By Nadia Bulcourt – December 12, 2022
Is the BANT Method outdated?
You have probably heard of the BANT method, a project management tool that allows you to define possible scenarios, choices to be made and actions to be taken within a company.
It is a very practical way to take a step back and ask yourself the right questions. In fact, the BANT approach allows business managers to more easily evaluate the viability of a project.
Let’s see in more detail what exactly BANT is, how to apply it to your business and if, today, this system is still relevant.
What is the BANT method?
BANT is a classic sales method that is based on 4 major points. It allows you to improve the performance of your sales teams by helping you to focus the efforts of your sales team on prospects ready to buy by improving the qualification process. This qualification process must be dynamic and not static: it must “live”, nothing is set in stone, at least not until you have signed a contract with your prospect, who then becomes your customer on the day of signing.
The BANT method is an acronym
BANT is an acronym and stands for Budget, Authority, Need and Timing. It is a sales tool that allows you to evaluate the needs of the prospect through an assessment based on 4 criteria: budget, authority, need and timing.
The four phases of the BANT process
With BANT, your sales team will assess whether a prospect is likely to become a customer based on 4 elements:
- The budget: Does the prospect have sufficient financial means to acquire your offers and/or services? You must be able to determine their budget carefully in relation to the offers you are proposing.
- Authority: Is your contact the right person to make a purchase? Or are there intermediary people who are responsible for the purchase decision? It is important to identify all the actors involved in order to establish an appropriate sales strategy.
- The necessity: Does your contact have a real need for your product or service? Once you have identified their need, you will be better able to offer a quality and personalized experience and better position your products.
- Timing: Is the potential buyer more likely to buy what you are offering immediately or does he need a certain amount of time to make the purchase? Depending on their level of maturity, their reflection period may vary.
Based on these 4 questions, your business team can quantify and predict the chances of success for your project.
Many institutions use this approach to better control their decisions. They avoid decision-makers relying solely on their own opinions, which can lead to errors in judgment.
The BANT method is useful for market research
BANT is an effective way to conduct market research to identify criteria to consider when purchasing a product. This ensures that you are not wasting your time with people who cannot give you a return on investment.
How to apply BANT to your business?
The BANT method can facilitate decision making, but should not be considered the only method to follow. In addition, it is recommended that the questions you ask the prospect change slightly depending on the nature of your business.
To apply the BANT approach to your company, you will adapt it to assess your contact’s needs first. To do this, you will :
- vFocus on prospects who are ready to buy,
- Try to understand how the person buys and why they need your product or service,
- Identify what is holding them back or preventing them from acquiring what you are offering.
This process will allow you to save time and to be more efficient because you will better meet the prospect’s expectations by proposing adapted solutions.
Is the BANT method still effective in 2023?
The BANT sales method already existed in the 1960s. Today, we can ask ourselves if it is still relevant following the development of new technologies and notably the advance of digital marketing and automation.
In fact, BANT works very well if you master it well. And it is useful to remember that it must be adapted to the nature of your business.
It is therefore appropriate to review the simple fact of “check boxes” that must be filled in at the beginning of the sales process with the prospect. The method, even if it remains a reference tool in the sales field, requires some adjustments to become more effective.
There are other interesting methodologies (such as SCOTSMAN, MEDDIC, CHAMP) that can help you effectively. Contact us to evaluate the ideal methodology for you based on your current business maturity and objectives.
The CRM tool complements the BANT method
The use of a CRM tool is strongly recommended to centralize and decipher the profiles of your prospects according to the 4 BANT criteria. This will allow you to define more easily the right timing for phone calls or other contacts with them. It will also be easier to identify hot and cold prospects. For a CRM to be effective, it must integrate data from different sources (marketing, sales…) and allow for quick analysis.
By using CRM in addition to BANT, your sales teams will gain time and efficiency. They will also be able to adjust their sales pitch to better target their actions.
The BANT system is a process that allows you to obtain all possible information on the prospect. To do this, salespeople will ask a large number of questions. The goal is to find out where efforts should be concentrated to develop opportunities and eliminate false expectations. This system is designed to simplify the process for your sales team to convert your prospects into real customers.
If you need help in achieving your business goals, the Finelis Coaching team is available to help you design your results-oriented sales and marketing strategy.