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BANT – BANT is an abbreviation for Budget, Authority, Need, and Timeline.
Budget – Does the prospect have the capacity to afford your products and services?
Authority – Who takes the decisions to buy in the organisation?
Need – Does your product/service meet the requirements of the customers?
Timeline – What is the timeline of your prospect for buying the product/services?
When at least three out of these four criteria are fulfilled, then only a lead can be considered as a qualified one.
Budget – Money is the considered as the most important factor in the process of purchasing. Budget should be compatible for the prospect so that they are able to make purchases.
Authority – B2B sales are often complicated, and the final decision making may involve many stakeholders. To achieve your goal, you have to track all the people who may impact the decision of sales. Some organizations are complicated, and it would be better to create account maps to track decision makers.
Need – Sometimes, a prospect thinks that they have the knowledge of the problem without even thinking of the solution. Your major task is identifying the problems and challenges of your prospect.
Timeline – This is the last component of BANT. After knowing the budget, the decision makers, and the need of prospects, it is the time to know that by when the prospect turn into a paid client of yours. You even need proper strategies to close the deals so that you can move ahead. Focusing on the leads that express urgency might benefit your business more.