Sales teams are increasingly turning to BANT (Budget, Authority, Need, and Timeline) as a way to qualify leads and close sales more efficiently. BANT sales framework is a structured approach that helps businesses understand the likelihood of a potential client making a purchase, based on their financial ability, decision-making authority, need for the product or service, and the available timeline for purchase.
22% of sales professionals mentioned that qualifying prospects is the most difficult part of their job, and 36% stated that closing is the most difficult. Therefore qualification framework having BANT methodology has become an essential part of the modern selling process.
In this blog post, we'll explore the benefits of using the BANT sales process and how it can help sales teams better qualify leads and close more deals.
Qualifying prospects is a crucial step of any sales process. The use of sales methodologies has become increasingly popular as a way to maximize revenue and streamline the sales process. One of the most effective sales methods is BANT (Budget, Authority, Need, and Time Frame).
BANT methodology helps salespeople quickly identify and qualify leads, saving time and resources by finding prospects who have the budget, authority, need, and timeline to purchase a product or service.
BANT is an acronym for:
1. Budget: Does your prospect have the budget to make a purchase? You'll need to find out what their budget is and if they have the money to allocate for your product or service.
2. Authority: Does your prospect have the authority to make a purchasing decision? You'll need to find out who are the decision-makers within the organization and if they have sign-off authority.
3. Need: Does your prospect have a need for your product or service? You'll need to find out what pain points they're experiencing and see if your solution can address them.
4. Timeline: Does your prospect have a timeline for making a purchase? You'll need to find out if there's an immediate need or if they're open to making a long-term investment.
The BANT qualification framework is an essential tool for sales professionals that can help them maximize the effectiveness of their sales process. Understanding how the components' Budget, Authority, Need, and Timeline interact can help you achieve successful sales results.
- The first step in using the BANT qualification framework is to identify prospects that meet the criteria for each of the components.
- Through careful BANT sales questions, sales professionals can uncover the answers to each of the components. This helps them to understand the prospect’s needs, timeline, budget, and decision-making authority.
- Once the sales professional has a clear understanding of the BANT sales qualification framework, they should create a customized proposal that addresses the prospect’s needs and budget
- They should prioritize maintaining a regular follow-up
- They should then close sales by ensuring that each of the 4 components of BANT is addressed.
Before questioning your prospect, create an ideal client profile (ICP) which is a description of the type of company you can benefit from the most.
- Size of the business
- Annual income
- Employee tally
- Location geographically
- Important challenges
- Technologies deployed
Building relationships with your client through effective communications are essential for winning their trust, persuading them, and creating a comfortable environment for them to respond to your budget-related inquiries like:
What kind of budget can we anticipate?
How much money do you currently spend on this issue?
Have you tried any other options? What did they cost?
What kind of return do you expect?
These types of questions help you determine how serious your prospect is about purchasing and what financial means are available.
You can ask authorities in the following ways:
- Who will make use of our offering?
- What procedures must be followed in order to approve such a purchase?
- How did the last decision-making process go?
- Do we need to extend a call-in invitation to anyone else?
Here are the questions you can use to find pain points
- What difficulties are you now experiencing?
- What actions have you made to deal with this issue?
- How critical is solving this issue?
- Are there any upcoming events that you need this solution?
- What will occur if you don't find a solution to this issue?
Such interrogation can help you learn more about your prospects and the severity of their issues. It'll also assist you in determining whether you are capable of living up to those demands.
To learn more about your prospect's timetable, pose the following questions. This may also determine your turnaround time to deliver your product or service
- When are you hoping to put a solution into practice?
- Are there any deadlines associated with this purchase?
- Are there any impending occasions for which you require this answer?
- Do you currently have any commitments or contracts for a solution like this?
If a prospect's timescale for making a purchase is longer than your typical sales cycle, you can either dismiss them or nurture them and engage them through highly-targeted social media campaigns.
Many different qualifying networks have been integrated with BANT to obtain extended results such as GPCTBA/C&I, CHAMP, ANUM, FAINT, and MEDDIC. Implementing these qualifications may give you a good start to acquisition, retention, and expansion effort.
Hubspot created GPCT (Goals, Plans, Challenges, Timeline) as a modified version of BANT.
According to Berth, BANT is a great qualification framework that, when combined with the GCPTBA/CI model, digs deeper to broaden your team's understanding of what their prospects are facing and how they're thinking about handling their goals and challenges.
G-Goals: Together with your prospect, identify, specify, and create quantifiable goals.
P-Plans: Identify the present and upcoming plans of your clients. Be ardent in your pursuit of knowledge about what has and has not worked in the past and why.
C-Challenges: Evaluate your prospect's challenges and emphasize that the current state of affairs is not favorable.
