Timestamps

1:48 - How Chris first used MEDDPICC

5:13 - Frameworks enable consistency in chaos

06:29 - Benefits of MEDDPICC for team members and leaders

10:56 - Driving adoption and implementation in large sales teams

13:19 - Coaching people in different roles and levels

17:15 - There are only two types of people in this world

18:45 - The most critical element in MEDDPICC

22:24 - How Sales Leaders without MEDDPICC can start learning and thriving

About Chris Wood

Chris Wood is a technology leader who has played pivotal roles in the growing software companies. At Sourcefire, he was the first in the country and built the team and revenues to eight figures, at Imperva he turned the APAC region from the worst-performing to the best-performing region and now leads the Quest Software APJ business with 150 people in the GTM org alone.  In his first year, he achieved targets for the region after 9 years of missing targets and has turned it into their fastest-growing region.

8 critical insights about winning more deals with MEDDPICC

“If you don’t feel bad about losing in sales, then you’re in the wrong game.”

That first sentence sums up my conversation with Chris Wood, the APJ leader at Quest Software, and his stellar track record of growing software companies.

If you’re a Sales Leader or an Individual Contributor (IC) who is new to MEDDPICC, you’ll find these lessons very insightful.

I have listed 8 actionable insights from my talk with Chris, plus his three best lessons about success and leadership in sales. Enjoy!

1. MEDDPICC promotes transparency, accuracy, and productivity

MEDDPICC stands for Metrics, Economic Buyer, Decision Criteria, Decision Process, Paper Process, Identify Pain, Champions, and Competition. It’s a qualification process for deal management, focusing on why, why now, and how to manage opportunities for success.

Chris shared that he began using the MEDDPICC process when it was introduced by PTC, the company that invented it. He also remarked that MEDDPICC offers numerous benefits for individuals and teams, including increased transparency, accuracy in forecasting, and increased productivity. It raises efficiencies across the organisation and enables your team to better understand the business.

Actionable tips:

1. Set specific goals and KPIs. Define clear and measurable goals for deal based on the MEDDPICC framework. Use these as Key Performance Indicators (KPIs) to monitor progress and success.
2. Conduct deal reviews. Schedule regular meetings to assess the status of opportunities using the MEDDPICC criteria. This will help identify potential roadblocks and refine strategies to close deals successfully.
3. Share success stories. Celebrate individual and team successes resulting from the implementation of MEDDPICC. Share success stories and recognise team members who effectively use the framework to achieve their goals.

2. Set up the Sales Team to win through continuous learning

Chris observed that the sales industry needs a more streamlined, personalised approach to training teams. He shared that some of his colleagues way back then were lucky enough to have a 6-week training at IBM. These days, depending on how good your manager is, you might get a bit of SPIN training. Chris believes that organisations should provide real training on sales.

Actionable tips:

1. Promote a Culture of Learning. If you are in a leadership position, advocate for a culture that values continuous learning. Investing in employee training can lead to improved sales outcomes and employee satisfaction.
2. Advocate for Comprehensive Sales Training. Make a case for the benefits of investing in training programs that go beyond the basics and equip sales professionals with the tools they need to succeed.
3. Research External Training Options. If your organisation doesn't provide sufficient sales training, explore external resources such as workshops, online courses, or certifications that can enhance your skills.

3. Increase win rates with a structured process

Chris believes that you need to use it so that you can transform your sales process, reduce the risk of losing deals, and increase wins. He also shared that learning this framework is not enough; you also have to understand why you’re learning it. You need to internalise the underlying purpose of MEDDPICC so that you can adapt to changing dynamics and transform your sales approach.

Actionable tips:

1. Implement a Structured Sales Process. This process should be clear, repeatable, and adaptable to various customer interactions. A structured sales process ensures no essential steps are overlooked.
2. Identify Areas of Opportunity. Use MEDDPICC to identify the eight areas of opportunity. Understanding them deeply so that you can focus your efforts on areas that need improvement.
3. Share Knowledge within the Organisation. Share knowledge and insights about MEDDPICC with relevant teams and stakeholders. By spreading awareness, you’re ensuring a shared understanding between teams of how to reach your organisational goals.

4. Transparency of deal information increases forecast accuracy

Accuracy is crucial for productivity and forecasting deals. While it may not completely eliminate errors, it provides a little leeway for teams to make informed decisions. This is where MEDDPICC can help you, Chris says. It provides granular deal information, which allows you to accurately predict if opportunities are going to close.

Actionable tips:

1. Emphasise the Impact of Accuracy. Clearly communicate to your sales team the significance of accuracy in driving productivity, forecasting, and decision-making. Show how accuracy can help them close deals faster.
2. Encourage Detailed Deal Documentation. Encourage your team to document all deal-related information thoroughly. Use MEDDPICC to gather comprehensive data about each opportunity. This documentation will facilitate better decision-making and increase win rates.
3. Set Accuracy KPIs. Define Key Performance Indicators (KPIs) related to accuracy and deal information quality. Some examples are Win Rates, Forecast Accuracy, or Opportunity Qualification Accuracy.

5. Use repetition to streamline large sales teams

To drive adoption and implementation across a large team, it's essential to use repetition. Chris believes you need to repeat a message that resonates with your teammates even if they’re from different environments and cultures.

