In this article, I will share a practical case study of using AI to write a MEDDIC email to the Economic Buyer. The case I describe below is a real case in which I have changed the name of the clients/prospects. In other words, the specifics of the industry, the KPIs and the metrics are actual, but the prospect’s name is not.
Here’s the case: I learned through a friend that NASDAQ Inc., a prospect headquartered in NY, was looking into a sales training program. We have not been contacted, and we have no existing connection there yet to have a champion. They may even have already moved forward with another provider. But I wanted to give it a try. I decided to reach out to the CRO or the Head of Global Sales. That’s usually our EB or someone very close to the EB.
How to use AI to obtain pre-discovery data about a prospect
First, I had a conversation with Chat GPT to get a better understanding of the size of the potential business. One of the KPIs for our business is the sales headcount. So I started by asking Chat GPT about their sales headcount. Here’s how it went:
How many salespeople work at NASDAQ?
I’m sorry, but as an AI language model, I don’t have access to real-time information about the current number of salespeople working at NASDAQ. However, NASDAQ is a large organization that operates in several countries, and the number of salespeople employed by the company can vary over time. It would be best to contact NASDAQ directly or check their website for the latest information on their workforce.
What is Nasdaq’s total headcount, though?
As of September 2021, NASDAQ had approximately 5,400 employees worldwide, according to their latest quarterly report. However, this number can change over time due to various factors such as company growth, acquisitions, and restructuring. It’s worth noting that this figure may not include contractors or temporary staff who may be working with NASDAQ at any given time.
How to use AI to learn about the specifics of a given industry or market
What is approximately the ratio of the salespeople headcount to the total headcount in a financial services company like NASDAQ?
The ratio of salespeople to the total headcount in a financial services company like NASDAQ can vary depending on the specific company and industry. However, in general, sales roles are often a significant component of financial services companies, particularly those that are focused on selling financial products or services. As a result, it’s not uncommon for salespeople to make up a significant portion of a financial services company’s workforce, although the exact ratio can vary depending on the company’s business model, organizational structure, and other factors.
Without specific data for NASDAQ or a similar financial services company, it’s difficult to provide an accurate estimate of the salespeople-to-total headcount ratio. However, based on industry averages, sales roles can make up anywhere from 10% to 40% or more of a financial services company’s workforce, depending on the company’s size, scope, and focus.
But give me a window of possible ratios. I need to get an idea.
Sure, I can give you a general window of possible ratios based on industry averages.
In financial services companies, sales roles can make up anywhere from around 10% to 30% of the total headcount, depending on the size and focus of the company. For example, a large investment bank may have a lower percentage of salespeople relative to its total headcount than a smaller company that specializes in selling financial products and services.
It’s worth noting that these ratios are just rough estimates based on industry averages and can vary widely depending on the specific company and its business model. Additionally, the definition of “sales roles” can also vary, as some companies may have a broader definition of sales that includes roles such as business development or account management.
I agree. So back to Nasdaq, if they have a head count of approximately 5000 people, assuming they have about 1000 salespeople, we should not be totally off. What do you think?
It’s certainly possible that NASDAQ has around 1,000 salespeople, given its size and the fact that sales roles are typically an important component of financial services companies. However, without access to specific data about NASDAQ’s workforce composition, it’s difficult to say for sure whether this estimate is accurate.
Additionally, it’s worth noting that the ratio of salespeople to the total headcount can vary widely depending on the specific company and its business model. While an estimate of around 20% of the workforce being salespeople is within the range of industry averages, it’s possible that NASDAQ’s actual ratio is higher or lower than this figure.
Overall, while an estimate of around 1,000 salespeople at NASDAQ may not be totally off base, it’s important to keep in mind that this is just an estimate and the actual number of salespeople employed by the company may differ.
Double-check the response if/when possible.
As you noticed in the conversation above, although it had the knowledge of 10-30% ratio as well as the knowledge of the headcount, it didn’t give me what I was looking for in response to my first question. Just like a prospect in a discovery call where they won’t necessarily give you what you are looking for, but if you turn around the subject and try to formulate the question from another angle, you may end up getting the answer.
