When it comes to sales marketing for any company, it’s critical to concentrate on discovering better prospects who are more likely to become customers. There are numerous lead qualifying frameworks, including BANT, that can assist you in locating potential leads for a better flow of work in your firm.
BANT is an important marketing qualifying method for identifying whether or not a lead is a good fit for a company. It evaluates leads based on their budget, authority, needs, and timing.
The term was formulated by IBM which helps in defining the opportunity that comes during conversing with the potential clients while discussing their problems.
How BANT Can Be Used?
Budget
Here, you can ask questions. Can give you insight into the buying financial decision of the client. By this, you can have an immediate idea about how much the person is going to spend on similar products and services.
Authority
When it comes to decision-making, generally two different groups are involved –
● Decision Makers
They are the ones who do the call and sign the paperwork.
● Advocates
They do full research and pass on the information forward.
Need
if you try to fetch the client with the products and services he might not require or need, the tactics will not work and end the process.
For this, you must make a scenario that gauges the needs of the clients.
Timing
By this, you can find out how soon they are willing to act for a clear understanding. Knowing this helps you to meet the time for the first touch of conversation to get the deal done.
How BANT Can Be Ineffective?
● Do Not Interrogate
During the conversation don’t ask unnecessary questions as if you are investigating or taking an interview. On the call, there must be a two-sided discussion where illogical questions should be avoided.
● Don’t view finance as a blocker
Most organizations that use the subscription don’t have a budget constraint. Most SaaS companies now charge anywhere from a few dollars to $10,000 per month. If you can guarantee a strong return on investment, your clients will pay the appropriate amount.
● Understand the significance of the issue
Rather than figuring out the lead’s budget, figure out how important this issue is to them. Do they have a strong desire to find a solution? Is there any project that they are more concerned about that will take up more of their time, energy, and resources for decision-making? A willingness to act can be a better indicator of support than a budget.
