Throughout the sales cycle, you may have to reach out to individuals within the company who possess decision-making authority. These individuals know the team's budget and capability to accept the products or services the sales team offers.
The BANT framework for the lead qualification is a methodology for salespeople to assess a prospect based on their budget, individual authority, product need, and purchase timeline.
What is BANT Lead Qualification Framework?
BANT is an approach used by the sales team for lead qualification. BANT, which stands for Budget, Authority, Need and Timeline, are the key aspects of the sales lead qualification process. The BANT Framework provides a method for salespeople to assess the following criteria:
Budget: The prospective client's budget is checked by asking the lead qualification questions about whether the prospect has the necessary financial resources to acquire your product.
Authority: Does the potential Individual with whom the sales team is in contact have the decision-making power to make a purchase, or are additional stakeholders involved?
Needs: Does the lead require your product for service?
Timeline: When is the lead planning to make a purchase?
How to Use BANT Framework in a Sales call?
When using the BANT framework in a sales call, follow these steps to effectively qualify your leads: Budget: Start by assessing the prospect's budgetary capacity. Ask questions to understand if they have allocated funds for purchasing your product or service. Authority: Determine the decision-making authority of the individual you are speaking with. Identify if they have the power to make purchasing decisions independently. Needs: Understand their specific needs and how your product or service can address those needs. Timeline: Inquire about the prospect's timeline for making a purchasing decision. By incorporating the BANT framework into your sales call, you can effectively qualify leads and focus your efforts on those with the highest potential for closing a deal.
What does BANT stand for?
The BANT acronym represents the following elements: Budget: Refers to the amount of money the prospect is capable and willing to invest. Authority: Pertains to identifying the ultimate decision-maker within the prospect's organization. Need: Focuses on determining if the prospect has a problem or requirement that aligns with the solutions your business offers. Timing: Considers the urgency or timeline associated with the prospect's decision to purchase your product or service.
How to Use the BANT Sales Framework and Process for Lead Qualification in telecalling?
The telecallers must be trained to asked BANT lead qualification questions.