He also shared that understanding the needs of team members from diverse backgrounds is a huge challenge in converting them. You could adapt the MEDDPICC system to suit the environment, as the fundamentals don't change. However, your challenge could be making it more efficient in the eyes of your teammates. To handle this, Chris believes you need a compelling event, economic bias, and a champion to make your team’s process more efficient.

Actionable tips:

1. Feedback Mechanisms. Establish feedback mechanisms to gather insights from the team about the message's impact and effectiveness. Some ways you could try to gather feedback are the Start-Stop-Continue exercise, one-on-one coffee sessions, anonymous surveys, or group sessions on virtual whiteboards.
2. Cultural Adaptation. Understand the diverse cultural backgrounds of your team members and adapt the messaging to be inclusive and culturally sensitive. Tailor examples and case studies that relate to different environments
3. Tie Message to Business Outcomes. Clearly explain how adopting the message will benefit both the team members individually and the organisation as a whole. Highlight the positive impact it will have on their success and career growth.

6. Develop an in-depth understanding of your customer

Chris also shared that since COVID happened, deals and opportunities have been getting a lot more scrutiny. There have been activities that require a legal background check or a decision from the board. That’s why Chris believes that Account Executives (AEs) can weather this extra level of scrutiny by understanding their market deeply.

Actionable tips

1. Collaborate with Legal and Compliance Teams. See to it that your sales processes comply with any new regulations or requirements. Involve legal teams in deal reviews to forecast any potential issues that may arise during scrutiny.
2. Demonstrate In-Depth Market Knowledge. During sales interactions, showcase your understanding of the market and the challenges your prospects are facing. Provide relevant industry insights and case studies that demonstrate your expertise in navigating the current market conditions.
3. Leverage Data Analytics. Analyse your sales performance and identify patterns or trends in customer behaviour. Use CRM data to track the impact of scrutiny on deal cycles.

7. Standardise your sales process to encourage growth

Sales managers without a standardised process can struggle to achieve accuracy, productivity, and efficiency. If you’re a Sales Manager, you can overcome this by continuously learning about MEDDPICC. You can also consult with your peers. They could offer you guidance on managing salespeople effectively.

Actionable tips:

1. Implement a Standardised Sales Process. Create a step-by-step guide that outlines the stages of the MEDDPICC process and the specific actions and criteria for each stage. This will provide a structured and consistent approach to managing deals and ensure everyone is following the same best practices.
2. Refine the Process. Hold periodic meetings to discuss how well the MEDDPICC process is working and gather input from your sales team on any challenges.
3. Reward Compliance in Your Teams. Acknowledge team members who effectively apply the standardised sales process and achieve positive results. Create a recognition program or incentive for those who consistently follow the MEDDPICC process and close deals successfully.

8. The Champion is the most critical element

Chris shared that the Champion is the most critical element, as they can create a compelling event that drives the decision-maker to buy your product. More importantly, you need a champion because they can share knowledge about how you can navigate the organisation, who to talk to, and the real reasons behind their buying decisions.

A true champion can help you understand the real reasons behind a solution and even help you avoid rejection.

Actionable tips:

1. Understand the Champion's Motivations. Take the time to understand what motivates your champion to support your product. Tailor your messaging and approach to their specific needs. For example, if your champion is driven by the potential for cost savings, focus on showcasing the ROI and cost-effectiveness of your product.

2. Leverage the Champion's Knowledge. Tap into your champion's knowledge of the organisation's decision-making process, key stakeholders, and pain points. Use this information to navigate the sales cycle effectively.

3. Empower the Champion as an Internal Advocate. Provide your champion with persuasive sales materials and data to present to other stakeholders and decision-makers.

     

A few bonus points about success in sales:

This summary wouldn’t be just complete without these golden nuggets of wisdom from Chris:

1. You can't be successful unless you know why you’re successful

To be successful, it's essential to define and repeat why you became successful in the first place. What Chris means is that you need to articulate the steps you took that led you to victory. For example, you can build a repeatable framework for success. This will help your managers and ensures that processes are consistent across different locations.

2. There are only two types of people in this world

There are those who learn and those who don't want to learn. As a sales leader, one of Chris's biggest fears is mediocrity in a team - it just doesn't mix with brilliance. It's like oil and water. That's why he emphasises the importance of having team members who are eager to learn if you want to build a great team with shared values.

3. Just like a great cricketer, a salesperson is selective

Chris shared his favourite quote that reminds him of great salespeople: a great cricketer is a selective cricketer. That means the best salespeople are not those who work on all deals but those who have the guts to qualify out early for the wrong deals. This increases productivity because they can easily avoid losing more than winning.

He also shared that if your “champion” leaves the organisation, it’s better to leave that deal because you probably have a slim chance of winning. Chris emphasised that this is how things are— circumstances change, and when they do, there is no compelling event. This is when you should find something else.

Final thoughts

To sum up this talk, I’d agree with Chris: the pain of losing deals is often greater than the joy of winning them. To overcome this, it is essential to use frameworks to reduce investing time in the wrong deals and increase time and energy to win the right ones.

And to recap Chris’ words … “If you don’t feel bad about losing in sales, then you’re in the wrong game.”

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