If a prospect presents positive responses to at least three of the criteria, then the sales team can consider the prospect qualified.
The BANT framework has fallen out of favor recently, because it does not hit the mark when salespeople use it like a checklist.
The goal of the Framework is gathering information, qualifying leads and narrowing the customer’s pain points. Sales reps should not just be asking prospects a series of scripted questions instead of providing value and having real conversations based on active listening.
Let’s dive deeper in the 4 dimensions of the BANT Framework and see if they are still relevant in 2020.
Budget: How much would your prospect be willing to pay for your service?
Money can be a critical factor in a purchasing decision.
It is obvious that no matter what product or service is sold, its price must be compatible with the budget allocated for this type of purchase by your prospect.
Obviously, starting a sales meeting with the question of budget can be a delicate exercise: creating a bond of trust is therefore crucial!
You can investigate this topic through indirect questions:
- Today you have no solution for your problem, how much does it cost you?
- We have calculated that our solution could bring you X dollars per year, does this come close to your expectations?
- Have you already set up this type of service? What ROI did you get? For what cost?
Authority: Do you know the person who validates decisions?
Often in complex BtoB sales, the purchasing decision involves many stakeholders.
Let’s take an example:
You product is video editing software. You meet the community manager of company A, who is creating videos everyday to use on social media. You uncover that within company A, someone else have the authority to decide on such purchase: the chief marketing officer.
Your goal is therefore to track down all of the people who may have been impacted by your service or product. Use these questions to help you:
- Who will use our product or service?
- Would you like to involve someone else to our next meeting?
Need: What are your prospects' challenges?
Do you think you have a chance of selling to a company that does not need your service/product?
Sometimes prospects think they have identified a problem without having taken the time to think about a solution. Your role is to identify the problems and challenges of your prospects to fuel your sales pitch.
With your questions, you have to investigate the concrete need of your prospect and adapt your speech accordingly:
- Tell me about this problem, how long have you been seeing him?
- What are your current plans to address it?
- What are your current business priorities?
- Do you think my solution X could help your company solve this problem?
Timeline: When is your prospect planning on making a decision?
Last component of the BANT framework, Timeline!
Yes, you do know that your prospect has the budget, that he can decide for himself whether or not to choose you and finally that his need is very real… But he can’t make a decision for eighteen months!
Of course you would not have the same strategy for a deal that can close next week compared to next year, that is why getting timeline information is so important to determine whether the prospect is cold, warm or hot.
Focus on hot leads that express a need for urgency. They should be your top priority!
The more you take a hot lead in hand, the more time you have to close the sale with the right sales approach: holding a meeting within the time limit, guiding the client in his decision…
Here are some questions that can guide this process:
- What upcoming events would you like to be equipped with our solution for?
- What is your goal for the next 6 months?
- Have you considered other solutions?
Using the BANT Sales Framework today
The BANT approach was widely used in the 1960s and continues to be a recognized business tool.
However, the advent of digital marketing, marketing automation and more generally the web has gone through it… It is therefore necessary to bring some nuances to this system.
Organizations change, so does selling
If the BANT Framework was a good way to standardize the lead qualification process in the 1960s, this is no longer necessarily the case today.
This method can be too blunt if not properly executed.
Can you picture yourself starting every sales meeting by saying “What is your budget?”.
It seems necessary to think of the methodology as a flexible framework rather than a list to be followed in a religious order… Start by assessing your lead’s need before talking about the budget.
In addition, prospects have access to a great deal of information on products and services they may need via internet research. Decision making and the act of buying are often the result of this research. By the time the sales team gets in touch with a prospect, the solutions may already have been studied and the decision partially already made.
To counter this, it is therefore imperative to offer a personalized customer experience, your goal must be to bring value to your prospect to help him solve his problem.
Finally, since the 2000s, companies with a shared management system have been appearing. Within them, each party is responsible and decision-maker. Decision-making no longer depends on a hierarchy but on a group of people. In the case of questions of authority, it is therefore better to question how the purchasing decision will be made rather than by whom.
Thus, a content marketing strategy coupled with targeted SEA will allow you to attract your prospects and push them to interact with your company either via a contact form on your website or on your social networks!
Generally speaking, you must be proactive in your commercial approach by giving free access to your expertise: access to your pages describing your services, publications on your blog, discussion forums, answers on your social networks…
👉 That’s what Content Marketing is all about
Finally, if a prospect turns out not to be ready yet, why not support your work with a lead nurturing strategy?
Thanks to lead nurturing, you will offer your prospect various useful contents to support his buying process such as :
- a testimonial from a satisfied customer who expresses how much your product has saved him or her in the long term
- a personalized addressed case study for each member of his team
- white papers that illustrate the negative consequences of an organization that did not act quickly enough to choose your solution
The GPCT methodology: a modern version of the BANT Framework