The BANT method is used in a variety of industries and has been a standard sales qualification process dating back to the 1960’s. BANT stands for budget, authority, need and time frame, and is a methodology to determine the quality of a lead and if the prospect would be the right fit to work with your company. These elements should be included in every conversation you are having with your prospects. BANT gives the seller vital information that will provide them with the upper hand and allow them to customize their pitch.
What ability do they have to spend and what are their limitations? This question determines whether the prospect is capable of making a purchase. By allowing you to know their budget restrictions, you can tailor the product or service offering to what they can afford. You are not going to try and sell a luxury car to someone who has a budget for an economy car. Knowing this upfront can give you the upper hand and ensure that you are not wasting your time.
- Do you have a budget that we should be mindful of?
- What are you currently spending on a similar product or service?
- What type of return on investment are you hoping to see?
One of your initial goals should be to determine whether the t contact that you are working with is the one that has the authority to make the decisions and ultimately purchase your product or service. If you determine that they do not have that authority to make the decisions, your next goal is to find out if they are in contact with the decision maker with the help of BANT, you can ensure that you are pitching the right person and not wasting your time.
- How can I help you meet your expectations?
- What is your decision-making process and who will be involved?
- What area/ department with be utilizing your product or service?
Do they have the need for your product or service? It would help if you start by doing your research on the company and understanding precisely what they do. Once you have a background, you will know the right questions to ask. The objective is to figure out what the need is and gain knowledge about the challenges the prospect is facing to determine the ways you can help them. By doing so, you now have the upper hand, and your product/services will serve as the solution. Go in with hard-hitting facts of why they cannot run their business without your solution.
- What needs or challenges are you experiencing that we can help address?
- When did this problem arise?
- What are your top priorities? What can I do to help you achieve your goals?
What is their timeline? It is essential to determine when the prospect plans to buy. You also what to know when they expect to launch. Understanding your prospective client's timeline is going to require you to do your homework and ask the appropriate questions; that way, you are on the same page as the prospect. You do not want to miss your opportunity; therefore, time should not be forgotten or put on the back burner. Time is money, and companies are always looking to improve their bottom line.
- Are there any time restraints that we need to be mindful of?
- When would you like to have the product or service in place by?
- When do you plan on making a decision?
BANT will help you qualify leads and customize plans for each prospect. In turn, this method will bring your sales up because you are not wasting time and effort on leads that are not right for your company. Remember you don’t want to spend your time trying to sell a two-seater sports car to a person with four kids and a bunch of soccer practices to attend. Knowledge is necessary, and you want to do your research so you can ask the right questions. Your efforts will pay off in the long run. Not every lead is going to be the right lead but figuring that out sooner than later is what it is going to make you and your company more successful in the long run.