Jointly creating value stories with the economic buyer and the sales champion: making MEDDIC even more powerful

Amar Dhaliwal is a Director and Co-founder at Ibbaka. Connect on LinkedIn

The MEDDIC methodology (and variations such as MEDDICC and MEDDPICC) is a widely adopted B2B sales qualification framework. By asking the right questions at the right time, sales professionals gather valuable insights and establish meaningful relationships with buyers and customer champions throughout the entire customer journey.

MEDDIC especially encourages sales professionals to uncover the pain being experienced by the buyer and underpin the pain with metrics (see this previous blog post - The Elusive M: Why Measuring the M in MEDDIC is a Challenge) and also to empower stakeholders to understand the distinct value of the solution being proposed, building champions and advocates along the way.

One of the most impactful ways to empower stakeholders and make MEDDIC even more effective is the joint creation of value stories with the economic buyer and the sales champion. This collaborative approach not only strengthens customer relationships but also streamlines the sales cycle, leading to more effective and efficient sales outcomes.

Understanding the Roles: Economic Buyer vs. Sales Champion

Before delving into the benefits of jointly creating value stories, it's crucial to understand the distinct roles of the economic buyer and the sales champion within the MEDDIC framework.

• Economic Buyer: This individual has the ultimate authority to approve purchases and controls the budget. They are primarily concerned with the financial and strategic impact of the proposed solution on their organization.

• Sales Champion: This is an internal advocate within the customer's organization who supports and enables the proposed solution. They have significant influence and can help navigate internal processes, provide insights, and advocate for the solution when the salesperson is not present.

What is a Value Story?

A value story is a compelling narrative that articulates the specific benefits and value that a solution will bring to a customer's organization. 

It goes beyond the features and functionalities of a product to demonstrate how it addresses the customer's unique pain points, aligns with their strategic objectives, and delivers measurable business outcomes. 

A well-crafted value story typically includes:

• Identification of Pain Points: Clearly defines the customer's challenges and problems.

• Solution Overview: Describes how the solution addresses these challenges.

• Metrics and KPIs: Provides quantitative data to support the expected benefits, such as revenue growth, cost savings, or ROI. 

• Customer Testimonials and Case Studies: Includes real-world examples of similar customers who have achieved success with the solution.

• Strategic Alignment: Shows how the solution aligns with the customer's broader business goals and initiatives.

Value stories can play different roles at different stages of the customer journey, but in all cases they should be collaborations. See Value stories are the key to value based pricing success.

The Power of Joint Value Story Creation

Creating value stories collaboratively with both the economic buyer and the sales champion brings several advantages:

1. Alignment on Objectives and Metrics

When both the economic buyer and the sales champion are involved in crafting the value story, it ensures that the objectives and metrics are aligned with the key priorities of the organization. This alignment is critical because:

• Economic Buyers focus on high-level financial metrics and strategic outcomes, such as ROI, cost savings, and revenue generation.

• Sales Champions understand the day-to-day operational challenges and can provide insights into how the solution impacts specific pain points and processes.

By combining these perspectives, the value story becomes more comprehensive and compelling, addressing both strategic and tactical needs.

2. Building Trust and Credibility

Jointly creating value stories fosters a sense of partnership and collaboration. It demonstrates that you are not just selling a product but are genuinely invested in solving the customer's problems. This collaborative approach helps in:

• Building Trust: Both the economic buyer and the sales champion see that you are committed to understanding their unique challenges and working together to find the best solution.

• Enhancing Credibility: When the sales champion advocates for your solution internally, their credibility is bolstered by the fact that the value story has been co-created with input from the economic buyer.

3. Streamlining the Sales Process

Involving both key stakeholders early in the sales process can significantly streamline decision-making. Here’s how:

• Early Buy-In: Engaging the economic buyer early ensures that budgetary and strategic considerations are addressed upfront, reducing the risk of last-minute objections.

• Internal Advocacy: The sales champion can navigate internal processes more effectively, leveraging their influence to keep the deal moving forward and addressing any concerns that arise.

Steps to Jointly Create Value Stories

To effectively create value stories with both the economic buyer and the sales champion, follow these steps:

1. Conduct Joint Discovery Sessions

Organize discovery sessions that include both the economic buyer and the sales champion. Use this time to:

• Identify and quantify key pain points and objectives.

• Discuss the value drivers and metrics that matter to both strategic and operational stakeholders.

• Gather insights into the decision-making process and criteria.

2. Develop a Tailored Business Case

Based on the insights gathered, develop a tailored business case that:

• Highlights the financial and strategic benefits for the economic buyer.

• Details the operational improvements and pain point resolutions for the sales champion.

• Uses specific value drivers, metrics and data to support the value proposition.

3. Iterate and Refine

Present the initial value story to both stakeholders and be open to feedback. Iterate and refine the story to ensure it resonates with both their needs and expectations. This collaborative refinement process ensures that the final value story is robust and compelling.

4. Leverage the Value Story Throughout the Sales Cycle

Use the co-created value story as a central piece of your sales collateral. Refer to it during key stages of the sales cycle to reinforce the value and benefits to be delivered and maintain alignment with the customer's objectives. This consistent reference helps in:

• Keeping the focus on agreed-upon metrics and value delivered.

• Addressing any new objections or concerns with a unified narrative.

Conclusion

Jointly creating value stories with the economic buyer and the sales champion is a powerful strategy that makes the MEDDIC framework even more effective. 

It aligns objectives, builds trust, and streamlines the sales process, ultimately leading to more effective customer relationships and successful sales outcomes. 

By leveraging the strengths and insights of both key stakeholders, sales teams can craft compelling value propositions that resonate deeply and drive meaningful business results.

Ibbaka’s platform digitizes the creation of compelling value stories, helping sales teams to have value-centered conversations throughout the sales process and beyond into the customer success phase. Co-creating the value stories with the  Economic Buyer and Sales Champion, as Ibbaka allows you to do, makes them even more powerful and impactful.

Book a demo today and discover how our unique B2B SaaS solution can increase sales, improve retention, and drive growth.