How to Use BANT to Qualify Prospects in 2023

If we set out to give BANT meaning in one sentence, we could say something like: “Tell me your budget, and I will tell you who you are.”

The old-school BANT attitude was definitely similar to this idea. The goal was to determine whether the prospect was qualified to buy a product or not based on their income. The BANT sales approach was highly popular back in the day, and today, many companies use a modern version of it to evaluate their potential leads.

 

Qualifying leads with the BANT methodology is still a time-saving process, yet the sales concept has changed immensely in recent years.

 So, should we take it to 2023, or are there any new ways to apply this process? In this article, we will give you the answers, and you will make the final decision.

 

 

What Is BANT in Sales, and How Can You Apply It?

BANT is a sales qualification methodology that is necessary for determining whether you should continue putting your time and energy into a prospect or if you should cross them off your list.

 

The initials stand for:

• Budget
• Authority
• Need
• Timeline

 

Each point suggests a yes/no answer, such as: “Does this client has an adequate budget – Yes.

Does this client have the right to make a purchase? – No”, etc.

 

This BANT acronym tends to be beneficial for aspiring sales reps as a script to hold on to.

 

 

How to Qualify Leads with BANT Methodology

So, how do we accomplish BANT qualification?

 

Budget – means if the client has enough money to afford your product. The idea here is that there’s no use in continuing the dialogue if you conclude that the client, according to BANT sales qualification, won’t be able to pay for what you’re selling.

Authority – means that you should evaluate who the decision-makers are on the other side of the deal and whether you’re speaking to a key figure.

Need – according to BANT sales, is how much the prospect is interested in a product and whether this is exactly what their company is looking for.

Timeframe – means the period in which the prospect is planning to decide on accepting your offer.

 

BANT Selling in Practice – 2023 Edition

Taking into account the changes brought about by the pandemic, the economic drops, and the shift to the remote office, for 2023, we say: there should be no judgment and more connection during the BANT sales process.

 

1. Don’t drop a client with a low budget. Let them know you’re still reachable.
2. Today, there’s often a team of key decision-makers, so don’t focus on one person only.
3. Identify the importance of your product to a prospect and a company. Don’t be intrusive in BANT sales, but rather listen to discover their pain points.
4. Even if there’s no urgency, don’t withdraw. Stay connected – their plans may change!

 

A friendly connection with leads is crucial when reviews and shares are exposed to the public.

 

The Questions for the Leads

Not sure how it’s better to implement the BANT sales method into your sales practice? Here are some examples of what you can ask:

 

• What is the approximate figure you’re spending on this problem now?
• Do you have any ideas about the budget range for solving this issue? -This sales BANT question will tell you about their financial expectations.
• What level of ROI are you expecting to see from this solution?
• Which members will test our product?
• As the definition of BANT includes timeframes, you might wonder whether the lead thinks it’s possible to start next week
• If there are any internal or external events affecting the timeframe, the prospect should be asked to let you know about them in advance.

 

The main idea behind the BANT sales methodology is not to push forward as if demanding information but rather to concentrate on a dialog instead. This way, everything will be more buyer-orientated.

 

BANT Qualification: The Pros and Cons

BANT is popular among sales reps: it allows us to evaluate whom we’re talking with in terms of a long-term business relationship.

When applied with creativity, the BANT sales framework produces good results. It shouldn’t be a rigid script to follow step by step, though.

 

Some say it’s time to let it go. The history of the BANT method began in the 1950s, with the IBM company successfully applying this method to qualify leads. Saving time was crucial; the economy was on a different level, and that’s why the BANT sales process was a great solution.

Today, we have a digital space to examine our prospects, we have online meetings, and we can keep an eye on needs using social networks.

 

Other Methods of Lead Evaluation

BANT qualification is not the only tool you have in your arsenal. What can be used instead? These methods might work for you:

 

• SPIN stands for Situation, Problem, Implication, and Need payoff and is excellent for B2B sales.
• CHAMP stands for Challenges, Authority, Money, Prioritization, and is a close but less intrusive relative of BANT
• GPCT stands for Goals, Plans, Challenges, and Timeline, and it’s also a relative of BANT sales. It was created by Hubspot.
• MEDDIC stands for Metrics, Economic Buyer, Decision criteria, Decision process, Identify pain, and Champion, and is a competitor to BANT in sales when there are several key decision-makers.

 

Examine each framework and consider the benefits so that later you can create a unique sales approach.

 

Implement the BANT Sales Method with Style

Staying productive over the years, BANT has its followers and its detractors. The latter usually point out that the 70-year-old system doesn’t fit into the digital age since it excludes online presence and the variety of choices the internet provides.

So, what does BANT mean today?

 

As the ethics of sales shifted, people didn’t want to be evaluated or judged according to a sample. To continue implementing this methodology, BANT sales should become more buyer-orientated.

Surprisingly, we still can trust the old scheme, but with a slight shift in how we apply it. Instead of judging, use the budget, authority, need, timeline acronym as a reminder of how to connect with leads.

 

This approach will help to build connections with leads that might become buyers in the future. This way, BANT sales qualification will naturally evolve into a more flexible method of maintaining meaningful business partnerships.