While I was 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 where we 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”, what we’re talking about is sales qualification – the process of determining whether a lead or prospect is a good fit for your product or service. Without implementing sales qualification, 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 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 behaviour of the sales rep exclusively. It’s the behaviour of that prospect or the customer. What did they do?
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