Meddic was created in 1995 within a product lifecycle management company. At the time, it served the landscape of complex technology sales very well and allowed for multi-stakeholder collaboration among all parties involved when tackling large scale projects such as developing applications or building new machines. However since then things have changed with two pivotal changes to enterprise sales that Meddic is not adapted too – namely cloud computing technologies which enable companies to get more bang for their buck without having expensive server space and end users who are far less likely than before to take out loans from banks/lenders so they can buy products outright instead choosing quick online payments through debit cards like paypal.
1. AN INCREASE IN COMPLEXITY IN THE PAPER PROCESS
Technology buying and selling is much more complex now than it was in the nineties. Licenses used to be perpetual, so once an organization had bought them they owned them outright. Now subscription license agreements are commonplace; these include updates as well as other recurring arrangements that can add a lot of complexity to your business’ finances if you’re not careful about how many subscriptions you take on at one time or what type of agreement would work best for your company’s needs. For example, compare buying a car with cash versus signing up for financing through the dealer – there’s significantly more paperwork involved when choosing finance over just paying upfront!
With the advent of subscription models, cloud hosting became more prominent. Consequently, data security and privacy have become much stricter requirements for technology vendors to meet. This is because with every new innovation in technology comes a newer set of rules about what must be done when it comes to procedures like MEDDIC (which stands for Maintenance-Engineering Design Documentation Control).
The Paper Process has been known to be a high-risk process for Sellers in the past, but due to changes within this field it is now commonly referred as outside of its previous home. The MEDDPICC model was created because evolution of old processes have led us into new territory where these risks are prominent and alluring.
2. INCREASED COMPETITION
The advent of cloud computing has made things more complicated on the Paper Process side but simplifies technology investment and complexity. In the days when
MEDDIC was invented, it would require a lot up-front to fund an army developers servers with Amazon Web Services that today you can build platforms easily thanks to services like AWS or developer marketplaces such as GitHub.
The cloud shift in the barrier of entry down to the floor. This means that there are now more competitors than ever, which is great for innovators and entrepreneurs alike. In 2011, 500 marketing technology companies existed; today manufacturers have reached 10 thousand with a growth rate at 5 per day just in this sector alone!
Competition is not only limited to solutions that rival you. Competition in a deal can be anyone from vendors, competitors or even your own team vying for the same budget and resources as yours. This means if you are selling application monitoring software then your competition does not just include other applications but any technology or service trying to win over the money needed towards purchasing what would best serve their needs including yourself!
WHEN DOES THE PAPER PROCESS BEGIN?
In the Paper Process, a solution provider will be given an indication that they have been selected for the project. If this is not yet finalized, there can still sometimes be some negotiation left to do on specifications and commercial elements of what’s being offered.
The process of selling the paper product is a complicated and detailed venture. It depends on what specifications you are looking for, but in order to make it simple there will always be some type of contract that needs signing by both parties involved. For example, if I am trying to sell my car then I need approval from someone who can sign off so they have evidence that the sale was authorized before releasing funds or allowing me into their property without authorization which would be trespassing (depending on country).
If you have seen an organization that doesn’t have a P in their MEDDIC acronym it doesn’t mean that you are not following the Paper Process as many sales organizations will roll the Paper Process into the Decision Process.