The BANT approach is an oft repeated mantra among sales people. Pioneered by IBM several decades ago, BANT continues to be a popular criteria used to qualify prospects/leads.
BANT is an acronym or Budget, Authority, Need and Timing. Lead scoring software use these four elements as the benchmarks to qualify a prospect. The BANT score evaluates the prospect’s readiness for sale.
Does the prospect have the ability to purchase your product or services? Does he have the required funds and budget to buy your offering? Establishing this at the earliest stages will save the sales person considerable effort.
Is your point-of-contact the decision maker? Does he/she have the permission to make the purchase decision? If no, can your prospect connect you to the decision maker? Make sure to find out who the final approving entity is going to be and work towards reaching out to him/her.
How well suited is your offering to the prospect? Does your offering solve the prospect’s problems? What issues is your prospect facing? How far can your offering resolve these issues? Identify the pain areas and illustrate how your solution can resolve them. The better this is explained, the greater will be the need and consequently easier, the sale!
Do you have information on the prospect’s urgency in finding a solution? What is the time frame within which they are looking to close the sale? Do they have adequate time to evaluate your solution? If the need is not immediate, explore possibilities to stay engaged until a future date when the sale can be realized.
Leverage the BANT criteria to create a qualified list of prospects. Such a list helps sales staff prioritize their efforts and ensures maximum closures.