The Elusive M: Why Measuring the M in MEDDIC is a Challenge
The MEDDIC methodology is a widely adopted B2B sales qualification framework that has been guiding sales teams since the 1990s. By asking the right questions at the right time, sales professionals gather valuable insights and establish meaningful relationships with buyers throughout the entire customer journey.
MEDDIC is an acronym for the six steps in the sales qualification process and has been successful partly because of the very clear guidance it provides a sales professional on the questions to ask and data to collect during every step of the sales process
However, it’s the very first step, "M" for Metrics, that often proves to be the most elusive and challenging for sales teams to measure and communicate.
In this blog post, we delve into why measuring the "M" in MEDDIC is a consistent thorn in the side of sales teams and look at ways to overcome these hurdles.
The Significance of Metrics
Metrics lie at the heart of the MEDDIC methodology, serving as the way to ensure focus on understanding a customer's business objectives and challenges throughout the entire sales journey.
The M in MEDDIC stands for "Metrics" or “Money,” which refers to the economic benefits or value that the buyer or customer will receive from the solution (in other words, it relies on a value model). As we hear from sales leaders all the time, measuring the M can be challenging:
Lack of data: The buyer may not have the necessary data or metrics to measure the value of the solution, making it difficult to quantify the benefits - measurement requires a model.
Complexity of the solution: The solution may be complex, and the benefits may be difficult to isolate and measure.
Intangible benefits: The value of the solution may not be easily quantifiable, especially if it's an intangible benefit, such as improved customer satisfaction or reduced risk.
Difficulty in isolating the impact: The impact of the solution may be difficult to isolate, as it may be part of a larger system or process.
Subjective evaluation: The buyer's evaluation of the value of the solution may be subjective, making it challenging to quantify the benefits.
Multiple stakeholders: In a large organization, there may be multiple stakeholders with different priorities and goals, making it difficult to agree on a single set of metrics.
Lack of alignment: The buyer's goals and objectives may not be aligned with the value that the solution can provide, making it difficult to measure the M.
Overcoming the M challenge
To ensure your sales teams are focussed on discussing and demonstrating the economic benefits or value that your buyer will receive from your solution, they can:
Ask the right questions: Centre the conversation with the buyer around their goals, objectives, and challenges so that you can clearly understand and communicate how your solution can provide value.
Focus on the benefits: Focus on the benefits and value that your solution can provide rather than the features or functionality.
Use data and metrics: Use data and metrics to demonstrate the value of your solution, even if it's not a direct measure of the M.
Use storytelling: Use value stories to illustrate the value of your solution and how it can help the buyer achieve their goals.
Collaborate with the buyer: Collaborate with the buyer to understand their goals and objectives and to identify the metrics that are most relevant to their organization.
By understanding the challenges and using the strategies mentioned above, sales professionals will be able to more effectively measure the “M” and demonstrate the value of your solution to the buyer - shortening deal cycles, reducing surprises, and increasing ACV.