T-Timeline: Time is your most valuable resource, according to the timeline. It aids with lead preparation and prioritization.
B-Budget: In this case, you don't inquire how much money your prospect has available; instead, you ask them to justify spending money on your product or service.
A-Authority: Identity who is going to make the economic buying decision
CI - Negative Consequences, and positive Implications: You explain to prospective clients what the consequences are if the strategy does not work out as planned, as well as the benefits if everything goes as planned.
Implementing CHAMP helps you determine whether a sales prospect is truly ready to buy.
Here's how it works:
C - Capacity. Does the prospect have the capacity to take on your product or service? If they're already stretched thin, they may not be able to take on anything new.
H - History. What is the prospect's history with similar products or services? If they're a longtime client, they may be more open to hearing about new offerings.
A - Authority. Does the prospect is one of the decision-makers within their organization? If not, you may be wasting your time trying to sell them something their boss would never sign off on.
M - Money. Does the prospect have the budget to afford your product or service? If not, they're probably not worth pursuing as clients.
P - Prioritization. Is your offering a priority for the prospect? If they're focused on other things, they're not going to be interested in what you have to say.
The ANUM sale qualification process is a great way to qualify sales prospects and ensure that you are only spending your time on those who are most likely to close.
ANUM stands for:
A - Authority: Does the prospect have the authority to make decisions within their organization?
N - Need: Does the prospect have a need for your product or service?
U - Urgency: Is there a sense of urgency from the prospect? Are they looking to make a purchase soon?
M - Money: Does the prospect have the budget to make a purchase?
If you can answer yes to all of these questions, then you have a qualified prospect on your hands.
FAINT, the new acronym for a qualified buyer, stands for:
F- Funds: Prioritize organizations and buyers with the financial capacity or funds to purchase from you.
A- Authority: Focus on identifying individuals who have the authority to make decisions about how funds should be spent.
I- Interest: Obtain the buyer's interest in learning what is possible and how to achieve a new and better reality than the one they currently have.
N- Need: Identify specific needs that you can meet. They're probably latent, hidden beneath the surface, but they're there if you can find them.
T- Timeline: Establish purchase intent as well as a timeframe for doing so. Of course, this can involve a number of conversations, a number of decision-makers and influencers, and some time.
The process focuses on improved client qualification or determining whether or not you should expend effort to get a client into your sales funnel. Asking questions based on these criterias can help you to quickly and effectively qualify a potential buyer.
M- Metrics: Defines what the client hopes to gain from your solution
E- Economic buyer: Who has the actual decision-making authority to decide and approve spending and serves as the company's economic buyer?
D- Decision criteria: What are the company's criteria while making decisions?
D- Decision process: The decision process explains how a company makes decisions and how they are carried out
I- Identify pain: Before pursuing a solution, a client must have a need, and it is crucial to understand what is the pain point.
C-Champion: Find a champion—someone on the inside who is motivated by and invested in your success.
Asking questions based on MEDDIC can help you to quickly identify whether or not a prospect is worth pursuing. If they don't meet all of the criteria, it's likely not worth your time to continue trying to sell them on your product or service.
Despite not falling under a specific BANT stage, this step is crucial since it will keep you one step ahead of any objections, delays, or worries from your prospect.
- Follow them on social media, subscribe to their newsletter, and, for business opportunities, go to any public events they may have.
- Additionally, you can find new stakeholders that you'll talk to later on in the sales process.
- Informal communication can assist you to qualify a prospect based on the data you collect yourself. It will provide
As you integrate BANT into your sales process, using digital tools to keep tabs on your pipeline and manage relationships will be helpful. Lead intelligence technology is a great digital tool to make a call.
You'll be able to tell exactly where you left off with each prospect as you balance several at once and how far they still have to go before the deal is concluded. You may use the BANT framework to manage your funnel, strengthen relationships, and start conversations utilizing HubSpot's Sales Hub platform.
Sales teams also develop a playbook for qualifying prospects that captures key facts about each category and assigns a score based on a total overall score. These scores define the company's sales strategy and must be reflected in Salesforce.
BANT in Salesforce has helped the sales team design a scoring model to capture opportunities while not interfering with the system's ability to quickly and easily update its model without reworking automation.
BANT sales process enormously helps sales teams determine their closing rates and accelerate the sales process. BANT is an effective tool to help salespeople save time, and resources, and maximize their revenue. When it comes to sales, you must also be able to identify the characteristics and criteria that define them as qualified prospects. This is where the BANT comes into play. With S2W Media's simple-to-use qualification frameworks such as BANT and other sales methodologies, you can quickly optimize your sales process.
Learn what BANT is, and how to use it to qualify sales prospects. This blog provides an overview of the BANT methodology, and steps to apply it effectively to identify and prioritize qualified sales leads.