During an economic downturn, it’s easy to focus on negative headlines about layoffs and declining business performance. But revenue teams still have targets to meet. Now is the time to get creative.
So how do you drive accountability at a time when every sale matters?
Sales managers: It’s time to get methodical and strategic if you want your reps to hit quota. While there are a multitude of different approaches out there, I’d like to talk about two of my favorite sales methodologies — MEDDPICC and design thinking — and explore why they’re particularly effective when times get tough.
Get curious about your customer with MEDDPICC
It’s difficult for a seller to be creative without truly knowing their customer first.
Proper discovery is a foundational step in the sales cycle and should never be skipped. Your sellers may want to jump right into a selling motion without taking the time to research, but it’s critical to ask the right questions and understand why prospects need solutions like yours instead of simply selling features.
Sellers shouldn’t hop right into pushing features; they should illustrate the unsustainable nature of a customer’s current behaviors and processes.
Regardless of whether you’re connecting with buyers online or in person, sales has always been about building and maintaining relationships. If this is something your sellers struggle with, gaining a better understanding of your prospects may require a more structured approach.
I’m a big fan of the MEDDPICC sales methodology, which breaks down into a series of questions sellers must ask themselves during a B2B deal:
- Metrics: How will your prospect measure success? What goals do they need to achieve?
- Economic buyer: Are you talking to the real decision-maker within the prospect’s organization?
- Decision criteria: What’s driving their decision to partner with us? Are there certain technical, budget or ROI requirements we need to meet?
- Decision process: Who are the key stakeholders? What steps will they take before making a purchase decision?
- Paper process: What steps or actions have to be taken before the contracts are signed?
- Implicate the pain: What problem is the prospect trying to solve? What’s at risk if they don’t solve it?
- Champion: Who does this problem impact the most within the prospect’s organization? Will they go to bat for your solution to fix it?
- Competition: What people, vendors or initiatives are competing for the same funds and resources we are?
Getting back to the basics and conceptualizing your deals through the lens of MEDDPICC will create a more holistic approach to sales, a better understanding of your customers and a sales team that’s well researched and well prepared to win more deals. It fosters connection and conversations about the things buyers actually care about by focusing on the pain of their current issue and how your solution can solve it.