It’s in the data! Reps who used some form of sales methodology are 33% more likely to hit their quota than those who don’t.
But which one is the best one to use? Join me in this episode where I break down MEDDIC vs. BANT sales methodologies to help you decide which one is the best option for you. I’ll tell you what they are and provide examples of when you should use them.
What Is the BANT Sales Methodology?
- BANT is a simple sales process that most sales rep often learn early in their careers. It stands for:
- Budget
- Authority
- Need
- Timing
- When you use this sales methodology, you determine the client’s budget, if the person you’re talking to is a decision maker, what the need or pain you’re trying to solve, and how soon they’re trying to fix it.
- Also, I like to adapt this method to better suit the client's needs and make it more understandable throughout the process.
What Is the MEDDIC Sales Methodology?
- This has nothing to do with medicine, even though sales reps in the medical field can use it to their advantage. Here’s what MEDDIC stands for:
- Metrics
- Economic buyer
- Decision criteria
- Decision process
- Identifying a pain point
- Champion
- I provide an example of selling a software product that’s competing with QuickBooks, and I’m trying to persuade you to use my services instead. This helps you understand each component of the MEDDIC sales methodology.
- Also, I share details on MEDDPICC (which adds Competition) and MEDDPIIC (which adds paper processing).
Which Sales Methodology Is the Best One?
- Here’s the short answer: neither. It will all depend on your client and the type of deal you’re going for.
- For example, you’ll use BANT in a situation where the deal is less than $2,500. This is because it’s simple.
- Usually, it goes over this amount, then you may use the MEDDIC sales methodology. It will all depend on the situation.
“There is no one way to do this. Some of you may be using different sales methods. The point is that you need to use something!” - Donald C. Kelly.
Resources
Sponsorship Offers
- This episode is brought to you in part by Hubspot.
With HubSpot sales hubs, your data tools and teams join a single platform to close deals and turn prospects into pipelines. Try it for yourself at hubspot.com/sales.
2. This episode is brought to you in part by LinkedIn.
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3. This episode is brought to you in part by the TSE Sales Foundation.
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Credits
As one of our podcast listeners, we value your opinion and always want to improve the quality of our show. Complete our two-minute survey here: thesalesevangelist.com/survey. We’d love for you to join us for our next episodes by tuning in on Apple Podcast, Google Podcast, Stitcher, or Spotify. Audio provided by Free SFX, Soundstripe, and Bensound. Other songs used in the episodes are as follows: The Organ Grinder written by Bradley Jay Hill, performed by Bright Seed, and Produced by Brightseed and Hill.
The Sales Evangelist