Difference between revisions of "BANT"

Revision as of 02:00, 10 October 2022

A Term describing the 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?
• 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?
• 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?
• 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?

Notes

The BANT approach was developed to qualify prospects in Business-to-Business sales. Modern alternatives include: Know Your Customer (KYC), ANUM. ANUM (Authority, Need, Urgency, Money) is an alternative to BANT. ANUM assumes the letters of the acronym also represent priority: The first priority is to identify the Authority, followed by Need, Urgency (= Timing in Discuss Contract Custom Solution and Money (= Budget in Discuss Contract Custom Solution).

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.