Before the pandemic, sales qualification may not have mattered as heavily as it does now. The current situation has forced businesses to attract new leads for multiple reasons through various means. Attracting more leads may involve negotiating contracts, improving sales engagement, and preparing for crisis battle cards, among other things.
For many organizations who spend a good amount of time preparing for the different types of conversations with prospects, considering BANT and having a well-optimized sales funnel is important.
Sales Funnel and Qualification Process
The sales funnel is a very important technique of sales qualification. One reason is because a sales funnel can track the journey which a customer undertakes from consideration to purchase. At the beginning of the process, numbers are quite broad. However, the sales funnel can narrow them consistently.
Even though the key terms that are used to describe a sales funnel are different. However, the major stages of a sales funnel can easily be described as terms given below:
- Lead generation
- Lead qualification
- The initial or first meeting
- Retention and referrals
Overall, having a well-optimized and properly structured sales funnel is necessary to ensure the best utilization of an organization’s limited resources to realize its sales objectives.
However, for the salesperson of any business, this can work as a technique that can be used to bring solutions to the customers throughout the funnel effectively.
What is BANT?
So, BANT is one of the best and commonly utilized techniques of sales qualification, which is also referred to as a process or framework of sales qualification.
More commonly, it fits well into the lead qualification step of the sales funnel.
Have you ever thought about why lead qualification is an important process here?
Undoubtedly, it would be awesome if every person in the world become your potential customer. However, the fact is that not everyone needs to purchase your product. At the same time, some people who need your product are unable to pay for their purchase.
So, this is where the process of lead qualification comes into action. This technique can let you identify the right customers for your business with ease.
BANT is basically a methodology of sales qualification which helps salespeople in deciding whether the prospect is a good fit or not based on 4 different factors. Well, these 4 factors BANT stands for are:
- Budget:This will let the salesperson know how much a prospect can pay willingly. Here you can determine what your prospect can spend for your product or service currently. Or how heavily the price factors for the prospect into their buying decision.
- Authority:Who is going to make the final decision in any buying process? Here you can get to know about who is going to use this product. Also, who is the decision-maker here, and who is the gatekeeper?This stage will let you know who else is involved in this decision.
- NeedDoes a prospect is having a problem that can be solved with your product? Or what steps they have taken already to address their certain needs.
- Timeline:Does your prospect need the product quickly? Determine there are any deadlines your prospect has to meet.To utilize BANT in your sales funnel as a concept or technique rather than adding it as a to-do list. Undoubtedly, to qualify a lead, you need to use these steps, but not in the same order necessarily. In fact, you may need to change your approach to fit the prospect every time.
Here are some of the key practices you need to consider to apply the BANT qualification method in the present environment:
- Don’t be too rigidWell, the point of applying BANT isn’t about being rigid. Remember the fact that it’s not the letters’ order that matters. The key is to implement this strategy is to use this ideology as per your business and prospects.
- Understand the customer’s issues and environmentThe best way to implement this strategy is to understand the current environment and the biggest issues of your customers. For example, your potential customer might be undertaking a digital transformation to ensure enhanced customer service.By understanding what your customers are up to at the moment will help you to point out how your product or service can help them to ensure a quicker transformation. Or how it can cure the biggest pain points of the customers in the best possible way.
To provide them the best solution, you must understand where exactly your product or service can fit into the picture, even if your service is just a piece of the puzzle here. This will let you attract your customers more effectively, and you would be able to influence their purchase decision to some extent with ease.
- Be subtleSpecifically, when you are working in a business-to-business model, then you must know the best ways to raise questions that look natural but help you to enable a successful lead qualification by using BANT.After all, it is never appropriate to start your conversation abruptly from where to sign off in the beginning.
Make sure that you are not looking forceful to your potential customers while asking them questions regarding their needs or something else. Even if you are trying out to find out their problems during the conversation, but don’t make it sound like that before moving to the other areas of your strategy.
- Support operative sales qualification with an amazing sales ecosystemSales activities are more often dependent on the tools and an array of processes that are helping to make up an optimized sales funnel. So, one of the essential interconnecting parts here is that to ensure that you are relying on the most effective yet highly suitable tools that can let you track the performance of your business effectively.
Undoubtedly, BANT is here to stay for a longer time. Overall, BANT is an easy and straightforward technique. It is as effective for small businesses as for businesses with large sales teams. The beauty of this sales qualification technique is that it can be applied by seasoned salespeople or experienced ones with ease to ensure reliable sales qualification.
With effective content marketing and demand generation solutions, your company can be engaging existing and new prospects now and in the future. Contact us today to learn more.