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What are the best strategies for generating new business opportunities using the BANT criteria?

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If you're in sales, you know how important it is to generate new business opportunities and qualify your prospects effectively. One of the most popular frameworks for doing this is the BANT criteria, which stands for Budget, Authority, Need, and Timing. In this article, you'll learn what the BANT criteria are, why they matter, and how to use them to improve your sales prospecting process.

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Keri Lynn Porter

Sales Specialist, Relationship Management, Acquisitions
Mehul Fanawala

Co-founder @ The Clueless Company?, postgen, and The Agency Auditor | Fun fact about me: Once, I jumped off a…
Jonathan Reyes

Gerente Comercial en ALMER - ALMACENADORA MERCADER S.A | Logística internacional y Cadena de Suministro

1 What is BANT?

BANT is an acronym that can help you determine if a prospect is a good fit for your solution and ready to buy. Each letter stands for a question you should ask during sales conversations: Budget, Authority, Need, and Timing. Asking these questions can help you assess the level of interest, qualification, and readiness of your prospects, so that you can prioritize them accordingly. You should ask if the prospect has the money to invest in your solution, the decision-making power or influence to approve the purchase, a problem or pain point that your solution can solve, and a clear timeline or urgency to implement your solution.

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2 Why use BANT?

The BANT criteria can help you achieve several benefits for your sales prospecting process, such as saving time and resources by targeting the most qualified prospects, building rapport and trust by showing you understand their situation, aligning your solution with their goals, creating a sense of urgency and value to move them along the sales funnel, and overcoming objections to close more deals.

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Mehul Fanawala

Co-founder @ The Clueless Company?, postgen, and The Agency Auditor | Fun fact about me: Once, I jumped off a fast-moving bike!
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Using BANT criteria in your sales approach is like using a GPS to find your way to a great deal. Focus on Budget, Authority, Need, and Timing to save time, build trust, and create urgency. It's like speaking your prospect's language and showing you understand their needs. Instead of blasting everyone with your sales pitch, aim your efforts like a laser. BANT isn't just a checklist; it's your ticket to more closed deals and happier customers.

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Jonathan Reyes

Gerente Comercial en ALMER - ALMACENADORA MERCADER S.A | Logística internacional y Cadena de Suministro
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BANT evalúa leads con base en 4 puntos: -Presupuesto: ?El prospecto tiene el presupuesto para nuestro producto o servicio? -Autoridad: ?La persona tiene la autoridad para decidir la compra? -Necesidad: ?Existe una necesidad que nuestro producto pueda resolver? -Tiempo: ?Cuándo planean realizar la compra o implementar la solución? Si una o más de estas preguntas son un SI, tienes a un cliente potencial ?Qué ventajas tiene este modelo? 1. Enfoca esfuerzos en prospectos más propensos a convertirse en clientes. 2. Aumenta la posibilidad de cerrar ventas exitosas. 3. Claridad en los tipos de clientes potenciales. 4. Maximiza el retorno de inversión en ventas. Es recomendable aplicar criterios adicionales para una comprensión más completa.

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3 How to find prospects using BANT?

One of the best ways to find prospects using the BANT criteria is to leverage your existing network and referrals. You can ask your current customers, partners, or contacts to introduce you to potential prospects who match your ideal customer profile and have a need for your solution. You can also use social media platforms like LinkedIn or Twitter to research and connect with prospects who fit your criteria and express interest in your industry or topic. Another option is to use email marketing or cold calling campaigns to reach out to prospects who have interacted with your website, content, or events, and qualify them using the BANT questions.

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Mehul Fanawala

Co-founder @ The Clueless Company?, postgen, and The Agency Auditor | Fun fact about me: Once, I jumped off a fast-moving bike!
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Your network is your net worth. When you're looking for new opportunities, tap into your existing connections. Ask them to introduce you to people who might need what you offer. Use social media to find people who are talking about your industry or niche. Reach out to them and see if they're interested in learning more. And don't forget the power of a personalized email or call. People are more likely to do business with someone they know and trust. BANT is a simple framework for qualifying leads. It stands for Budget, Authority, Need, and Timeline. Make sure your leads meet all four criteria before you invest too much time and energy into them.

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4 How to apply BANT in your sales conversations?

Once you have identified and contacted your prospects, you need to apply the BANT criteria in your sales conversations to confirm their qualification and readiness. To do this effectively, instead of asking directly about the budget, try to understand the prospect's current situation, challenges, and goals. Additionally, instead of asking who the decision-maker is, try to find out who else is involved in the decision-making process. Furthermore, instead of pitching your solution, try to uncover the prospect's pain points, motivations, and desired outcomes. Lastly, instead of asking when they want to buy, try to understand the prospect's timeline, urgency, and triggers. