By Arko Chandra Published on : Sep 6, 2022
BANT should be no new term in B2B, standing in 2022. It’s a tried-and-tested methodology that sales reps use to qualify leads. The question here is - how effective is the BANT framework in 2022?
Let’s unravel the BANT framework in detail before we discuss its relevance in today’s market.
IBM first developed the BANT framework in the 1950s, and it went on to become quite effective for the organization and others, making the sales process more efficient. BANT is a sales qualification methodology that helps sales reps spot qualified prospects based on the four aspects it stands for - Budget, Authority, Need, and Timing.
Salespeople can use BANT to learn all the relevant information right from the start to filter out unlikely prospects and focus on leads who are a good fit for the products/services. The main objective that BANT helps accomplish is saving time and shortening sales cycles.
As we break down BANT into its individual components, here’s what each of them signifies:
Budget: How much budget is the prospect able and willing to spare on your product/service?
Authority: Is the prospect authorized to make the ultimate decision in this sale?
Need: Does the prospect need your solution?
Timeline: When does the prospect need your solution, and whether or not you can deliver it in the time they need?
Most SaaS companies today charge anything between $10 for basic plans and thousands of dollars a month for advanced plans. So, if you’re selling a SaaS solution, it’s better to cut to the chase up front by asking your prospect’s ROI expectations. If that falls in line with your price, you can qualify the prospect on budget.
Most company decisions are taken by a group rather than a single person. Even if only one person signs the contract, your task involves convincing the majority of the group. The best way is to list everyone involved in the process. Note down their designations, priorities, and decision-making role and find out how you can get in touch with them. The more contacts you sow, the more chances you’ll have to influence their final call.
Next, you need to determine how serious the problem is to the prospect and their organization. It’s crucial because although a prospect can’t afford your solution, they may consider stretching their budget if they see your solution is their necessity.
Once you have determined the budget, the decision-makers, and the need for your solution, you need to proceed to the next step of finding out how much time your prospect needs to close the deal. It helps you identify whether the sale is going to close in a few months or it’d stretch for a year. It’s also important for you so that you can ensure whether or not you can abide by their timeline.
A new framework called GPCT has been gaining traction in the market in recent years. Standing for Goals, Plans, Challenges, and Timeline, GPCT is much more comprehensive than BANT as it covers four key aspects instead of three, the extra one being goals besides budget, needs, and timeline.
So, does this mean that GPCT will eventually replace BANT? Well, not really. While BANT is losing its touch in the digital upheaval as prospects are much more informed than they used to be before, it surely enables sales reps to identify the best leads.
So, what should be your choice? The answer depends on your needs and choices. If you prefer a clear-cut framework, BANT is one to go for. But GPCT may be better if you need a comprehensive and flexible framework. Also, be aware of the fact that no matter what framework you choose, never underestimate the power of content as a primary tool for prospecting in this digital age.
BANT should be no new term in B2B, standing in 2022. It’s a tried-and-tested methodology that sales reps use to qualify leads. The question here is - how effective is the BANT framework in 2022?
Let’s unravel the BANT framework in detail before we discuss its relevance in today’s market.
IBM first developed the BANT framework in the 1950s, and it went on to become quite effective for the organization and others, making the sales process more efficient. BANT is a sales qualification methodology that helps sales reps spot qualified prospects based on the four aspects it stands for - Budget, Authority, Need, and Timing.
Salespeople can use BANT to learn all the relevant information right from the start to filter out unlikely prospects and focus on leads who are a good fit for the products/services. The main objective that BANT helps accomplish is saving time and shortening sales cycles.
As we break down BANT into its individual components, here’s what each of them signifies:
Budget: How much budget is the prospect able and willing to spare on your product/service?
Authority: Is the prospect authorized to make the ultimate decision in this sale?
Need: Does the prospect need your solution?
Timeline: When does the prospect need your solution, and whether or not you can deliver it in the time they need?
Most SaaS companies today charge anything between $10 for basic plans and thousands of dollars a month for advanced plans. So, if you’re selling a SaaS solution, it’s better to cut to the chase up front by asking your prospect’s ROI expectations. If that falls in line with your price, you can qualify the prospect on budget.
Most company decisions are taken by a group rather than a single person. Even if only one person signs the contract, your task involves convincing the majority of the group. The best way is to list everyone involved in the process. Note down their designations, priorities, and decision-making role and find out how you can get in touch with them. The more contacts you sow, the more chances you’ll have to influence their final call.
Next, you need to determine how serious the problem is to the prospect and their organization. It’s crucial because although a prospect can’t afford your solution, they may consider stretching their budget if they see your solution is their necessity.
Once you have determined the budget, the decision-makers, and the need for your solution, you need to proceed to the next step of finding out how much time your prospect needs to close the deal. It helps you identify whether the sale is going to close in a few months or it’d stretch for a year. It’s also important for you so that you can ensure whether or not you can abide by their timeline.
A new framework called GPCT has been gaining traction in the market in recent years. Standing for Goals, Plans, Challenges, and Timeline, GPCT is much more comprehensive than BANT as it covers four key aspects instead of three, the extra one being goals besides budget, needs, and timeline.
So, does this mean that GPCT will eventually replace BANT? Well, not really. While BANT is losing its touch in the digital upheaval as prospects are much more informed than they used to be before, it surely enables sales reps to identify the best leads.
So, what should be your choice? The answer depends on your needs and choices. If you prefer a clear-cut framework, BANT is one to go for. But GPCT may be better if you need a comprehensive and flexible framework. Also, be aware of the fact that no matter what framework you choose, never underestimate the power of content as a primary tool for prospecting in this digital age.
