It’s a straight-up fact that your sales team can’t afford to squander time chasing the wrong leads. This is why lead qualification plays a decisive role in sales success.
It segregates the leads with a high lifetime value from the ones that will never buy from you, so you know where to prioritize your time and efforts.
Implementing a BANT framework for lead qualification helps you shorten the sales cycle, increase revenue, and identify new business opportunities.
Let’s explore how you can leverage it to boost sales!
How the BANT model works
Sometimes it’s clear who your potential customer is, but let’s face it, that’s pretty rare. This is why you need BANT to understand if a prospect is the right fit for you, and you are the right fit for them.
BANT stands for Budget, Authority, Need, and Timing. The budget is crucial in deciding if a prospect will ever buy from you. It’s imperative to have answers to questions such as: Have they set aside a budget for what you offer? Can they afford to buy your solution? If yes, you can peruse further, if not, you know right there and then that it’s time to move on.
It’s also about understanding that sometimes it’s not the price, it’s the value. Do they see the value and are willing to spend money on what you have to offer? Is your value proposition strong enough for them to buy from you?
Authority tells you about who has the buying power. You may want to know how many people are involved in the buying process and who they are. A discussion addressing this will clarify who all take part in the decision making and where the authority lies.
Now, the most obvious question that most people fail to take into account is the need. Does your solution address their pain points? Do they need what you’re selling or can they work perfectly fine without it?
If they do have a need, how long do you think would be the sales cycle? This is where timing comes in the picture. Try to gauge the priorities of your prospect at the moment.
Asking the Right Questions
Yes, you need to ask your prospect a certain number of questions to qualify them as a lead with the BANT model. But, make sure you include them as naturally as you can in your conversation. Let it flow.
For instance, let’s say your company offers a marketing tool. Now instead of asking immediately when would they like to start using it, you may frame it a better way. You should talk about the value of your product, how it can help their business to grow faster, and if they would like to give it a try in a particular timeframe.
If they are already using a similar product, you must make it clear how your tool can serve them better than the one they are currently using.
To demonstrate the value of your product or service, ask how much is this problem costing them and explain what all you can do for them, with emphasis on the time and money you will help them save.
The Other Side of the Story
BANT framework helps you put yourself in the prospect’s shoes and understand their side of the story. Once you can relate to their story, you get a unique clarity on what should be your next steps and how you should showcase your offering to these people in a way that gently nudges them to buy.
We, at Digitalzone, generate BANT qualified leads, so your sales job is not only half done, but you also reach the ultimate decision-makers who perfectly match your ICP.