How to qualify your B2B leads with BANT

Understanding the BANT Method

BANT Method Definition

BANT is a classic B2B sales prospect qualification method. It was reportedly introduced in the 1960s by IBM. The BANT method should be viewed as a framework for conducting sales through questions and filtering prospects. Using this framework, you decide whether or not to engage in a sales cycle.

BANT is an acronym for Budget, Authority, Need, and Timing:

• Budget: Does your prospect have the means to purchase your product or service?

• Authority: Who makes the final purchasing decision in the organization?

• Need: Does the solution you're proposing address a genuine need for your prospect?

• Timing: What's your prospect's timeline for making this purchase?

If a prospect shows positive responses to at least three criteria, then the sales team can consider the prospect qualified.

Now let's examine the different elements of the BANT strategy more precisely.

Budget: How Much Would Your Prospect Pay for Your Service?

Money can be a critical factor in purchase decisions.

Obviously, regardless of the product or service sold, its price must be compatible with the budget allocated for this type of purchase by your prospect.

Clearly, starting a sales meeting with budget questions can be a delicate exercise—building trust is therefore crucial!

You can investigate this topic through indirect questions:

• "Currently, you don't have a solution for your problem—how much is this costing you?"

• "We've calculated that our solution could bring you X dollars per year—does this align with your expectations?"

• "Have you already implemented this type of service? What ROI did you achieve? At what cost?"

Authority: Do You Know Who Validates Decisions?

Often in complex B2B sales, purchase decisions involve multiple stakeholders.

Let's say you're proposing video editing software. You meet with Company A's community manager, who might use video in their daily social media work.

You'll quickly discover that within Company A, many other people will have decision-making power in choosing your solution: the marketing and communications director, the digital project manager, or even the general manager...

Your objective is to map all stakeholders potentially impacted by your service or product. Use these questions:

• "Who will use our product or service?"

• "Would you like to invite someone else to our next meeting?"

• "May I speak with someone else to present our solution?"

Need: What Are Your Prospects' Challenges?

Do you think you can convince a company that doesn't need your service/product?

This looks very difficult.

Sometimes prospects think they've identified a problem without taking time to consider a solution. Your role is to understand your prospects' problems and challenges to fuel your sales arguments.

Through your questions, you must investigate your prospect's concrete needs and adapt your message accordingly:

• "Tell me about this problem—how long have you been experiencing it?"

• "What are your current plans to address this situation? Do you have an action plan?"

• "What are your current business priorities?"

• "Do you think my solution X could help your company solve this problem?"

Timing: How Soon Is Your Prospect Ready to Buy?

The final step in the BANT system—timing!

Yes, you know your prospect has budget, can make decisions themselves, and has a real need... But they can't make a decision for eighteen months!

Ouch, cold shower...

In certain sectors, this isn't exactly what we call a "hot prospect."

It's therefore important for sales teams to discuss timeline questions to determine if the prospect is cold, warm, or hot.

Focus on hot leads expressing urgent needs. They're priority! The sooner you tackle a hot lead, the more time you have to close the sale by implementing an adequate sales approach: holding meetings within deadlines, guiding the client in their decision...

Here are some questions that can guide this approach:

• "What upcoming events would you like to be equipped with our solution for?"

• "What's your objective for the next 6 months?"

• "Have you considered other solutions?"

BANT in 2022: A Classic Worth Revisiting

The BANT approach was widely used in the 1960s and continues to be a recognized sales tool.

However, the advent of digital marketing, marketing automation, and the web in general has changed things... Some nuances should therefore be added to this system.

Organizations Change, Sales Too

While the BANT method was a good way to standardize prospect qualification processes in the 1960s, this isn't necessarily the case today.

This method can prove too direct.

Can you seriously imagine a sales meeting today starting with "What's your budget?"

No.

It seems necessary to think of the methodology as a flexible framework rather than a list to follow religiously... Start by evaluating your lead's needs before discussing budget. This is crucial.

Moreover, prospects have access to extensive information about products and services they might need via internet research. Decision-making and purchasing are often the result of this research. By the time the Sales team contacts a prospect, solutions may have already been studied and decisions partially made.

To counter this, it's imperative to offer a personalized customer experience. Your objective must be to bring value to your prospect to help them solve their problem.

Finally, since the 2000s, we've seen companies with shared management systems (holocracy). Within them, each part is responsible and decision-making. Decisions no longer depend on hierarchy but on groups of people. For Authority questions, it's therefore better to ask how the purchase decision will be made rather than by whom.

Digital Tools Serving the BANT Method

Digital tools can counter the BANT system's negative effects.

Thus, a content marketing strategy combined with targeted SEA will help you attract prospects and push them to interact with your company through contact forms on your website or social networks!

Generally, you should be proactive in your sales approach by providing free access to your expertise: access to service description pages, blog publications, discussion forums, social media responses...

Finally, if a prospect isn't ready yet, why not support your work with a lead nurturing strategy?

Through lead nurturing, you'll offer your prospect various useful content to support their purchase process such as:

• Testimonials from satisfied clients expressing how your product helped them save money long-term

• Personalized case studies for each team member

• White papers illustrating negative consequences for organizations that didn't act quickly enough to choose your solution

The GPCT Method: A Modern BANT Version

Many sales teams opt for alternative methodologies to BANT.

For example, the GPCT method (Goals, Plans, Challenges, Timeline) aims to be more subtle by asking less aggressive questions for prospects (their hierarchy position? their budget?...).

You understand that BANT is an effective method for focusing efforts on prospects truly ready to buy. It's interesting to apply in inbound lead qualification. However, today this method has aged and doesn't allow mastering all B2B sales complexity. You should consider the MEDDIC approach, which seems much more powerful in today's world.