Introducing values-based selling into the MEDDIC selling process
Many sales processes are based on showing the value of your product or service and then aligning this with customer needs or wants. The MEDDIC sales process, for example, is one of these. But evidence suggest that you should also be selling your core values.
MEDDIC – value selling at its finest?
The MEDDIC sales process is a well-known and successful sales strategy. It’s particularly useful for high price sales which may take months to close. The MEDDIC technique follows these steps:
M = Metric
Quantify the value of your solution. This may be by way of return on investment (ROI), increased production, saving in time, lower costs, etc.
E = Economic buyer
Find the decision maker and talk to them.
D = Decision criteria
Learn why the prospect might decide to buy from you.
D = Decision process
Understand the buying process that the prospect must go through – for example, does the decision-maker need sign-off from above?
I = Identify pain
Reinforce how your product or service solves the problem that your prospect is facing and frame this as the ultimate benefit of making a purchase.
C = Champion
Connect with the person who is going to be most positively impacted by your solution – it is they who will champion the purchase. Remember, this champion must also have influence at the buying organization.
The MEDDIC process enables salespeople to qualify leads and target decision makers. It has been proved to be phenomenally successful, with companies that use it building healthy sales pipelines. The co-creators of MEDDIC, Jack Napoli and Dick Dunkel used it to propel their company’s sales from $300 million to $1 billion in only four years.
Why value selling is not enough today
While value selling techniques have been shown to work tremendously well, empirical evidence shows that the market is changing. Millennials are increasingly focused on aligning with companies whose core values align with their own. The Consumer Culture Report from 5W Public Relations found that:
The survey also found that consumers are becoming more politically and socially conscious, buying products from companies that align with their beliefs. The research demonstrates that marketing company values is increasingly important in the buying process.
You are selling to millennials
The essential nature of embedding selling your values as well as your value to prospects is further demonstrated by the growing importance of millennials in the workforce.
The millennial generation became the largest demographic in the United States workplace in 2015. These employees are now finding themselves in positions of influence. While they are not yet in the majority of decision-making positions, millennials are involved in B2B purchasing decisions 73% of the time. If your sales process doesn’t sell your organization’s core values as a USP, the competitors who are will be more likely to close the deal.
Where do core values fit into MEDDIC?
The Consumer Culture Report also found that 76% of 18- to 34-year-olds are more engaged with organizations whose CEOs speak out on issues they care about, and that two-thirds of millennials have boycotted companies who take an opposite stance to them on an issue they care about.
Not only can your core values win sales, they can cost you sales too. But if aligning your core values with those of your buyer is so important, should you discard sales processes like MEDDIC altogether? The answer, of course, is no – buyers also want value. Instead, develop a strategy that encompasses both value selling and values-based selling.
To do this, your salespeople may need training to ensure that in rapport-building stages they emphasize your organization’s values and beliefs. Instead of emphasizing value, they will need to reframe benefits to include values – such as a percentage of revenue to charity. Your sales materials, website, and social media profiles will need to be reviewed and revised to put your values and beliefs front and center.
The shift to values-driven rather than value-driven sales is potentially seismic, but it would be foolish to disregard. There have been hundreds of boycotts of products and companies that have resulted in those companies making change – usually after damage to reputation and sales. Recent examples of successful boycotts include:
Fashion companies banning fur
SeaWorld stopping its Orca breeding program
Ivanka Trump closing her fashion brand
Dozens of companies severing ties with the NRA
Including your core values within your sales process should help you to avoid such boycotts, and ensure that you build a loyal customer base that aligns with who your company is and not simply what it sells.
Contact us today to learn how we help organizations maintain their competitive advantage in an ever-changing marketplace.