Seeing a lot of posts on MEDDICC and wanting to adapt the more traditional BANT criteria to reflect the modern reality of selling B2B. I started to do some research and thought it would be a great topic for another post in our Sales 101 series.
So lets first start of by defining both MEDDICC and BANT and then talk a little bit about how we can adapt our BANT criteria to MEDDICC.
I hope this information is useful to you as it was for me.
MEDDICC
The MEDDICC sales methodology is a framework used in complex B2B sales to enhance understanding and qualification of potential deals. It stands for:
Metrics: Quantifiable measures used to demonstrate how your product or service can benefit the customer. It's about understanding and articulating the financial benefit of the solution in terms the customer cares about.
Economic Buyer: Identifying the person who has the financial authority to make the buying decision. Understanding their motivation, challenges, and how the solution aligns with their objectives is crucial.
Decision Criteria: The specific criteria that a company uses to make their buying decision. This includes the technical, financial, and operational requirements they consider important.
Decision Process: Understanding how a decision is made in the customer's organization. This includes the steps they go through, who is involved at each stage, and what is required to move forward in the process.
Identify Pain: Recognizing the customer's pain points or challenges that your product or service can address. This involves empathizing with the customer and deeply understanding their issues.
Champion: Identifying and nurturing a champion within the customer’s organization. This is someone who believes in the value of your solution and is willing to advocate on your behalf internally.
Competition: Being aware of the competition and how your product or service compares. This includes understanding the customer's perspective on your competitors and how to position your solution as the best choice.
Compelling Event: A deadline or event that drives urgency in the decision-making process. This could be a regulatory change, a business need, or any other factor that creates a time-sensitive need for a solution.
The MEDDICC methodology helps sales professionals to better understand their prospects, qualify leads more effectively, and navigate complex sales processes by focusing on the most critical elements of a deal.
BANT
BANT is another popular sales methodology, particularly useful for qualifying prospects and we have a previous post on the subject. BANT stands for:
Budget: This refers to understanding if the prospective customer has a budget allocated for the product or service you are offering. It's important to establish early on whether the prospect can afford your solution, or if there might be a budget they can allocate in the future.
Authority: This involves identifying if the person you are communicating with has the authority to make a buying decision. In cases where they do not, it's crucial to find out who in the organization has that decision-making power and how you can connect with them.
Need: This component is about uncovering the specific needs or pain points of the prospect that your product or service can address. It’s essential to understand the prospect’s challenges and how your solution can provide value to them.
Timeline: This pertains to the timeframe within which the prospect is planning to make a purchase. Understanding their timeline helps in aligning your sales approach with their buying process and creates a sense of urgency.
BANT is a straightforward framework that helps salespeople quickly assess the viability of a prospect. By determining these four key factors, you can prioritize your efforts on leads that are more likely to convert and tailor your sales approach to their specific situation.
While BANT (Budget, Authority, Need, Timeline) has been a staple in sales qualification, MEDDICC (Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, Champion, Competition) offers a more comprehensive approach in several key areas where BANT may fall short:
Depth of Qualification:
BANT: Focuses on basic qualification criteria. It can sometimes lead to superficial assessments, especially in complex sales environments.
MEDDICC: Offers a more in-depth understanding of the prospect's situation, including their decision-making process and specific pain points.
Understanding the Economic Buyer:
BANT: While it considers the 'Authority' or decision-maker, it doesn’t explicitly focus on the economic buyer who has the budgetary power.
MEDDICC: Explicitly identifies the 'Economic Buyer', ensuring that sales efforts are directed towards the person with fiscal authority.
Decision Criteria and Process:
BANT: Does not specifically address how a decision is made or the criteria used by the prospect.
MEDDICC: Delves into the 'Decision Criteria' and 'Decision Process', offering insights into how decisions are made within the prospect's organization.
Champion Identification:
BANT: Lacks a component for identifying and nurturing internal advocates or champions within the prospect's organization.
MEDDICC: Includes 'Champion' as a key element, recognizing the importance of having an internal advocate for your solution.
Competitive Landscape:
BANT: Does not explicitly consider the competitive environment in the qualification process.
MEDDICC: Adds 'Competition' as a critical factor, acknowledging the need to understand and position against other market players.
Metrics and ROI Focus:
BANT: Primarily focuses on immediate qualifiers like budget and need but lacks a strong emphasis on the metrics or ROI of the solution.
MEDDICC: Stresses 'Metrics' to demonstrate the tangible value and ROI of the solution, aligning more closely with business outcomes.
Complex Sales Situations:
BANT: Can be less effective in complex sales scenarios where multiple stakeholders and a longer sales cycle are involved.
MEDDICC: Is better suited for complex sales environments, offering a more nuanced understanding of various stakeholders and the sales process.
Adapting from BANT to MEDDICC for a salesperson in a B2B environment involves a shift in focus and approach. Here's how we can make this transition more effectively:
1. From Budget to Metrics and Economic Buyer:
BANT: In BANT, the emphasis is first on Budget, determining if the prospect has the financial resources.
MEDDICC: Shifts the focus to Metrics and identifying the Economic Buyer. Instead of just confirming the budget, delve into how your product can deliver measurable ROI and financial benefits. Also, prioritize identifying and engaging with the person who has the fiscal authority and can be influenced by these metrics.
2. Expanding Authority to Champion and Economic Buyer:
BANT: Authority in BANT is about ensuring you're talking to the decision-maker.
MEDDICC: Expands this to include finding a Champion within the organization who believes in your solution and can advocate for it internally, as well as focusing on the Economic Buyer. The key is to build a broader base of support within the prospect's organization.
3. From Need to Identifying Pain:
BANT: Focuses on the general need for a product or service.
MEDDICC: Encourages a deeper understanding of the prospect's specific pain points. This involves a more consultative approach, where you diagnose pains and position your product as a tailored solution.
4. From Timeline to Decision Process and Compelling Event:
BANT: Involves understanding the prospect's timeline for the purchase.
MEDDICC: Goes deeper into understanding the entire Decision Process of the prospect's organization and identifying any Compelling Event that drives urgency. This helps in aligning your sales strategy with the client's internal processes and timeframes.
5. Adding Competition Awareness:
BANT: does not explicitly address competition.
MEDDICC: includes Competition as a key factor. Understand how your offerings stack up against competitors and be prepared to articulate your unique value proposition in this context.
6. Broadening the Scope:
BANT: is a more linear and narrow approach.
MEDDICC: requires a broader view of the sales process, engaging multiple stakeholders, and understanding the prospect's organization more holistically.
7. Adopting a Consultative Sales Approach:
MEDDICC: often means adopting a more consultative, problem-solving approach to sales, as opposed to the more transactional approach seen in BANT.
8. Investing Time in Relationships:
MEDDICC: can require more time investment per prospect, as it involves building relationships, understanding detailed needs, and navigating complex decision-making processes.
By making these adjustments, us salespeople more accustomed to BANT can effectively adapt to the MEDDICC methodology, allowing for a more comprehensive understanding of the prospect and a higher chance of closing complex deals.
In summary, while BANT provides a solid foundation for sales qualification, MEDDICC expands and deepens this approach, offering a more holistic view of the prospect and their buying environment, which is particularly valuable in complex B2B sales scenarios.
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