Lead qualification means deciding if the chance in front of you (potential customer) is worth the time to invest· It’s a way to see if they’re genuinely interested in what you offer· We all qualify choices daily: “Is this TV show worth my time?” “Order takeout or cook?” We decide if opportunities are worth pursuing· So, as a sales rep, how do you qualify prospects as great leads? BANT strategy helps decide if a lead will likely succeed·
What is BANT
Originally developed by IBM to quickly spot potential buyers, BANT is the classic method for sales and lead qualification· It stands for budget, authority, needs, and timeline, aiming to identify valuable leads· BANT is straightforward, asking salespeople to think about:
- Budget: Can the client afford your product?
- Authority: Does the lead have buying power, or do you need to talk to others?
- Needs: What problems does your service solve?
- Timeline: When does the lead want to buy?
A lead meeting three criteria is considered viable, but teams may have their criteria· BANT prioritizes budget· If the customer can’t afford your product, they’re likely not a good opportunity· Use a Lucidchart flowchart to track your lead qualification process·
This process saves time and effort for sales teams by filtering out unproductive opportunities. Leads come from various sources like email, phone numbers, referrals, ads, and marketing methods. But just because someone shares their email or signs up for a newsletter doesn’t mean they’ll become a valuable lead.
You might wonder, “Shouldn’t we pursue every lead?”
Consider shopping for a new car: Do you check out every single car or narrow down your search to meet your needs? It’s the same in sales—you focus on leads that fit your criteria to avoid wasting time.
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If the opportunity seems promising, ask more questions to gather details· Consider these additional questions for BANT qualification:
Budget
- Do you have a set budget for new tech purchases? How much is it?
- Are you sharing your budget with other departments?
- If budget wasn’t a concern, what would you do?
Authority
- Should we involve others in our talks?
- Are you using similar products? Will there be an overlap?
- How have previous products been received? Is your team open to change?
Need
- What’s the most frustrating part of your job? How long has it been an issue?
- Do you have plans to address these problems?
- Any obstacles you foresee?
Timeline
- What other challenges are you dealing with? What’s your priority?
- When do you aim to solve these issues?
- Any other solutions or services you’re considering?
Contacts for leads might involve multiple people· Rarely does one person make decisions; usually, different managers or department heads collaborate· Use this to your advantage, tailoring your approach accordingly·
How to Use BANT in a Sales Call
Now that we’ve covered the basics of BANT, let’s dive deeper into how you can use this method during a sales call·
Understand what your prospects expect to gain
First, figure out what your prospect hopes to achieve by using your product or service· This will help you see if they’re a good match and how you can help them· For instance, if you sell a CRM system for $100/month, and they want to increase sales by 10%, that’s a potential gain of $500/month·
Know who makes the decisions
Find out who calls the shots in their buying process· This helps you know who to talk to and what matters most to them· For example, if you sell software, the decision-makers could be the IT Director, CFO, and CEO·
Understand their problems
Figure out exactly what problems your prospect faces· This helps you see how your product can help· For example, if you sell project management tools, ask how much time they waste on manual tasks·
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Look beyond the obvious
Sometimes, the main problem isn’t the only one· For example, a small business might need a CRM system because they lose customer data· But they might also struggle with sales forecasts·
Know the timeline and budget
Understand when they want to buy and how much they can spend· For example, if the CFO decides, they might want to see returns over three years· If it’s the CEO, they might focus on how your product helps their goals·
Be ready for objections
Expect objections or concerns, like price worries· Prepare responses, such as showing the return on investment they’ll get·
Use digital tools to track progress
Tools like HubSpot Sales Hub help you keep tabs on deals, set reminders, and manage your sales pipeline efficiently·
Final Words
BANT offers a strategic framework for sales teams to qualify leads effectively· By assessing Budget, Authority, Needs, and Timeline, sales professionals can streamline their efforts, focus on promising opportunities, and ultimately boost their success in closing deals and driving business growth·
