There is no denying that methods like BANT assist the sales team while formulating their outreach strategies. BANT influences the process of identifying, reaching, and retaining the right target audience in many ways.
However, in the recent studies around the prospect qualification methodologies, we see how these concepts can derail your sales process if you use them in the wrong place and at the wrong time.
The sales process is complicated and has numerous variables influencing the equation. Everything boils down to a simple situation: you are calling or reaching out to a stranger who has zero knowledge about your product or your company, and they have no idea if the association with your product will be fruitful for them.
The above situation is a risky space to be in, but as a marketer or a salesperson, the ability to do some research and gain valuable insights about the party might help you have the edge over other competitors.
Before moving further, let’s quickly understand what the term BANT means and how it affects the day-to-day business of an appointment-setting organization.
What is BANT?
- Budget: Whether the prospect can afford your product or not
- Authority: Whether the person in contact is the decision-makers within the organization
- Need: Whether there is a need for your product to solve any problem that the prospect is facing
- Timeframe: The time duration in which the prospect can start using your product.
Navigating your way through all these questions might help you understand the prospect and help you position yourself more effectively.
What is the problem then?
Fundamentally, the whole BANT approach might be a little overwhelming in the real world. Because of the following reasons:
- Budget: No prospect ever has enough budgets to give out to anybody. If you are making a sales call, know that the listener will never give you his money so quickly. It’s your job to show the prospect the hidden value of your product. Bring out the value, and the buyer will find the adequate budget for the deal.
- Authority: The B2B ecosystem is full of complexities. There’s never just a single person who is obligated & authoritative to make a decision. Generally, there are multiple decision-makers involved in a B2B transaction.
- Need: Your research and the amount of homework you do for the target prospect will help you understand your customer’s need.
- Timeframe: As long as you are getting the deal done, timing is one thing that you can customize for your prospect.
Therefore, it only makes sense to omit these pre-conceived notions while you are on a call with your prospect.
So how to shortlist a company for an efficient sales prospect qualification?
- Start selecting companies that are a fit for your product or service. Who are actually in need of your solution?
- Have a look at your portfolio. Look at the kind of companies that you have targeted in the past. Try to filter out the relevant decision-makers and get them to listen to your proposition over a call. Tell them why they should get associated with your product and try closing the deal.
BANT shouldn’t invade the conversation
While BANT can help you navigate and map accounts, however, it should not be considered when you are on a call with your prospect.
The aim is to weigh in with other stakeholders as fast as possible. The objective should be to know their needs despite what they think they need.
Ask questions that will lead you to know about their origin, mission, and where they want to be in the future. Try to understand their trust in you.
Tell them about your achievements in the past. Show them case studies for other clients and help them see the value that you are trying to bring to the table.