The abbreviation BANT stands for the factors necessary for a successful contract:
B (Budget) — the availability of a budget for the purchase of the product or service being sold. Measured in money that is provided in advance by the company’s budget for the year or that has not yet been allocated (this is more difficult).
A (Authority) — the presence in the purchasing center of a person with the authority to make decisions on the transaction (in essence, to sign the contract). It is important for the seller to know who this is, if possible, to establish direct contact or polite indirect contact through the
Decision maker or secretary (GateKeeper).
N (Need) — need. Ideally, this factor is already library shop clearly formulated and felt, for example, in the process of warming up a lead by marketing, which moves along the sales funnel and requires the seller’s attention to a lesser extent.
T (TimeLine) — assessment of time costs. The customer has a clear understanding of the time frame in which he wants to solve the problem. The interpretation of this parameter depends on the product. This is the time and actions of the parties that limit the decision-making on the transaction, or the time for implementing the product, installing equipment, etc.
How does this work
Leads were first evaluated using BANT 70 years ago in the American company IBM. But the method is still relevant today: it is widely used in sales of complex (expensive) products to individuals or businesses, for example, by realtors,
Equipment sales managers, etc
The advantage of the methodology is the ability to quickly assess the situation and understand what strategy of behavior should be followed with a potential client and what resources will be required to conclude a deal.
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Example of application of the technique
The company sells manufacturing machines. Here’s what the salesperson needs to find out from the person on the other end of the line:
“Have you included funds for the purchase of new ao lists equipment in your company’s annual budget?”
If the answer is yes, you can check point “B” . If the budget is unknown, you need to feel out how likely the deal is (is it worth spending the sales department’s resources). Ask how much the company spends on equipment upgrades per year.
“What position do you occupy?”, “Are you responsible for budget allocation?” – questions will help to determine the role of the interlocutor in the purchasing center model (A-factor) .
Even if your interlocutor is not a decision maker (DM) or a buyer (an employee responsible, if not for the choice, then for signing the contract), it is useful to have an ally in the camp of a company that is potentially interesting to you – he will pass on information or share a contact. Even better – he will help organize a meeting with people with the necessary authority. Finding a DM is an important stage of the sales funnel.
