The good old BANT: Lead qualification framework that acknowledges the power of communication
Here’s your guide to re-discover the BANT approach for lead qualification and how it can optimize lead qualification.
-What is BANT and why it deserves your attention?
BANT is a classic sales evaluation framework for B2B sales that does not need any introduction- it was first introduced by IBM in the 1960s. It enables sales teams to analyze how well each prospect fits based on the ICP (Ideal Customer Profile) of the enterprise they represent. It is based on their budget, capability to make a purchasing decision and their needs. Once they show interest in a product or service, they wish to see a demo or get pricing details at the earliest.
To determine their legitimacy as a potential customer, any sales executive should be able to answer the following questions, which is also the definition for BANT:
Budget: Can your prospect buy your product or service?
Authority: Who makes the final purchasing decision in the organization?
Need: Does the solution you propose meet the needs of your potential customer?
Timeline: What is your prospect’s timeline for the purchase?
-The DOs and DONTs of using the BANT approach
1. Don’t be upfront: Asking about your customer’s budget in the first interaction might not be an ideal practice- it is better to just know if they have a budget at all in the first place or not. The communication can be molded in a way where they indirectly talk about their financial situation or the cost of the previous product they used, just to provide you with a blurry picture of their capabilities.
2. Understand their authority: During the first interaction, it is not very difficult to ascertain whether the customer actually has the power to make decisions or not. In case they are not in the authority or the position to make a purchase by themselves, it is important to understand who they are representing in case they have shown initial interest.
3. Identify how serious they are about their needs: After understanding their purchasing power and needs, it is critical to note whether they really hold the power to be converted or not. There may be instances where a prospect is just exploring your enterprise without any intention of actually purchasing from you. In this case, you must be well-inquisitive about their intent and sentiments before moving ahead.
4. How soon are they going to purchase?: Once the prospect has passed all the previous stages, it is finally time to enquire when they are going to close the deal from their end. This largely depends on the urgency of their needs and the availability of your product or service. Once you determine this timeline, it will be simpler for both the parties to move ahead in the sales cycle with the aim of reaching the bottom-line.
Redefine lead qualification with GigIndia
By now, you must be aware about the importance of personalised communication in the lead qualification process. At GigIndia, we understand that the shelf-life of every lead is short and they need dedicated attention in time to get converted. Our gig executives generate and qualify leads through multiple channels with a customised program- we redefine lead qualification frameworks like BANT and fine-tune them with our AI-enabled solutions that speedens up the whole process at a faster scale.
-Certified lead qualification executives
-Data leakage protection
-Customized dashboard for operational transparency