BANT is used to find out more about your prospects, and if working long hours on that proposal is worth your time and effort. BANT stimulates and acquires an interest in a product or service to develop a high-quality sales pipeline. It’s an effective way to determine whether a potential customer is actually interested in the service you are offering.
With its four core aspects of Budget, Authority, Need, and Timing, the BANT sales technique involves relevant points related to the budgeting, ability to buy, internal influence, need for the product, and the timeline for the purchase.
Changing Times, Changing Needs
BANT offers a framework to qualify leads and conserves a lot of time filtering out the low-quality leads from the high-quality ones. It increases efficiency by focusing on and targeting the leads that were most likely to be closed. When it comes to reintroducing BANT in modern sales, it’s imperative to understand the need of the customer. While you’re doing that, it is equally essential for you also to ask the questions and to keep the information rolling. You know the lead has been thinking about a specific business challenge for a while, and you provide the solution to them will alleviate that particular business issue for them. The ones in authority know what their business is struggling with, and what solutions fit the best.
A ham-handed approach won’t do your BANT process any good. The subtle conversation is how you can get the information you need – without intimidating the prospect. Preferably, BANT should be implemented as the second step in your sales process, right after initial contact. Whether it’s a telephone call, emails, or the good old face-to-face conversation, it is crucial to apply BANT carefully, and you’ll save loads of time. But as always, in-person contact is the best, followed by a phone call.
But if all you can get is an email conversation, make the best of it. It does have its advantages. It provides you the time to work out on your BANT questions to which should:
• be empathetic
• show interest in the prospect, and
• get the information you need
Applying BANT in Today’s Business
BANT has changed the face of sales today. BANT is applied to all kinds of buyer personas, so it’s a reliable framework to execute across sales the department of an organization. If you’re working for a SaaS-based product company or a marketing agency, the rules of the BANT framework are broad enough to accommodate multiple industries where they’ll relate it to the types of leads your team has. Set up a formal structure for your team’s hierarchy to follow to see to it that everyone is on the same page and trying to enhance the lead quality of the prospects in your sales funnel.
While there is a definite place for a modernized form of BANT in your sales qualification practice, you must consider a few essential factors into the mix as well, such as the following:
• Buyer Personas: Where on one hand, budget, authority, need, and timing are crucial to your prospecting; you should also establish if these prospects align with your buyer personas. Make your buyer personas your take-off point before launching into BANT.
• Behavior Data: There’s no point in tracking the activity on your website if you’re not utilizing that information and applying it to your sales prospects. Track and make use of data like the number of downloads and email responses or your webinar attendance and consider it as a first step to qualify a lead, before considering BANT.
• Demography: Look beyond the basic demography like location and company size. You must consider the company’s pain points, and how best you can your product or service address those.
• Collaborating Your Sales and Customer Success Teams: Collaboration between your sales and marketing teams has to be like a hand in glove. Since your sales team is the one having regular conversations with your prospects, they’re most likely to have crucial insights on aspects like the strictness of their budget or how your product or service can address their needs.
BANT in the Year 2020
Knowing and realizing that our sales prospects have the luxury to spend money just like we have unlimited options to spend. No matter which problem of theirs your product or service can solve, there’s another B2B company out there that can also do the same. It’s more important to ensure your prospects don’t think that you see them solely as a prospect.
• Not considering the budget as a potential road-block
If you’re using a subscription model, it means the budget perhaps may not be a road-block for most businesses. With an increase in ROI, your clients will notice that price is not a huge impediment.
• Recognizing the criticality of the issue
Instead of identifying your prospect’s financial plan, think about how critical this problem is for them, and if your clients are driven to solve it and the consequences if they don’t. Are there varied initiatives they care about more that will compete for their attention and decision-making wealth. An inclination to act is a better pointer towards fit than budget.
• Mapping out who all are involved
When there is a group rather than one person who makes the most decisions. An average of 6.8 stakeholders is involved in every decision-making and agreement. All individuals must agree and sign the contract.
You should map out everyone who is involved in this process—the job titles, decision-making roles, their primary concerns, and how you can access them. More interactions will give you more control and fewer chances this opening will slip through your fingers.
• Discovering how swiftly the business functions
You know how urgent their requirement is and who the decision-makers are, but not how quickly they make their business decisions. Recognizing if you’re considering months of agreement to help you strategize your pipeline and prepare yourself for the close. BANT has survived through the decade because it’s practical, memorable, and applicable to an extensive range of products, price points, and sales practices. Adapt it to your requirements then target the best fit.
The freshest sales approach for SaaS products and services would be reversing the BANT approach. The sales approach is now TNAB – Timeline, Need, Authority, and Budget. In the past, the timeline of sales was a concern after the deal got completed. The schedule or the timeline was a deal-breaker only if the supplier couldn’t provide the product or service on the customer’s timetable. But today, timing is the most critical lead qualifier.
One key to high-yielding sales is to recognize that not all qualified sales leads can be a perfect fit for every business. If a company does not need a product or service, quoting a lesser price, a better discount or incentives will not tempt them into a purchase. The timeline and needs assessment can be determined in one sale call utilizing the TNAB approach because if the customers’ needs do not match with the business’s product or service, trying to sell to them will not end in striking that deal.
Lead qualification need not be a clash between marketing and sales teams. By reversing the BANT methodology, salespeople can spend more time selling and less time getting upset with leads that go nowhere. A ‘backward’ approach to BANT is a more sensible approach than qualifying on an ability to pay and who will authorize the purchase order. After all, meeting your customer’s requirements should supersede everything else.