BANT (Budget, Authority, Need, Timeline)

What is BANT (Budget, Authority, Need, and Timeline)?

Here is a breakup of the 4 BANT criteria.

Budget: Does the prospect have the money to buy your product or service?

Authority: Does the prospect have the authority to make a purchase decision?

Need: Does the prospect have a real need for your product or service?

Timeline: Is the prospect on a timeline to make a purchase?

Why is BANT important?

  • BANT helps salespeople to prioritize their time and resources.
  • It helps salespeople to avoid wasting time on prospects who are not a good fit.
  • It helps salespeople to close more deals by focusing on the prospects who are most likely to buy.

How to use BANT

  • Budget – Quantify your prospect’s budget. How much are they willing to spend to solve their problem? This exercise becomes more effective when you also understand and quantify their expected ROI from the solution. Now you don’t just know the budget but also what it looks like in terms of ROI. This information can be very useful when dealing with price objections at a later stage.
  • Authority – Identify what authority they have in relation to making or influencing the purchase decision for the solution. If they aren’t an influencer or the decision maker then you need to ensure you involve the right stakeholders.
  • Need – Understand if your prospect has an actual need for the product or service. This can help you answer a few key questions – Are you the right solution for the problem they’re looking to solve or are you not the right product fit. Is this a general exercise for the prospect where they’re exploring what’s new in the industry or looking for competitive quotes against an existing solution?
  • Timeline – Explore if your prospect has a timeline for implementation. This is a very important piece of the puzzle and can help you identify if this is a pressing need for the prospect or something they’re exploring but not likely ready to commit to. Knowing the timeline also helps you remind and keep the deal on track in case of any delays during the sales cycle.

In addition, understanding your prospect’s needs will help you to:

  • Develop a tailored value proposition. Your value proposition should clearly articulate how your solution can solve your prospect’s problems and achieve their goals.
  • Craft compelling sales messages. Your sales messages should be relevant to your prospect’s specific needs and should highlight the benefits of your solution.
  • Answer objections effectively. When your prospect has objections, you will be able to address them directly and show them how your solution can still help them achieve their goals.

Benefits of using BANT

  • Prioritize time and resources
  • Avoid wasting time on unqualified prospects
  • Close more deals

Tips for using BANT effectively

  • Be prepared to ask the right questions
  • Be persistent
  • Be flexible

Learn more about BANT and how it compares against the MEDDPICC framework in this video.

https://youtu.be/6NZCZtxfK68?feature=shared

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