BANT (for Budget – Authority – Need – Timing) is a classic selling model. This method allows sellers to know and identify a problem in a prospect, to qualify it and then to propose a specific solution.It is used by the salesperson to determine if the prospect is decision-maker or not, whether it is motivated and what it needs at a specific time. But the BANT is making fewer and fewer followers. Many companies find this model obsolete because it no longer allows to efficiently qualify prospects. For some, it is used too early in the sales process, for others it is the ease of access to information and therefore the ability to respond by oneself to the problem that makes the BANT outdated. But this method still has a few years ahead of it, thanks to the lead nurturing .
THE BANT: REMINDER STITCH
The BANT is divided into 4 elements allowing the qualification of a prospect.
- The first concerns the budget. Does your interlocutor have the financial means to buy your product or service? Here, the goal is to know the potential budget allocated, whether it is static or whether it can evolve over time.
When a salesperson communicates with his prospect, he may think that the project lacks seriousness, or even fiction if the budget is not precisely defined.
- “A” for authority. This is about whether your prospect is a decision-making element of his business when buying a service or product. If this is not the case, the objective is to know who has this power in society.
Indeed, a salesman who spends most of his time convincing the wrong interlocutor loses his time.
- The third element is the need. This is the first question to ask when one is commercial (even if it is in third position in the list). What does my prospect need? Does my product or service address its problem?
- We finish with Timing (or planning). The objective here is to know the temperature of the lead, to know if the start of his project is short, medium or long term and what are his priorities?
The salesperson can write a proposal based on needs identified at a given moment but is it relevant to do so for a project that should only start in 12 months?
WHY INTRODUCE BANT IN A LEAD NURTURING STRATEGY?
We believe that if the BANT may seem archaic in the eyes of some companies, it may be interesting to introduce it within a strategy of lead nurturing.
Lead nurturing is the approach to customizing a company’s communications based on the characteristics and behavior of a prospect. The objective here is to “feed” the prospect with content, in order to accompany it in its purchasing process .
Once a prospect is qualified on the marketing side, through scenarios of lead nurturing or scoring for example, it passes from the dirty side where the salespeople take the relay by picking up their phone to call. However, it can happen that a prospect is qualified without being really “hot”. The commercial, at the time of qualification, uses the BANT method to identify his problems. It is from this temperature taking step that it can decide to continue in the sales process or to rename it.
More precisely, the renurturing (or reactivation) aims to place a prospect who is not yet mature in a scenario specific to its problematic BANT. The salesperson having identified a problem of budget, authority, need or time, can then manually enroll the prospect in a scenario lasting several weeks to several months. It will receive documents enabling it to resolve one or more elements of the BANT.
WHICH PREMIUM DOCUMENTS FOR BANT RENURTURING SCENARIOS?
For a prospect with a budget problem, it is interesting to propose a webinar. You can submit a specific client testimony on the budget issue. Having both a common problem, the objective is that your interlocutor identifies with the client of the webinar. You can also propose a white paper on “How to budget my project? “With a customer testimonial per persona. This kind of premium can give indications on “How much does it cost? “How much does it pay? “Or the multiple ways of financing his project.
Concerning authority, you can send your retained prospect documents that will convince his supervisor. This can be a PowerPoint on a persuasive strategy with the slides to use during the meeting. You will be able to structure your strategy by indicating how to set up the project, who to motivate, who to convince, who will interact with the project, and how to communicate internally.
For problems of need and time, it is interesting to propose to your lead white papers to create both the lack and urgency (hence the interest of associating these two elements). If your prospect does not need your product or service right away, he will receive studies such as cost of inaction. Again, the study can be tailored to the persona or different departments of the company.
Add to these premium documents, blog articles and counseling sessions with experts on a specific topic.
It will take your scenarios carefully to make them last in time and keep the prospect’s attention. Be careful, you should never let your lead lose sight of you while not yielding to marketing pressure. Keep in mind that at the end of renurturing, you have to go back to a prospect who has not forgotten you and who has got the solutions to his problems.