Have you ever heard about BANT? If you belong to the sales and marketing initiatives, you will be aware of it.
We have previously discussed 7 tried and tested sales methodologies in a brief article.
In this article, we’re going to break down BANT for you and help you understand how it will enable your sales team to be more efficient.
So, what is BANT?
BANT is an acronym for Budget, Authority, Needs, and Timeline.
And this framework has been heavily used within sales strategies for decades.
In a simpler phrase, BANT is a sales qualification framework that is used for identifying and pursuing the most qualified prospects.
If adopted perfectly into your sales strategies, the BANT qualification framework can help your inside sales team, sales development representative and account executives who handle recurring deals.
BANT – The origin
BANT was coined in IBM for identifying an opportunity.
BANT opportunity identification criteria:
Opportunities are identified by speaking to prospects or clients to determine their business and solution needs. The IBM guidance for opportunity identification is to use a standard approach called BANT.
As per this guide, an opportunity gets validated if the prospect meets these BANT criteria.
B – What’s their budget?
A – Is there a decision-making authority apart from the prospect?
N – What’s the prospect’s need?
T – What’s the solution implementation timeline?
As a sales rep is qualifying prospects, a perfect lead is important to your sales success. Here, the BANT sales qualification framework adds strength to your sales strategy. It enables you to determine whether to put in efforts on particular prospects or not.
In short, it helps you decide which prospects are worth the pursuit!
Budget: What is the value placed on your service by the prospect?
Wouldn’t it be a perfect start to your day if your prospect’s budget matches your solution’s cost?
And it seldom is because there are cases where the budget will never match.
Their budget is often based on the value they think is appropriate. And sometimes it’s based on their interaction with your competitors. Many a time, they won’t have a budget at all.
How determining budget helps you and your sales team?
Your sales team needs to be trained in asking the right questions to the prospect.
Doing so allows them to derive the prospect’s budget and develop a qualification process.
If your prospect’s budget is not lining up with your solution’s cost, is he going to move ahead in your sales pipeline?
Authority: Have you identified the decision-makers?
If luck favors you, you might directly start working with a decision-maker from the beginning.
A lot of times, you have to move up the ladder. BANT helps you figure out the final decision-makers.
Using the BANT framework you will gain the knowledge of understanding who will make the signature that helps you close the deal.
What role does authority play in enabling your sales team?
When you identify the decision-makers it allows you to identify them from champions or brand advocates.
Your sales team members can use this information for supporting their sales efforts by discovering the chain of command.
Having a knowledge of who to speak with, when to speak and how to speak allows your sales team to plan their sales approach and move it towards success.
Need: How do prospects want to solve their challenges?
Need allows your sales team to determine if there is an alignment between your solution and the customer’s pain-point.
You must explore the need of your prospect as it will help your team understand if they need to pursue the prospect or not. This part of the BANT framework also helps your sales team to know that there are hidden needs that the prospect is not even aware of.
Train your sales reps to be patient and listen to the problems your prospects are facing.
They need to learn how to understand the prospect’s real challenges only then they can move the prospects ahead in your sales pipeline.
How will the sales team benefit from finding out prospect’s needs?
Gaining insight into the prospect’s needs helps your sales reps to position your product/service in a much better manner.
This insight helps a strategic placement of your solution in the prospect’s business process and allows your sales reps to move them a step closer to be your customer.
Timeline: When is the prospect planning to implement the new solution?
Yes, your solution matches the prospect’s budget, you are talking directly to the decision-maker and their needs align with your solution.
But oh snap! The timeline is a bit off!
If their timeline is too short, your solution may not be able to accommodate them. If the timeline is far out, then the prospect has not identified your solution as a priority.
How does identifying the timeline enable your sales team?
When your sales team gets the clarity of the timeline, they can be prepared for the post-closure process.
If your sales team wants to help the prospect transition successfully to your solution, they need to know the timeline. The establishment of a timeline allows your team to successfully qualify the lead as a hot prospect.
BANT is a lead management methodology that is used for sales qualification. Using BANT, sales reps ask various questions to their prospects and based on their answers, the lead is given priority or is pursued.
The above diagram shows how BANT methodology can be used by sales team members to plan out their prospecting approach. BANT also can be used for nurturing cold prospects.
After all, you won’t like to let the prospect be wasted. He might not have the budget right now, he might not have the solution-implementation as his priority now, but things change.
And you can persuade your prospects by educating them about your solution at regular time-intervals.
You can also use smart sales software to streamline all your sales communication. Want to send out a text or an email? Want to be reminded of your prospect relevant activities? A prospect in a particular area has canceled the demo and you want to search the area for other prospects?
All this can be done using Salesmate CRM. You can use sequences to keep the prospect updated about your product!
If you want to know more about what this simple yet robust sales platform can do for you then take the free 15-day trial and see the magic at work.