Can you relate to the frustration of investing a lot of time and resources towards a prospect to discover they are not the right fit for your business? If so, then you should consider adopting the BANT model in your sales. This model will help your business identify if a prospect is a good fit, helping you be more efficient in the deals you make. In this article, we will look at what BANT is in sales, and how it can help your business qualify more leads.
BANT is an acronym that is a process business will use when qualifying a prospect:
BANT is commonly used in B2B sales by both the sales and marketing departments to identify if a prospect is a good fit. As a result, your sales process will be more efficient, helping your sales team qualify high-quality leads at a more productive pace.
To effectively use the BANT framework in your sales process, ensure that you follow these crucial steps:
Understanding your prospect’s budget is crucial to know if your product or service’s price point suits them, but it is also worth trying to understand the ROI the customer wants. The reason for this is that if your price is just out of the customer’s budget, but the forecasted ROI they will get matches or surpasses their needs, there is a chance you will still be able to convert the prospect to a customer.
Most deals, especially in the B2B market have multiple stakeholders involved, meaning there will need to be multiple people who must agree to purchase your product or service. This means it is crucial for your sales representatives to try to identify the number of decision-makers that will be involved in a deal as early as possible in the sales process.
Next, your sales representatives should analyse your customer’s pain points to identify if they are a good fit for your business. You should attempt to find out:
Identifying these points will help your sales representatives identify if the prospect is a good fit for your business or not.
Once you have collected all of this information to decide if the prospect is a good fit for your business, you must identify a timeline in which both parties would like to complete your sales process. By having a rough idea of the length of time it will take to complete a deal, you will be able to better forecast your revenue and growth.
The BANT framework will require your sales team to discover and track a lot of information. This can be challenging for sales representatives as there will be multiple prospects to track and manage at one time, which is why technology adoption can be beneficial for businesses.
Adopting sales automation CRM software will assist your BANT strategy by enhancing your data visibility and streamlining the process of tracking your sales pipelines. CRM software will:
The BANT framework has fallen out of favour with some sales experts for multiple reasons, the biggest being that although the information collected from the BANT model is valuable, it is collected too late in the sales process. By the time your business has completed the BANT methodology with a customer, you would have already spent a lot of time and resources progressing the customer through your sales funnel. Other challenges include:
Find it challenging to manage multiple prospects at once? This is where TEB, the sales automation CRM software comes in. TEB will streamline your pipeline management, increase your data visibility and keep your sales team organised. Game-changing benefits of TEB include:
Do not just take our word for it, book a demo where you can see all of these features live and in action.