Lead qualification is crucial for identifying your target audience and improving your sales prospects. The B2B industry heavily relies on the BANT (Budget, Authority, Time, and Need) lead qualification method, which helps pursue the most promising leads. While it’s the trickiest part of the sales process, it streamlines the lead generation process once done correctly, leading to a high conversion rate. Understanding that 95% of B2B buyers are not in the market for your products, focusing on the 5% potential buyers is crucial. BANT can help you in this endeavor. Let’s understand how BANT can transform your B2B lead generation process.
- Budget: The obvious part of qualifying a lead is the budget. Has the prospect allocated a certain amount for a product or service and is willing to allocate it? If yes, then that’s great. But the lead qualification process doesn’t end here with such closed questions. Determining the eligibility of a prospect based on a fixed budget without considering relative factors can be misleading. A company may have the budget to allocate a certain amount to a product/service. Still, they may be expecting a higher ROI, which may not be possible within the budget the sales representative is offering and the company is willing to allocate. They need to determine the ROI the prospects aim for, which can allow them to push the envelope and let them go for a budget that will help them meet their requirements.
- Authority: The B2B buying decision involves many people. On average, there are five to six people from different departments involved. B2B selling is a layered process because of the impact of buying decisions on the company and the stakeholders. Hence, this long decision-making process is inevitable. It’s essential to connect with the decision makers- the persons who collectively have the authority or have a say in the decision process. Reaching out to them and getting everyone on the same page is what experienced B2B marketers do! Unless you have approval from different departments, the deals will elude you. So, with BANT in your B2B strategy, you must have patience and perseverance to close more deals!
- Need: Do your prospects need a particular service? Does your solution address their problems? Experts B2B marketers find answers to these critical questions and then qualify the lead for further nurturing. It’s a key parameter to determine the prospect’s eligibility. If they are ready to explore options, you have a warm lead in your B2B marketing funnel. You can steer your marketing and sales process accordingly and win customers!
- Time: So, you have prospects who are decision-makers and have the need and the requisite budget to spend to get the desired solution. But is that a reason for celebration? No, not yet! It would be best if you evaluated whether their problem requires immediate attention. Qualifying prospects for a better conversion rate in the BANT methodology in your B2B strategy takes into account the purchase timeline. You may be pursuing a prospect, but you can’t expect conversion soon if they do not have an immediate requirement! So, open communication, researching how soon the prospect wants a product or service, and the urgency of solving the problem will let you decide if it’s a sales-qualified lead and allow the sales team to pursue and close it!
Conclusion
BANT is a highly effective method of lead qualification. If done correctly, it can let you identify whether your target audience has the resources, power of decision-making, need, and desired purchase timeline. It will determine if they are ready to buy in the present scenario. It will allow you to focus on the most promising leads in your B2B marketing funnel that you can pursue to generate revenue for your business. If you want to leverage the BANT strategy’s power, hiring experts to maximize revenue and achieve high growth would be best.
About Markable Solutions: Your BANT Expert!
Markable Solutions is a leading B2B marketing consultant with core expertise in lead generation. We employ different strategies, including BANT, to generate highly qualified leads for your business. We can be the right vendor if you are looking for expert assistance. Let us help you discover your ideal customer profiles that qualify the BANT criteria and help you maximize revenue with a proven and methodological approach. Continue the Banter, follow the BANT strategy, and make your lead generation process result-oriented. For more information, book a free consultation to understand how our tech-enabled B2b lead generation process can help you qualify the most promising leads for your business.
