BANT Lead Generation
The acronym BANT stands for Budget, Authority, Need, and Timeframe. It is a sales qualification system by IBM in the early 60s. IBM states that BANT is an opportunity identification criterion.
Budget: What is the prospect’s budget?
Authority: Does the prospect have decision-making authority, or is she an influencer?
Need: What is the prospect’s business need?
Time frame: In what time frame will the prospect be implementing a solution?
The key elements of BANT
While you can develop an estimation about a company’s cash flow through external research, only a well-positioned party can tell you what their actual budget is. Ideally, leads will have reserves on hand to pledge to a solution right away. If there are persistent disparities between consumer budgets and your offering, the prospective client may be coming from the wrong company size category or industry.
Authority is a difficult question in today’s setting of complex consent-based B2B sales. Still, there’s usually a single person who has the ultimate authority to sign off on a procurement. That stakeholder may give initial work to a designated product investigator, so make sure you’re connecting with the right person early on – and try to accelerate the conversation if you aren’t.
In B2B selling, established companies usually don’t research a product seriously unless there is a clear need. Still, this is tied up intricately in queries of budget and authority. A purchase that the HR or IT teams “need,” for example, might not be considered a weighty priority on the organization’s outlook and condition at the time.
Not only do you need to outline the need and ensure it supports your sales goals; however, you should double-check to be sure your products or services meet the clients’ expectations. Preferably, a detailed discovery call will provide the opportunity to navigate clear of prospects with unworkable requirements.
A sale six months down the line is better than nothing at all. However, the closer you are to the tick of a closing decision, the better. Nurturing a relationship for months in advance of a sale even happens is a laborious undertaking, all though inbound marketing empowers with the tools to do it.
Many large-ticket B2B purchases don’t happen until the pain caused by the need turns out to be pressing for the decision-makers. If it seems like the divine timing is open-ended, you can always find ways to jog your leads memory about the opportunity costs of vanished ROI.
Key Benefits of BANT
Generally speaking, BANT applies to all kinds of buyer personas, so it’s a reliable framework to implement across any sales department of an organization.
Irrespective of you work for a SaaS-based product company or at a marketing agency, the rules of the BANT framework are broad enough to accommodate various industries where they’ll likely relate it to the types of leads your team has.
Setting up a formal structure for your team hierarchy to follow to see to it that everyone is on the same page and toiling to better the lead quality that of the prospects in your sales funnel.
Certain drawbacks of using BANT
BANT has been around for a very long time already. Even if this means the system is tried-and-tested already, it also means it might be very well outdated. Critics of the lead qualification structure believe it to be highly seller focused, and not sufficiently attentive on the prospective buyers.
As digital resources like whitepapers, case studies, blogs, and other resources become handier than their paper counterparts. It allows buyers to have taken care of their product research before submitting a contact form and becoming an authentic lead.
It means that the organization doesn’t want to validate to a sales representative why they are qualified to purchase and could be held over by the various questions set up that adhere to the BANT framework.
What does it mean for BANT and B2B Sales Qualification in 2023?
SaaS is one of the fastest-growing industries today. The SaaS cloud-based application services market segment is estimated to reach over $125 billion by 2022, up by clocking more than twice from the 2017 revenues of $58.8 billion.
The market that estimates to grow at this rapid pace cannot align itself to work in the old ways.
For SaaS companies, BANT has lost the natural meaning that is held so close to heart for some organizations even after half a decade. The definition of BANT has transformed, or we would rather say it updated itself to the current trends.
Therefore for SaaS companies:
Budget – SaaS is a subscription-based model. Companies having real need charged from 500$ to 1000$, a year doesn’t leave as much impact on budget compared to 40,000$ a year bill.
Authority – SaaS organizations are relatively flat organizations. The hierarchies are not tall. Therefore there is no single person who can be the sole decision for purchase and procurement.
Need – What does your SaaS address? Is it a Need or something “Nice-to-have” like most of the services and products?
Timeframe –The concept of deadline different for a SaaS deal. The sales cycle measured in days and implementation over in a single “click”?
The rules for SaaS have changed for good. Keep mind of these rules:
Prioritization over Budget
As stated above, for a good company having real need charged from 500$ to 1000$, a year doesn’t leave as much impact on budget compared to 40,000$ a year bill. The budget is no more an issue. It always drills down to about it being a priority, which fluctuates over time.
As the priority changes, the client may go dark, leading to the belief that the “budget ceases to exist,” not realizing the wind may have changed in your favor in which the priority will increase again. It is even a better situation.
Understanding the customer situation, you may outline the impact your service is making and how it can be part of the solution for other challenges the customer may be experiencing, and with it, you will be able to increase or decrease the priority accordingly!
Authority is flat and not tall
SaaS has moved away from hierarchical (top-down) decision making. SaaS organizations have become flatter. In most of the cases, a single user can report if the service does not perform as promised, changing the course of action.
Most companies today build a team that has to come to a consensus. The unit can consist of 1-2 users, a manager, someone from financing, and others.
Traditionally, users turn up into managers, who, in turn, furl toward an executive who collects the info and makes the decision. However, SaaS services are “user experience-driven.” It is one of the many reasons why UI/UX has become so important in recent years.
A committee is a decision tree. In most cases, the committees, the executive is not the person who will make the decision, but a user who has to work on it every day. The user is guided through the decision process by the manager and the other executives.
Choosing Impact over Necessity = Sales Qualification
SaaS has become extremely competitive. Almost all the services sit on the same “cloud infrastructure.” They use a very similar color scheme, so competing can quickly become feature-to-feature combat. It does not benefit the customer as they are often bamboozled into compensating for features they’re never going to use.
Customer needs are not Feature A mapped to Need X; their inherent need lies under many layers of wraps. Multiple meetings and calls uncover the real need. This impact determines what is nice-to-have and what is must-have. Anyone who can get this answer from the client is the winner.
Event is critical over a timeline
In SaaS sales, we are more than often concerned with “By when do you need to have this…” or “What is the date for this service to go-live …” from which we establish a timeline. However, the deadline is actually in reverse.
As an alternative determining when you want the P/O from the client, you need to address the clients’ needs in mind – e.g., when does the client need the desired IMPACT? Then work your way back.
The key to finding a solution for this is to establish what the critical event is. The essential question that needs asking the Sales Development Representative is, “When do you need this service to be on the air” following “… what happens if you miss that date?” This simple question will determine if the event is “compelling” or “critical.”
How Engage48 delivers BANT leads to your business?
Rather of utilizing a traditional approach, we personalize our BANT qualifying procedure fit for the prospect.
- We apply this structure with expertise and proficiency at Engage48 to fill your sales funnel with qualified prospects.
- We find potential leads for you, assist you in connecting with them through the most effective channels, and remove leads that are unlikely to convert.
- Our BANT services not only save you time and money, but they significantly improve your conversion and generate income.
- We take pleasure in providing our clients with accurate BANT campaigns and up-to-date information.
- To ensure high quality, every BANT lead produced is interfaced by a member of our sales team and goes through a thorough quality assurance and BANT qualifying procedure.
- Our Lead Nurturing Services assist businesses in developing and implementing programs that match their particular engagement objectives and convert leads into high-quality sales conversations.
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