Given my recent finish of SPIN Selling
, sales qualification/ discovery processes weigh heavy on my mind. So, it’s no surprise then, that when I run into a new acronym that I wonder what it’s about – and how it’s different.
Here are a few sales qualification acronyms:
- BANT– this is a real popular one that was the foundation for many sales processes. It stands for Budget, Authority, Need, and Timing.
- ANUM– evolution from BANT and heavily promoted by InsideSales.com for years, this stands for Authority, Need, Urgency, and Money.
- SPIN– this is more about the process rather than qualification criteria. However, this comes from Neil Rackham’s SPIN Selling – Situation, Problem, Implication, and Need pay-off.
- MEDDIC– this is a new one for me after hearing about this from a sales leader recently. This stands for Metrics, Economic buyer, Decision criteria, Decision process, Identify pain point, and Champion. This one is more comprehensive than the others. It aims to understand the buyingprocess.
I’m sure there are hundreds more sales qualification processes and acronyms. The former two are all about qualifying opportunities. The latter two are more aligned to leading a prospect through the buying process/ understanding the buying process, especially in MEDDIC.
What are some sales strategies and acronyms you’ve used to advance sales? Which were not helpful, and why?