What does the acronym MEDDIC stand for in the sales process?

The acronym MEDDIC is a framework used in the sales process to help sales teams qualify and manage opportunities effectively. The correct breakdown of MEDDIC is as follows:

• Metrics: This refers to the quantitative measures that can demonstrate the value of your solution to the prospect.

• Economic buyer: This is the person who has the authority to make the financial decision regarding the purchase.

• Decision criteria: These are the specific features or benefits that the prospect is looking for in a solution.

• Decision process: This outlines the steps and timeline the prospect will follow to reach a purchasing decision.

• Identify pain: This is about understanding the prospect’s challenges or pain points that your solution can address.

• Champion: This refers to the person within the prospect’s organization who advocates for your solution and helps navigate the internal decision-making process.

This framework is significant because it provides a structured approach for sellers to understand their prospects deeply, ensuring all critical aspects of the sales process are covered—from identifying the economic buyer and understanding the specific pain points to following the decision process. This enhances the likelihood of closing deals successfully.