Success factors in sales - inspired by MEDDICC
Success factors in sales - inspired by MEDDICC
The decisive success factors in sales
Haven't heard from the prospect for 14 days? Your last update: The contact person approaches the circle of decision-makers and gets back to you with a proposed date for a personal meeting. So no problem, because you can use the time to work with your team on the documents for managing the prospect. Wrong idea! This is exactly where the connection often breaks down. Possible causes: Your contact's commitment is lower than expected or the person simply bites on granite internally. So all your preparations are in vain - poison for sales performance.
What helps against this? Maintaining control over all key success factors throughout the entire sales process. To do this, you need to provide continuous and comprehensive training. This is precisely the core message of the MEDDICC qualification method, which the best sales teams rely on. In the top case, for example, you can check early on whether your contact person really has what it takes to get the ball rolling for you. What other factors do sales professionals and successful MEDDICC users have on their radar to specifically increase their success? Find out in this article!
A bird's eye view of the sales process
Who does what and, above all, when? It's not that easy to keep track of the sales process. After all, all the success factors in sales have to work together to make a deal possible. But if you act with foresight, assess your position realistically and draw the right conclusions, you can close the deal in the end. Long distance instead of a sprint: the overview of the process phases speaks for itself.
1. early phase
We start with the discovery call. This is the starting signal for two essential tasks in new customer acquisition: building a personal relationship with the lead and identifying their pain. The basis is a good basis for conversation. Then the other person opens up and talks about their role in the company and problem areas in their area of responsibility. Can you solve the challenge with your offer and are the shortcomings urgent (i.e. expensive!) enough for the prospect to actually take action? These are the crucial questions.
2. middle phase
How well does your offer perform against the decision criteria and how do you compare with the competition? In the middle phase of a deal, the prospect's circle of contacts expands, so you have to carry out these comparisons again and again. Product demos or business cases reinforce the added value offered and are constantly evolving.
3. late phase
Now only one thing is missing: signing the contract. But successful salespeople don't rush into this phase either. They also keep the focus on the added value on offer in discussions with the purchasing department. This shortens price negotiations and ensures that the deal is worthwhile in the end.
1. early phase
We start with the discovery call. This is the starting signal for two essential tasks in new customer acquisition: building a personal relationship with the lead and identifying their pain. The basis is a good basis for conversation. Then the other person opens up and talks about their role in the company and problem areas in their area of responsibility. Can you solve the challenge with your offer and are the shortcomings urgent (i.e. expensive!) enough for the prospect to actually take action? These are the crucial questions.
2. middle phase
How well does your offer perform against the decision criteria and how do you compare with the competition? In the middle phase of a deal, the prospect's circle of contacts expands, so you have to carry out these comparisons again and again. Product demos or business cases reinforce the added value offered and are constantly evolving.
3. late phase
Now only one thing is missing: signing the contract. But successful salespeople don't rush into this phase either. They also keep the focus on the added value on offer in discussions with the purchasing department. This shortens price negotiations and ensures that the deal is worthwhile in the end.
These are the decisive factors
The overview already suggests it: some success factors in sales become more important over the course of the process, while others gradually fade into the background. One thing does not change: successful deals depend on the sales team working on all factors end-to-end.
Champion
Key figures on the customer side: The contact person from the cold call can be a good place to start. But you should not limit yourself to this. Sometimes the other person is not as influential as initial research suggests. If you rely on the wrong person, the process can easily come to nothing. But the right qualification will give you the signals. Secure access to other stakeholders in the company to find the champions you need. These people will act as internal ambassadors for your offer and build pressure on the award decision. Find out more about the champion here.
Economic Buyer
Economic Buyers have budget authority and ultimately play a decisive role in the purchasing decision. They are usually a little further removed from the subject matter. You must therefore take this perspective into account and also adjust the key figures used to evaluate your offer. It is clear that you must leave no doubt about the added value of your offer from this perspective. There is therefore no substitute for direct contact with economic buyers. Champions prove their quality when they have good access to these people.
Decision criteria and process
Function is not everything: companies always have more firmly defined guidelines for purchasing decisions and requirements for the corresponding products. Think of non-disclosure agreements, IT security requirements or contract conditions: It's better to uncover potential stumbling blocks sooner rather than later. This will allow you to scrutinize the criteria and, in the best case, even eliminate them. Alternatively, you can start a background exchange between legal departments or other departments involved in order to work out a solution. Real champions know their company's procurement process - after all, this is not the first time they have been involved in such a process. This person can mentally guide you through the process and proactively address critical points with you.
Key figures
At the start of the sales process, you compare the pain on the customer side with the benefit profile of your offer. You build everything else on this fit. In the discussion with the prospect, you must learn to see the situation through their eyes. What other benefits does your solution offer that go beyond the previously identified problem and how can this be expressed in the key figures of the potential customer company? That is one side of the coin. The other: What is the cost of every additional month that the company delays the decision for your product? Firstly, you need to create this urgency and secondly, you need to maintain it until the contract is signed. Which key figures best illustrate the need for action depends on the individual perspective. If new decision-relevant persons come into play, you should therefore check whether the selected key figures are still the right ones or whether adjustments need to be made.
Competition
Competition? When you hear the keyword, you probably immediately think of one or two of your competitors. You know how the focal points of your offers differ and which product is ahead where. Take a sober view of the situation! Not everything will be bad on the other side either. For you, this means influencing the purchasing process at an early stage so that the unique selling points of your product gain relevance for the prospect. Ideally, you should make the prospect realize that they can only get this decisive added value from you. Stopping here would be too short-sighted. Other customer projects or an internal solution to the problem can also cut you off at the end of the process. Keep the focus on your offer by maintaining a high sense of urgency for a solution and working on the real decision-makers.
Conclusion
Numerous success factors in sales are crucial for successful customer acquisition. But success has more dimensions: It's not just about winning the deal, but also about optimizing the use of resources and financial conditions. Those who are always aware of the status of the success factors will find it easier to do so. How can you always know where you stand in the process through better acquisition meetings? Our white paper on questioning techniques in the sales process, also inspired by MEDDICC, provides the answers.
