Use Calculated Properties To Conduct Pipeline Health Checks
Sep 22, 2020 9:56 AM
"How healthy is my pipeline" is a question I get asked a lot by sales users. It's something that is important for both sales reps and their managers. Reps want to know so they can be sure that their pipeline has deals within in that are likely to close so they don't waste their time on dud deals, while managers want to be sure that their reps are following company playbooks and processes.
I've read a lot of different health check playbooks for pipelines, and one that I'm a big fan of is MEDDIC. MEDDIC stands for "Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain and Champion". By ensuring that you have ideitifed all of these areas, you be sure that you are speaking with the right person and that they will see the value behind your solution. To be honest, it works really nicely with the Inbound Sales methodology. Recently, myself and another HubSpot decided to try build out a MEDDIC criteria list in their portal to help see how healthy their pipeline is, and the results were fantastic.
Our goal was to build what we called "A MEDDIC Health Score", which was a score out of 100 which determined how healthy a deal was. We build this out using deal properties and a calculated property.
First, we created the properties for our MEDDIC score:
Each of these were simple to follow. We used checkboxes for when a rep would identify their internal champion and their economic buyer/decision maker. We used single line texts for reps to add the details of said contacts, and dropdown selected for the other criteria. So for example in the "Identify Pain" property the dropdown includes options like "Costs", "Technical Limitations" or "Cyber Security". By having these as a dropdown it ensured that reps were only inputting data that is neccasry and helps keep our reporting clean and void of human error or interpretation.
Once this was built, we moved onto the second stage, which was to create a number property that we called "MEDDIC Score", and a calculated property called "MEDDIC Health Percentage". The formula we used for health was designed to give us a score out of 100, or a percentage of completed properties, to determine how healthy the deal is. It looks like this:
We use the number 7 because we created 7 different properties in our MEDDIC group that our sales team need to complete. So this number should be the number of properties you create, not including the MEDDIC Score or the calculated property. We multiple by 100 to give us a percentage.
Last piece of the puzzle is a workflow to populate the MEDDIC Score. The workflow is a deal type that simple increases the MEDDIC Score each time a property is populated. It looks like this:
And we are set! This only took 30 minutes to build out, but now the team use the calculated property to gauge how healthy their deals and their pipeline are, and it also ensures that if a deal reaches a certain stage it should have a certain amount of these details populated to help ensure an accurate forecast.