While in Vancouver, Canada, recently, I met up with fellow podcaster Collin Stewart from the Predictable Revenue Podcast to talk about outbound sales and what it takes to qualify prospects. In this episode, we talk about different qualifying criteria and methodologies, including MEDDIC and BANT. Tune in next week, and we will share what it takes to be successful at outbound sales.
What does it mean to “qualify a prospect”?
When we talk about “qualifying a prospect,” we’re talking about sales qualification – the process of determining whether a lead or prospect is a good fit for your product or service. Without implementing sales qualifications, you risk wasting time pursuing leads who aren’t a good fit for your product.
Commonly used sales qualification methodologies
You can use BANT or MEDDIC sales qualifying methodologies depending on the forecasting and the stages of your sales. So pick the most critical things 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 this will have on their business and 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 the criteria with which they will make that decision? Do we fit that criterion? Even better, have we maybe helped 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 NDAs you have to sign? Just get your paperwork in order.
Identified Panic: What is your prospect’s 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.
BANT
Budget: Does the lead have a budget to afford your 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 sending them a brochure, they confirmed they went through it. Or they introduced me to someone, or they did this, they did that. It’s not the exclusive behavior of the sales rep. It’s the behavior of that prospect or the customer. What did they do?
Deal Management and Lead Qualification Training
Stop wasting time on leads that won’t convert while learning how to manage the deal process of ones that will.
With SOCO’s cutting-edge lead qualification training, your team will learn how to identify and prioritize prospects who are more likely to buy while at the same time learning how to use the MEDDIC or MEDDPICC approach to manage stakeholders and the buying process. They’ll also gain a deep understanding of the customer’s pain points, priorities and decision-making criteria, ensuring every interaction resonates deeply with potential buyers.
Equip your team with the skills they need to assess, prioritize, and effectively engage with leads. By mastering the art of lead qualification, your team will streamline the sales process, boost productivity, and ultimately drive greater revenue.
Don’t let valuable opportunities slip through the cracks. Invest in your team’s success with SOCO’s sales qualification training.
