Utilizing BANT for Lead Qualification

Utilizing BANT for Lead Qualification

The professionals involved in marketing and in sales are mostly concerned about acquiring conversions. They need to determine whether a prospect is likely to be turned to a real customer successfully. However, it is also a known fact that all customers are different but they do share certain similarities. That is why a sales expert utilizes a framework for sales qualification in which one of it is the BANT that allows people to acquire BANT leads.

BANT is the acronym for Budget, Authority, Need & Time. It has been utilized for a very long time by organizations in various industries. It was originally developed by IBM that aims to uncover different information. What makes acquiring BANT leads much easier is the fact that such questions can be put into a conversation context. Moreover, by simply determining whether a lead if qualified or not can help a business determine whether they could get a minimal or maximum ROI from their marketing efforts. This approach for lead qualification also helps business executives to spare themselves from their time in a bunch of leads, which would not bring any good to the company.

Let us see one by one how BANT works –

  • Budget

In this one, the approach aims to determine whether the prospect customer is capable of buying the offered products and services as well as whether the company is capable of affording new solutions to the concerns of the prospect customers.

  • Authority

For the authority one, it aims to determine whether the contract of the business has the authority for a purchase sign off. Apart from that, this also helps businesses to determine if the prospect has a contact with the person who has the authority to make a decision regarding purchasing the offered products or services. With the BANT leads, one can ensure that they are selling their products or services to the right persons.

  • Need

It also aims to know whether the prospect has a problem or a pain that the business or the business’s products and services are capable of solving. This is the perfect way for them to determine whether the company or the market they are aiming for fits with their products and services. In this one, the business tries to gain knowledge about the challenges the prospect is facing and determining the ways to help them with it through the things that they offer.

  • Time

When it comes to acquiring BANT lead, time should never be forgotten. This is because there is a need for the business to determine when is the time when the prospect plans to buy as well as the time when they are expecting to get the solution that they need. This one would require a thorough research.

All of these things results for a business to have successful BANT leads that would bring more sales to their business. Therefore, one’s effort would surely be paid off. Moreover, utilizing BANT for lead qualification is actually a smart choice one can make.

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