One in five salespeople says the hardest part of their job is qualifying prospects. That's kind of worrying because it's also one of the most vital elements of the sales process.
Get your qualification wrong, and you'll waste a ton of time speaking to prospects who were never a good fit for your product in the first place.
Or, even worse, you might disqualify prospects who actually would have made ideal customers. BANT provides a framework for getting the qualification piece right each and every time.
The difficult aspect of one's job, according to one in five salespeople, is qualifying prospects. That's a bit worrisome since it's also one of the most essential parts of the sales process.
If you make a mistake with your qualification, you'll spend a lot of time conversing with people who weren't suitable for your product in the first.
Even worse, you might reject prospects who would have been excellent customers. BANT offers a structure for getting the qualification process correct every time. Here's how to go about it:
What Is BANT?
BANT is a framework that helps you assess the suitability of a lead for your product and which leads should be prioritized over others.
There are numerous other lead qualification frameworks. However, BANT is particularly popular because it is very flexible and has an excellent track record of success.
It's also simple to understand and put into practice, which has made it a favourite among sales executives.
The following is the meaning of BANT:
Clearly, without context, this doesn't amount to much, so here are the criteria that go into each part:
This is about determining whether your prospect can truly afford your goods.
But it's also about determining if the financial decision-maker considers your product — and the benefits it delivers – to be a high priority.
Budget holders have a lot of people asking them for money. They won't devote the budget to it if they don't believe it's more important
Is your lead authorized to make a purchasing decision?
The more employees there are in a company, the greater chance they'll be involved in the decision-making process.
Even if your lead is seated at the C-suite, they may not be able to commit without first consulting with a buying committee - particularly if your product necessitates a significant financial.
Is the solution you're proposing appropriate for your lead's needs? This is seldom a "yes/no" answer.
Within your lead's organization, different people may have varying demands.
One decision-maker may prioritize scalability, while another might value cost and ROI. It's ultimately up to you as the salesperson to figure out each.
Is your lead working to a realistic deadline? This may go one of two ways.
You won't have enough time to put it into action if their schedule is overly tight.
If it's too long, you run the risk of losing momentum on the sale – not to mention all of the additional touchpoints that come with a lengthy sales cycle.
What Are the Advantages of BANT?
Finally, sales teams use BANT because it allows them to qualify prospects more accurately, which aids in the closing of more contracts.
What sets BANT apart from other lead qualification methodologies? Here are a few of the biggest benefits.:
- Adaptability: The BANT acronym can be used to describe anything from marketing campaigns to software solutions, and the standards are adaptable enough that they may be readily implemented in your sales operation.
- Efficiency: Follow-up, reporting, CRM updates. You can also use Alore CRM which is a dependable and well-integrated sales automation tool for small and large enterprises.
- Salespeople have a lot going on in their lives. As a result, it's critical that their efforts are directed towards the prospects who are most likely to buy from you.
- Simplicity: BANT stands for "buyer-oriented, no obfuscation". It's easy to understand and remember.
- As a result, your sales team is much more likely to stick to the plan consistently. It's also simple to get new recruits up to speed quickly.
What Are the Most Effective BANT Lead Qualification Questions?
The flexibility of BANT is much of its appeal – the questions you ask at each stage may be tailored to elicit the specific responses you want to hear.
There are, however, certain tried-and-true methods for asking questions that can help you distinguish between high-priority, highly qualified prospects and those who just aren't a good fit for whatever.
Use the BANT framework to establish whether potential leads are qualified, keeping in mind that they don't have to be asked in this order and questions related to budget should generally be saved for the end of a qualifying conversation.
- What would the cost of your answer, if any, be?
- When do you anticipate making a purchase decision for this problem or need?
- How strongly will pricing influence your purchasing process?
- Have you already planned a budget range for this purchase?
- Which department's funds are used to pay for this item?
- What is the role of finance in
- How much would it set you back if this problem or need isn't addressed in a year?
- Is there anything you could do on your own?
- If so, how long would it take and how much would it cost?
- What level of ROI are you looking for with the solution? According to our calculations, it appears that your issue/need is?
- Who will be the main users of our product?
- Is there any chance that other business functions would use it?
- Will anybody else use it? Who will ultimately decide if adopting our solution was a success?
- Who will be involved in the selection process?
- Is there anybody with more power over the purchasing decision, (or one or more) of those persons?
- For the next stage, I'd usually chat with [the client's main decision-maker; the prospect's manager; other internal stakeholders] to better understand their concerns.
- Are you okay with me inviting them to our next meeting?
- When did you first recognize your business need or issue?
- What method did you use to figure out what it was? How did you learn about it?
- So far, have you attempted to fix it?
- How important is it for your firm to address this problem as soon as possible?
- What do you hope to accomplish with our solution?
- What was the most compelling reason for you to seek a solution?
- What pushed you to look for a solution in the first place?
- Why is it significant that you find a solution right now?
- Outside of this process, what are your greatest present-day concerns?
- What challenges could you encounter in executing this idea?
- Are you currently utilizing a different service provider, and will you have to leave?
- How does adopting a solution factor into your long-term goals and objectives?
- When do you want the problem to be resolved, practically speaking?
- Do you have the resources and finances necessary to get things moving right now?
- What external events or circumstances are impacting your schedule?
What to Avoid When Using BANT to Qualify Sales Prospects
There are a few major stumbling blocks to avoid along the road.
At the very best, these hurdles will make the BANT framework less effective for your business.
At the absolute worst, they might actively stifle your sales team's performance. When teaching your salespeople how to employ BANT, avoid these problems:
- Treating BANT as a list of questions to be answered: The greatest salespeople are able to think on the go, altering their approach and questioning based on the prospect's needs and responses.
- BANT shouldn't be an obstacle; your team should still ask well-reasoned, intelligent questions that develop on the prospect's answers.
- There are several missed possibilities to dig deeper.: To elaborate on the last point, your list of BANT lead qualification questions should provide you with most of the information you need - but it won't get you all of it.
- If a certain topic interests you, go deeper into it. And don't be scared to repeat or restate queries if you don't have all of the information you need.
- Keeping to the same structure every time: BANT allows you to create a consistent approach that can be adjusted or rearranged as needed to meet the demands of your prospect.
- Don't wait until the end of your session to discuss if it appears that length is going to be an issue.