry. By utilizing each of these elements, you'll be able to better position your product. You are the solution for your prospects' needs.

If you need more help integrating MEDDIC into your sales toolkit, we can help! Download our Career Success Catalog today to see how Uvaro’s programming can help you close the deal!