What does it mean?
An acronym used in sales for lead qualification that stands for Budget, Authority, Need, Timeline. It's a famous tool for sales reps and sales leaders to help them determine whether their prospects have the budget, authority, need, and right timeline to buy what they sell.
The BANT formula was originally developed by IBM several decades ago. Here's the new formula we like more.
Understand the budget
If you sell a SaaS product, you can overcome the price obstacle by asking about the prospect's expected ROI. If that aligns with your price, you have good reason to qualify the prospect on budget.
Identify stakeholders in the process
Most decisions are made by multiple people rather than just one person. Map out who is involved in the process and how to access them.
Determine if the problem or gap you have identified is high on the priority list to be solved. If not, it will cause future kinks in the process and make things more difficult for you.
Prepare a timeline
You've come this far; now, agreeing on a timeline to solve their problem is essential. Are you looking at months or weeks to close the deal?