Many of our clients like the people they hire to have a sales methodology background. While it’s not always a prerequisite, it’s definitely seen as a plus.
In early-stage high-growth companies, making sales is crucial to growth and securing your next round of funding. Clients therefore feel more secure with candidates that have experience with proven sales processes and know how to target their approach.
In this article, we’ll look at 5 of the most popular methodologies. Which could be the best investment for you?
1 – MEDDIC
MEDDIC turns the process of sales on its head. The premise is, if you’re not making sales, it may not be down to the way you sell, it’s because you’re not selling to the right people at the right time. MEDDIC poses a series of questions for the salesperson to answer in order to ascertain whether they’re on the right track. If you can answer them positively, then you’re ready to sell. Now, if you can’t close the deal, it may be your problem!
MEDDIC stands for:
- Metrics – What is the economic impact to the prospect of your solution?
- Economic Buyer – Does the person you’re pitching have control of the budget?
- Decision Criteria – What criteria is your prospect using to make a decision?
- Decision Process – What is the timeline for a decision?
- Identify Pain – What is the pain (business affect) your prospect is feeling?
- Champion – Do you have someone in your prospect’s organisation driving your opportunity?
MEDDIC is a great way to make sure you’re not wasting your time trying to sell to people who will never buy. It gives you a clear view of the obstacles between you and the deal. This gives you the chance to figure out a way around them. It’s ideal for enterprise sales, where deals can get lost in the weeds if you don’t stay in control.
2 – Miller Heiman
Miller Heiman Strategic Selling is a sales methodology that has been around for more than 40 years. It’s particularly effective when selling into enterprises where there are multiple decision makers.
The process of Miller Heiman begins with the salesperson researching, in exhaustive detail, the decision-making process of their prospect. You need to know who all the players are, how they interact, what their motives are. Once you know this, you promote your product to all the decision makers, in a way that addresses their individual pain points. Your goal is to find a win-win situation.
Miller Heiman has been used by some of the world’s biggest companies for many years. When you’re selling into large, complex organisations, Miller Heiman gives you a framework to navigate your way around the maze.
3 – SPIN
SPIN is another acronym-based sales methodology, devised in 1989 by Neil Rackham.
SPIN is all about the salesperson asking questions of their prospect rather than talking at them. When you ask the right questions at the right time, you build rapport, find out your prospect’s pain point and sow the seed that your product could be the solution.
SPIN stands for:
- Situation – What are the facts about your prospect’s situation?
- Problem – What’s keeping your prospect up at night?
- Implication – How serious are the consequences of their problem?
- Need-Pay-off – Could your product solve their problem?
SPIN is extremely effective when you need to build trust with a prospect in order to make a sale. With SPIN, you have the opportunity to rouse up emotion in your prospect.
4 – Challenger
The Challenger Sale is often thought of as an advancement of SPIN selling. Developed in 2011, it’s positioned as SPIN selling for today’s environment.
The concept of Challenger is the salesperson positions themselves as an expert in their industry. Rather than simply offering a solution to their prospect’s needs, they educate their clients on how to succeed in their industry. They tailor this education to each decision maker in the company. They take control and challenge their prospect to be bolder in their dealings.
The advantages of Challenger are that it’s a great differentiator, a way to set yourself apart from the competition. You establish authority and build trust. It fits well in today’s ‘content is king’ world.
5 – Target Account Selling
Our final methodology is Target Account Selling (TAS), a strategy that many household name companies have been using for more than 25 years.
The two strands of this approach are Targeting and Account Management. You target prospects who you believe will benefit from what you’re selling. You then devise a plan to complete a deal based on all the factors you can find out about the company, such as the decision-making process and the motives of the people involved. You create a process of touchpoints, a journey you and your prospect must complete before you close the deal.
Your relationship doesn’t end with the sale, however. You manage your account with a view to selling to them again in the future.
One of the advantages of TAS is that it’s easy to automate and keep track of your interactions with your prospect. It’s also the approach that most sales training focuses on.
What do you think?
It’s clear that all these processes can be effective in the right environment, but there is no one magic bullet. Once you have decided on a sales methodology that you think will work for you, try it out. Analyse all aspects of your process to find out what’s working and what isn’t. Experiment and adapt. Reap the rewards.
If you’re looking for top-performing sales generators for your business, it’s time to talk to Ingenio. You can call us on +44 203 948 4363 or visit us at ingenio.io. We look forward to hearing from you.