As the saying goes, not all leads are created equal. A sales rep going through their regular day will need to prioritize their efforts so they’re utilizing their time and resources efficiently. This is where the BANT framework comes in. It determines just how qualified a prospect is so that reps can focus on selling to fit prospects. Now, what exactly does BANT stand for?
What is BANT?
BANT is an acronym that stands for budget, authority, need, and timeline. It’s a framework that can be used to determine how qualified a lead is to work with your company as well as which of them should be prioritized. Tools like BANT guarantee that from a qualification standpoint, a lead fits the mark before continuing the conversation.
In other words, BANT can be viewed as the fundamental checkboxes you need to confirm with your prospects at the beginning of the sales process to ensure a lead properly aligns with your company. There are a lot of other factors to be considered before going all in with a prospect. Lucky for you, we’ll be looking at all the major points as well as a few minor ones too. Let’s hop right to it.
Here, you’ll have to ask yourself a ton of questions first. What are the prospects expectations when it comes to pricing? Where is their funding coming from? What do they typically spend on this type of purchase? And is there any leeway or flexibility with their budget whatsoever?
Budget will always be the most essential conversation to have with prospects. That’s because if they can’t afford to work with your company, then there’s really no point moving the sales process forward. According to experts, it’s never a good fit when the prospect and seller are on totally different polar ends of what is feasible with budgetary resources.
The entire goal of BANT is qualification and understanding of both urgency and alignment. After all, that’s a big part of what a budget is. If a prospect does not align with your company, then it’s best for reps to learn that fact before investing too much time nurturing said prospect.
This part has everything to do with the decision makers. Who’s making the final decision on whether to move forward with the purchase? What is the decision making authority of your key point of contact? And are there any other stakeholders influencing the decision?
Authority lets you understand all the different buying roles within the prospect group we’re talking to. Sure, it’s important to get a sense of who we’re going to sell into. That’s because the last thing you want to do is overspend time on someone who doesn’t have the authority to make things happen.
Your sales reps will know who needs to be involved in the buying process one they understand authority. What’s more, if the lead doesn’t have any authority, then that’s a sure sign that they can de-prioritize going after that sale until other contacts come in.
Here, we’ll be dealing with the needs of the prospect. What challenges are they facing? How much do these challenges impact daily life. And what are they hoping your company will do for them? You’ll have to be ready with solutions to these challenges if you’re looking to reel in some big fish.
However, your reps will need to determine if a prospect’s challenge is something they can actually tackle as well as how pressing the need is. If your products and services won’t fully solve a prospect’s problems, then that’s a brightly lit sign that they’re a poor fit. But if the need is more of a minor inconvenience, then they might not really be motivated to resolve it quickly. Of course, this will require more time and effort to move the sale forward.
You know what they say: time is money. And when you’re dealing with prospects, you do not want to be wasting any of it. Here, you’ll need to find out what your prospect’s timeline is. Is it realistic? Timeline tells us when a prospect is ultimately ready to make a decision in the sales process. With this information, reps can work backwards from the end goal to determine when certain crucial steps need to happen in the sales process.
Once your sales team understands timelines, they can determine which leads to give first priority. For instance, a prospect looking to make a purchase within one month deserves your immediate focus. However, another prospect considering purchases for the next year would be better of with helpful resources at first, and then a follow up closer to the day they’ll actually be making the decision.
When it comes to checking just how qualified a lead is, BANT can be an excellent baseline. It excels at helping companies get a quick feel of what’s going on with prospects as well as if they’ll be a good fit. Taking it to the next level is as simple as adding in other questions to get a better understanding of why.
Similarly, remember to use the right tools to get closer to your prospects and customers. With Veloxy, you can keep track of your customers’ needs, expectations and behavior patterns. Sales leaders can then use this data to generate forecasts and predictions that will not only improve the overall experience of multiple services and business operations, but also help in making full use of the BANT framework.