The Importance Of Comparing Sales Qualifying Methodologies
When leads are qualified properly, less time is wasted on people not likely to buy from you, so you can hone in on the ones who are. This is why sales qualifying methodologies are imperative to your strategy.
I recently met up with Collin Stewart from Predictable Revenue, and we discussed different sales qualifying methodologies, including BANT, MEDDIC, and variations of them.
We were both surprised about how many sales reps have no idea want BANT or MEDDIC even stand for. They don’t understand the concept of qualifying leads. What ends up happening is they think their pipeline is full of great opportunities, only to be surprised at the end of the month when nothing closes.
By fully understanding different qualifying criteria, reps become clearer around what it takes to progress a sale and what it takes to get more qualified leads. This is something we’ll be covering in our upcoming SOCO Selling Workshop.
“This could be Prospecting 101. How do you qualify leads effectively? You need to have a criteria or framework that you use for qualification.”Tom Abbott
The Discovery Call is the exact moment when you will realize whether a lead is worth pursuing. If they happen not to be a perfect fit for your product or service, it’s time to amicably part ways. In many cases, getting to this point will not be obvious, so it’ll take some time to choose which path to take.
So, how do you figure out how to qualify leads by using existing Sales Methodologies? In this article, Tom Abbott and Collin Stewart from Predictable Revenue discuss different Sales Qualifying Methodologies including, BANT, MEDDIC, and other key variations.
What’s An Inbound Sales Team?
Inbound Sales Representatives focus on the needs, challenges, goals, and interests of individual buyers. Instead of focusing on closing the sale as soon as possible, Inbound Sales Reps work to meet consumers where they are.
A typical day for an Inbound Sales Rep involves answering calls or queries, resolving customer complaints, scheduling appointments, assisting the existing customers, and following up on outbound calls. Pretty busy, right? Inbound Sales Reps need to be incredibly driven, resourceful, and highly independent. They need to have impeccable communication skills along with being masters of organization.
Why Are They Vital To Sales Qualifying Methodologies?
To qualify leads, every business needs to make sure they’re pursuing every potential customer acquisition channel that will make sense for them and their Predictable Revenue spell growth. However, you want to do whatever will make sense for your market, audience, and team.
There are critical differences between Inbound and Outbound; Inbound Sales is a sales qualifying methodology that prioritizes individual buyers’ needs, challenges, goals, and interests. Instead of focusing on closing the sale as soon as possible, Inbound Sales Representatives work to meet consumers where they are. They’re active leads.
So, If you think about sort of two sides to the funnel, at the top of the funnel, there’s motivation. Somebody clicked on a link to your website. There was enough pain inside them that they’re like, “Hey, I’m going to fill out this form, and I’m going to have a sales…” There’s a reason why they opt it in. There’s a reason why they downloaded that PDF or other freebie.
“I think they’re both hard. I think from sitting in the seat of both an inbound and an outbound rep. Inbound is easier. Building the whole system and all the infrastructure to support inbound, it’s hard to say. We do both here and they’re both equally hard.”Collin Stewart
How Do You Qualify Leads Using Sales Qualifying Methodologies?
You can use BANT or MEDDIC sales qualifying methodologies depending on the forecasting and the stages of your sales. So pick the things that are most critical for your business to see a deal moving forward. Make sure that the stages of your sales actually make sense.
MEDICC or MEDDPICC
Metrics: Do you understand the impact that this will have on their business, the identified pain? Can you articulate what it is?
Economic Buyer: Have we had a conversation with the economic buyer?
Decision-Making Process: Do we understand the decision-making process?
Decision Criteria: Do we know what is the criteria with which they will make that decision? Do we fit that criterion? Even better, have we maybe help that prospect frame the criteria.
Process: The fun-stuff or The Paperwork Process. You have to be set up as an approved vendor. Are there any NDA’s you have to sign? Just get your paperwork in order.
Identified Panic: What is your prospects issue? What motivates them?
Competitors: what’s the competitive landscape? Who else are you up against? And then © = C was the Champion.
Typically MEDDPICC is suitable for bigger deals with a long buying process or an extensive and complicated cycle.
Budget: Does the lead have a budget to afford what you’re offering?
Authority: Does the person you are talking to have the ability or authority to make a purchase?
Need: Do they have a need for your product or service?
Timing: Does the prospect have a critical need for your solution now?
What Is Customer Verifiable Outcome?
Rather than scheduling a qualifying call, they’ve organized the qualifying call. They booked the time in my calendar, for example. Rather than I sent them a brochure, they confirm that they went through the brochure. Or they introduced me to someone, or they did this, they did that. It’s not the behavior of the sales rep exclusively. It’s the behavior of that prospect or the customer. What did they do?
The Scientific Approach To Qualify Leads
The most important aspect to Qualify Leads is your market and messaging – this is not something you can steal or copy from somebody else. This is something that you have to work your way towards and has to be tested. It has to be validated to ensure consistency.
When considering how to craft your approach, don’t hop on Google and search for 10 best cold-calling scripts and use them verbatim. Why not? Because you need to formulate your own hypothesis based on your specific market, and you can make sure that your messaging is tweaked to address individual needs.
Channels and Tactics are sources that you can copy from – You can listen to a podcast just like this and, in turn, can gain an understanding of what are other channels people are using.
The core idea that I want to get across is Market Messaging is the single most important aspect you need to develop because you need to have a proven process for testing and iterate your way to them. The best way you can do this? Targeting Hypothesis, Need Hypothesis, and then the Messaging Hypothesis.
“It’s all about fine-tuning, tweaking, and experimenting.”Tom Abbott
The Need hypothesis is just what do we feel, what do we feel is actually the critical pain? What’s the responsibility of the individual? Their goal? KPI? What exactly is the friction getting in the way of them? And then, the messaging hypothesis ties the need to how our product solves that need.
So, in short, Market messaging your customers change, the market changes, the competitive landscape changes.
Key Questions & Answers
If there’s one message you could share with these like sales leaders, small business owners, sales reps that would really help them up to their game around outbound, what would that be?
Channels and tactics can be copied and they all need to be updated on a continuous basis. This is not a set and forget thing. Your market and messaging are something you’re always going to need to be continuously testing, iterating, and improving. – Collin
Are there any plans for like a Predictable Revenue 2.0 or revisit it kind of like an e-myth revisited?
Yeah, it’s certainly been something we talked about. One of the things that we wanted to do to sort of fill the gap was the Predictable Revenue podcastCollin
How do you get people to reply to your emails?
I like to use a short and to the point subject line. I’m not going for the kill right away, for the meeting. I’m looking for is this email relevant? That’s really what I’m trying to qualify for when I’m trying to open up a conversation because I want to make sure that I’m investing my time on the right individuals. So, I want to give everybody the opportunity to say, “Hey, no, I’m not the right person”.Collin