What does it mean?

B.A.N.T.

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.

B.A.N.T. - Understanding Lead Qualification for Sales Success

Are you struggling to close sales with your prospects? Do you find that your leads are not converting despite your best efforts? If so, it's possible that you're not properly qualifying your leads. Lead qualification refers to determining which of your leads are worth pursuing and which should be disqualified. One popular lead qualification method is B.A.N.T., which stands for Budget, Authority, Need, and Timeline.

How to Use The BANT Framework

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.

UPrioritize Problems
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 and make things more difficult for you.

UPrepare 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?

Diving Into The Four B.A.N.T Factors

  1. Budget: When considering a potential lead, it's important to assess whether they have the budget to purchase your product or service. After all, you don't want to waste your time chasing down leads who cannot afford what you're selling. One way to determine a lead's budget is by asking questions about their current spending habits and financial situation. Another option is to gauge their interest level and willingness to invest in a solution like yours.
  2. Authority: Besides having the budget, ensuring that your lead has the authority to make purchasing decisions is crucial. What good is it if your lead is interested and able to invest but cannot get approval from their superior? Before you move forward with a lead, it's important to understand their internal decision-making process and assess whether they have the power to make a purchase.
  3. Need: As a seller, it's easy to get excited about your product or service and want to pitch it to as many people as possible. However, it's important to remember that only some genuinely need what you're selling. Before pursuing a lead, it's important to understand their pain points and assess whether your solution can truly address their needs. Remember, the more targeted your approach, the more likely you are to close the deal.
  4. Timeline: Finally, assessing whether the lead has a realistic purchase timeline is important. Can they decide quickly, or will they need more time to consider? Understanding your lead's timeline can help you determine how urgent your pitch needs to be and can help you tailor your communication to their needs.

Conclusion

By using B.A.N.T. as a lead qualification tool, sales reps and managers can better understand their potential leads and make more informed decisions about prioritizing them. Before pitching, remember to assess the lead's budget, authority, need, and timeline. Doing so will allow you to invest your time and resources more efficiently and close more deals. So, go ahead and start incorporating B.A.N.T into your sales process today and watch your success soar!