Lead Generation describes the Marketing process using BANT, for stimulating and acquiring an interest in a product or service for the purpose of developing a high-quality sales pipeline. Lead qualification is the process of deciding whether the opportunity in front of you (the potential customer) is worth the time it takes to reinvest in them. It’s an effective way to examine whether a potential customer is actually interested in the opportunity you are offering.
BANT Qualified sales leads are considered, first and leading, from a budgetary standpoint. If the possible customer doesn’t have the funds for the product you’re selling, they probably aren’t a qualified opportunity.
Let’s just understand as a sales rep, how do you qualify your prospects as a great Lead? The BANT sales qualification strategy can help resolve whether a lead is likely to be thriving.
BANT is pretty straightforward also asks sales reps to consider the following:
- 1. Budget: Does the prospective client have the necessary budget to purchase your product?
- 2. Authority: Does the inherent lead have the authority to make an investment, or are there additional people you need to speak with?
- 3. Needs: What sales pain points does your service overcome?
- 4. Timeline: When is the lead attending to make a possession?
How to check whether the Lead Qualification is working using BANT?
Even with all of your hard work, planning, and effort, it can be difficult to tell if your time will be compensated. Does this lead actually have a purpose or interest to buy?
BANT covers the major determining factors which help to identify a qualified lead in the form of its 4 elements: Budget, Authority, Need, and Timeline. A lead is counted viable if it meets at least 3 of the 4 BANT criteria.
BANT – Changing Times, Changing Needs
When IBM first introduced BANT, it was an immediate used among salespeople, for several reasons:
- 1. It offered them a decent framework to qualify leads
- 2. It conserved a lot of time by filtering out the low quality leads from the genuine ones
- 3. It increased the efficiency by focusing on leads that were most likely to be closed
Factors to Consider for reintroducing BANT in Modern Sales:
- 1. The Rigid Approach in its reentry
- 2. The level of importance and use has been uplifted
- 3. Understanding the need of the customer is an important aspect in BANT
Know your worth of hiring BANT Leads by looking over a few emphatic signs:
- 1. The prospect extends the conversation by asking questions. Ask some of your own questions to keep the information rolling.
- 2. The lead has been thinking about a specific business challenge for a while and is calling specific. Best answers could indicate the lead has been continuing on this issue for some time and is ready to make a change.
- 3. The lead has an idea of the solution they’re wanting for. Those in a place of authority tend to have a pulse on what their business is struggling with, what’s going right, and what solutions might fit best.
Here are a few additional questions to consider when using BANT for Leads Qualification:
Do you have a dedicated budget for new technology purchases? What is that budget?
Are you bestowing your budget with any other departments?
If you had zero budgetary constraints, what would you do?
Do we need to include anyone else in our discussion?
Do you currently use any products similar to ours? Do you anticipate any overlap or redundancies?
How have past products been received? Is your team receptive to change?
Tell me about the most frustrating part of your job. How long has this been a frustration?
Do you currently have plans to address these issues?
What, if any, roadblocks do you anticipate?
What other issues are you facing? What’s your priority in resolving the issues?
When are you looking to solve your problem?
BANT was a breakthrough in the process of sales. It’s standing as one of the best sales qualification frameworks even today. So the key is to reinvent BANT to fit into the modern sales process, which lies in the ability of the sales representative to consistently innovate and adapt the changing trends.
Do you think you have what it takes to BANT your way to sales reputation or Are you stuck in finding how to reintroduce BANT Leads? Reach us now by simply giving us a call on 855-203-8196 or email at firstname.lastname@example.org