Using Budget, Authority, Need, and Timeline criteria can learn how to prioritize high-potential prospects and close their deals faster.
As with most sales and marketing activities, time is of the essence; every moment wasted on unqualified leads is a potential time spent cultivating high-value prospects or closing. Thus, BANT comes into play during lead qualification. BANT represents Budget, Authority, Need, and Timeline and develops efficiency in lead prioritization and qualification among businesses.
Grasping the Characteristics of BANT
Before exploring the beneficials, it is best to have a look at the aspects of BANT model:
1. Budget- Does the customer have sufficient money in his/her budget to make a purchase? Is there a budget for your product or service?
2. Authority- Does the lead possess decision-making power? Is he/she the only important decision-maker within the department of the organization?
3. Needs- Does this lead need your product or service for any reason? Does the lead have a particular pain point that could be served by your offering?
4. Timeline- Is there some kind of timeline-mandated decision or implementation of a solution? Are they actively involved now, or is it a very much longer-range consideration?
Sales and marketing teams can assess these four criteria to conclude whether pursuing a lead is beneficial or should be trifled with. This saves much time and energy, allowing the businesses to focus on more productive leads that are likely to convert.
The BANT Model in Action
Examples of when the BANT model makes perfect sense for application include the following:
1. Determining Decision Makers
One of the greatest aspects of B2B sales is identifying and contacting those with the keys to purchasing the services or products required by the client. In the absence of this information, sales efforts are often dispersed entry points resulting in inefficient sales. The BANT model confirms the authority being met first, so that valuable time is not wasted on inappropriate individuals.
2. Focusing on the Right Prospects
Not all leads are perfect. Some have a budget and may be able to get your service, yet have no real desire for your product or service. Hence, evaluating the need as part of the BANT model allows you to place first those leads compatible with your solution for a better chance at closing.
3. Shortening the Time Involved in Sale Cycles
When a prospective customer has first been made aware of your offering, the last consideration before a purchase can be made is the ability to make or allocate funds for purchase. As per the BANT model, this is an ideal time for making that sales pitch.
4. Budget Boosting
One of the advantages accrued from implementing the BANT model is resource optimization. Avoid placing too much time and effort on leads that may not have the budget to put your offering into use by filtering leads, such as with the budget element.
The BANT Model and the Present-day Sales and Marketing
Although digital evolution is rapid by all means, the BANT model retains its relevance and effect even today or, rather, adds a complementary touch to the modem marketing approaches and technologies.
1. Automation in Marketing
The marketing automation platform facilitates database creation with information about leads at scale.) Thus, if you have integrated BANT in your automated processes, you have instant qualification on leads as they pass through your system.)
Statistics say that, according to HubSpot's research, companies that use marketing automation to nurture leads get 451% more qualified leads than those that don't.
2. Individuality
Individualism, according to modern marketing, is the pillar upon which the BANT model stands, seeing that it is concerned about creating more personal propositions to leads drawn from discovering specific needs, challenges, and timelines of lead engagement.
Statistical Insight: Personalized marketing emails generate six times higher transaction rates than non-personalized emails (Instapage).
3. Data-driven Decision making
Data today indeed is king. Using the BANT model, lead qualification data can be gathered, analyzed, and then used in making more informed marketing and sales decisions.