Difference between revisions of "BANT"

Latest revision as of 04:08, 10 October 2022

A framework for the dimensions (Budget, Authority, Need, Timing) and criteria used to analyze the qualification status of leads in the sales funnel.

Dimensions

Budget - The prospect's ability to afford the product or service; Conversations can be guided by these example questions:
- Does the lead or prospect have the ability to spend?
- What is the budget for this?
- Do you have a current budget allocated for this?
- When do you plan to ask for budget?
Authority - The prospect's ability to make the final decision; Example questions include:
- Is the decision maker known?
- How are purchase decisions like this typically made?
- Who makes the purchase decision?
- Who qualifies the solution?
Need - The prospect's fit to the solution (product and/or services) offered; Example questions include:
- Is the business problem known?
- What challenges do you face?
- What are the consequences of not solving these challenges?
- What is driving your interest in our solution?
Timing - The speed at which the prospect's purchase is to take place; Example questions include:
- Is the timeframe in which the solution is needed known?
- If this is a renewal, when is it due?
- When do start implementation?
- What is the urgency?
- When do you plan to make a decision?

ANUM (Authority, Need, Urgency, Money) is an alternative (representation) to BANT. ANUM assumes the letters of the acronym also represent priority: The first priority is to identify the Authority. Need functions the same way as it does in BANT, but has been moved up in priority. Urgency correlates with Timing, while Money replaces Budget.

Notes

The BANT Qualification Framework was developed to qualify prospects in Business-to-Business sales. Modern alternatives include: Know Your Customer (KYC)
Criticism - The main criticism the BANT Qualification Framework results in box ticking: Insufficient detail is collected and/or the questions are not used to structure a conversation. However, when done well, BANT is used as an internal guideline to ensure that all necessary information has been gathered to move forward in the sale. Each dimension of the BANT Qualification Framework encompasses several questions brought up naturally in the flow of conversation.

Term(s)

ID	Name	x
B2B	Business-to-Business	B2B
KYC	Know Your Customer	KYC
Funnel	Sales Funnel	Funnel

BANT Qualification Framework Funnel,Sales,Qualification,Lead,Prospect A framework for the criteria used to analyze the qualification status of leads in the sales funnel

@@ Line 1: / Line 1: @@
-A framework for the criteria (Budget, Authority, Need, Timing) used to analyze the qualification status of leads in the sales funnel.
+A framework for the dimensions (Budget, Authority, Need, Timing) and criteria used to analyze the qualification status of leads in the sales funnel.
-* Budget - Does the lead or prospect have the ability to spend? This includes questions like: What is the budget for this? Do you have a current budget allocated for this? When do you plan to ask for budget?
+===Dimensions===
-* Authority - Is the decision maker known? This includes answering questions like: How are purchase decisions like this typically made? Who makes the purchase decision? Who qualifies the solution?
+* Budget - The prospect's ability to afford the product or service; Conversations can be guided by these example questions:
-* Need - Is the business problem known? This includes questions like: What challenges do you face? What are the consequences of not solving these challenges? What is driving your interest in our solution?
+** Does the lead or prospect have the ability to spend?
-* Timing - Is the timeframe in which the solution is needed known? This includes answering questions like: If this is a renewal, when is it due? When do start implementation? What is the urgency? When do you plan to make a decision?
+** What is the budget for this?
+** Do you have a current budget allocated for this?
+** When do you plan to ask for budget?
+* Authority - The prospect's ability to make the final decision; Example questions include:
+** Is the decision maker known?
+** How are purchase decisions like this typically made?
+** Who makes the purchase decision?
+** Who qualifies the solution?
+* Need - The prospect's fit to the solution (product and/or services) offered; Example questions include:
+** Is the business problem known?
+** What challenges do you face?
+** What are the consequences of not solving these challenges?
+** What is driving your interest in our solution?
+* Timing - The speed at which the prospect's purchase is to take place; Example questions include:
+** Is the timeframe in which the solution is needed known?
+** If this is a renewal, when is it due?
+** When do start implementation?
+** What is the urgency?
+** When do you plan to make a decision?
 ANUM (Authority, Need, Urgency, Money) is an alternative (representation) to {{insert page}}. ANUM assumes the letters of the acronym also represent priority: The first priority is to identify the Authority. Need functions the same way as it does in {{insert page}}, but has been moved up in priority. Urgency correlates with Timing, while Money replaces Budget.
 ===Notes===
 * The {{this}} was developed to qualify prospects in [[Link::t:B2B]] sales. Modern alternatives include: [[Link::t:KYC]] ([[t:KYC|KYC]])
-* Criticism - The main criticism the {{this}} results in box ticking: Insufficient detail is collected and/or the questions are not used to structure a conversation. However, when done well, {{this page}} is used as an internal guideline to ensure that all necessary information has been gathered to move forward in the sale. Each dimension of the {{this}} encompasses several questions brought up naturally in the flow of conversation.
+* Criticism - The main criticism the {{this}} results in box ticking: Insufficient detail is collected and/or the questions are not used to structure a conversation. However, when done well, {{insert page}} is used as an internal guideline to ensure that all necessary information has been gathered to move forward in the sale. Each dimension of the {{this}} encompasses several questions brought up naturally in the flow of conversation.
 {{object
 |name=BANT Qualification Framework