What is BANT?
Not every client is your client. Do you agree?
Experienced sellers will immediately agree with this statement, but beginners can be genuinely surprised and say: “How is that?! We value everyone; we work with everyone to the maximum and see our future client in everyone.” This position is wrong.
Many managers try to attract all customers in a row, sincerely believing that everyone can be a real buyer. They convince people to buy, and these people simply do not have the money to buy this product. Realistically no. And this is not an objection. They persuade of the benefits of the product and give guarantees to someone who does not make the last judgment on cooperation.
Unfortunately, huge resources are spent on work that will not bring the desired result.
If we focus on our highest priority clients, we will close more deals, and we will use our time more efficiently.
How to determine the potential and prospects of the client?
There are several technologies that allow us to determine the prospects of a client and understand which clients need to be focused on and which ones are not a priority for us.
Today we will tell you about one of them – BANT technology for determining the prospects of customers.
BANT technology allows you to assess the prospects of the client with whom you have started (or plan to) communicate.
A client is considered promising if it simultaneously meets 4 criteria:
- B – budget;
- A – authority;
- N – need;
- T – time.
This technology highlights 4 parameters by which you can easily determine the prospects of each client. Let’s look at these options in more detail.
Does the client have the budget to buy what your company offers? Does he plan such expenses?
Sometimes we try to sell to those customers who do not have the appropriate budget; we persuade them, and we try to create a need – but unfortunately, such customers simply do not have the budget to purchase our product.
Does the client decide to cooperate with you? Or is it done by some other person or some abstract board of directors?
The answers to these questions will help you determine the prospects of negotiations with this person. Or maybe you need to negotiate in the company with someone else?
Does the customer have a need that your product or service will cover?
To answer this question, you need to look at the situation through the eyes of the client, and you need to be an expert not only in the field of your product but also in understanding the client’s business, understand his needs, goals, and objectives.
Is the customer ready to act now? Are you now set to crack the issue and use your product?
Sometimes customers have a demand, and they understand that your product will be very useful to them. Though, alas, they are in no hurry to act; they postpone the solution of the problem until better times.
At this point, you can use the instruments to motivate and stimulate customers so that they see the need for change right now and not tomorrow.
The BANT model is highly effective, and it allows to achieve the next results:
- comprehending the duration of the transaction cycle;
- determination of the solvency of the future client;
- efficient distribution of time of the sales department;
- obtaining information about the person who creates the determination.
A scoring system is used, which consists in grading for each answer. The more points a potential buyer gains, the higher his qualification will be. Each criterion is accompanied by several questions; in the case of the budget, you should be interested in the following nuances:
- Has the budget been allocated for the purchase, or has the client not yet decided on the amount?
- If there is a budget, what is its size?
- Is the client ready to overpay if he is offered a better product?
Some Limitations of Bant Sale Technology
The technology is concentrated on the fact that the client already has funding for your products. However, it often happens that a client initially does not plan to buy something from you (i.e., there is no budget initially), and when you show him the value and economic feasibility, he understands that it is more profitable for him to buy your product and use your services. This means that he can find money, even if he did not initially budget for it.
Is it still actual?
The Bant in sales system was invented in the 1960s.
The entire system of institutions was reconstructed and then appeared on the Internet.
Corporations were more open-minded to other businesses being pushed into seats, but nowadays, the requirements are diverse.
Companies function on a more individualized foundation. Now they actually run their profound findings and analysis.
It’s about underestimating the time and intention the sales team consumes on creating a deal and attempting to obtain the most out of it.
Though today, firms are seeking their own goods so there is a difference. It may be claimed that a more thoughtful method these days is to concentrate on supporting customers happy rather than attempting to keep sellers happy too.
These tactics have functioned well in past decades.
To observe the BANT technique, you must obtain much knowledge from the company you’re negotiating with.
There are moments when info pops up spontaneously in a discussion, and you need to poke it out.
After the meeting, you may be pleased with how things went because you got the required data.
Perhaps a softer approach is needed in the current age.
Nevertheless, while there are people claiming that BANT sales is over, that doesn’t tell the full story.
Certainly, if you ask who has expert thoughts on BANT – you will see that this method is so real.
Their principal idea is if a lead does not meet the standards set by the method – it is not a significantly powerful lead.
Try to understand the BANT meaning and operate the model to define all possibilities for possible clients. This technology will improve work efficiency and improve sales.
How to align sales and marketing?
Sales in a company depend simultaneously on how well managers process applications...
How effective is direct mail marketing in 2022?
Direct mail marketing is one of the most influential marketing approaches involving...
What is Marketing Automation?
Marketing automation helps scale businesses. Its purpose is to organize the process,...
What is lead generation?
In simple terms, it is the process of attracting potential customers to...
What is cold email?
Cold mailing is shipping emails to somebody who is not yet acquainted...