Now let’s double-check these numbers. I am trying to use only free tools here. So let’s check them out on LinkedIn. The total headcount number of NASDAQ Inc. employees, according to linkedIn, is 5172 as of today, May 10th, 2023. Among them, 132 have the title of “Account Executive”, 385 “Account Manager”, 91 SDR/BDR, … totaling 600. Now add CSMs , and SEs and about 150 sales managers and we are not far from the 1000.
Next, I look into our list of customer metrics. Have you prepared yours? I hope so. Ok, on my list of customers, we have S & P Global which is very relevant to NASDAQ. So I continued the conversation with CHAT GPT-4 as below:
How to use AI to write a MEDDIC email (or MEDDPICC)
Write a 80 words max cold email to the Global Head of Sales at NASDAQ, to introduce MEDDIC Academy. In the first paragraph, remind them that like their peers, they are looking to increase sales with minimum investments, especially now that the economy is weak. In the second paragraph, connect the fact that NASDAQ is a similar company to S&P, a MEDDIC Academy customer with over 1000 sellers trained by MEDDIC Academy within two months and improved sales productivity by 30%. Explain that MEDDIC Academy’s training program has been used by companies such as AWS, Google Cloud, Fortinet, Cisco and many more , to increase sales, increase average contract value, decrease sales cycle and improve forecast accuracy. In the third and last paragraph, ask them when would be a good date/time to discuss sales efficiency at NASADAQ with them, and suggest two possible dates/times within a week from today.
Dear [Global Head of Sales at NASDAQ],
As a leader in the financial services industry, we know that increasing sales with minimal investments is always top of mind, particularly in the current economic climate. That’s why I wanted to introduce you to MEDDIC Academy.
We’ve helped S&P, a similar company to NASDAQ, to improve sales productivity by 30% within just two months by training over 1000 sellers. Our training program has also been successfully used by companies such as AWS, Google Cloud, Fortinet, and Cisco to increase ACV (average contract value), shorten sales cycles, and improve forecast accuracy.
If you’re interested in exploring how MEDDIC Academy can help NASDAQ achieve similar results, please let us know when would be a good date/time to discuss sales efficiency at NASDAQ with you. We suggest scheduling a call within the next week, and we’re happy to work around your schedule.
Thank you for your time and consideration. We look forward to the opportunity to speak with you soon.
The letter needs some edits, obviously. You can either edit yourself or add an extra step with prompts such as “Remove that last line; it’s useless.” This will give a little bit more words allowance to edit the main points. I recommend you add some personal touches as well, in your personal greeting style, for instance.
You can use this prompt template for your own letters :
Write a 80 words max cold email to the Global Head of Sales at NASDAQ [The Title of your Economic Buyer], to introduce MEDDIC Academy [your company]. In the first paragraph, remind them that like their peers, they are looking to increase sales with minimum investments [The Identified PAIN, Their goal], especially now that the economy is weak. In the second paragraph, connect the fact that NASDAQ [your prospect] is a similar company to S&P [your reference with METRICS], a MEDDIC Academy customer with over 1000 sellers trained by MEDDIC Academy within two months and improved sales productivity by 30% [Tell the story of their METRICS]. Explain that MEDDIC Academy [your company]‘s training program [your offer] has been used by companies such as AWS, Google Cloud, Fortinet, Cisco [your references] and many more , to increase sales, increase average contract value, decrease sales cycle and improve forecast accuracy [outcomes of your solution, with METRICS when possible]. In the third and last paragraph, ask them when would be a good date/time to discuss sales efficiency [PAIN] at NASADAQ [Prospect] with them, and suggest two possible dates/times within a week from today.
This example gives you a prompt ready to be used (copy it and paste it into your chat) almost as is. It also shows how you can use Artificial Intelligence as a sales coach or consultant to obtain insight into an industry.
We provide email templates like the one we created here in our Advanced MEDDPICC course, as well as the courses for Managers and Trainers. Make sure you check them out and get ahead of your competition.
Let us know what you think.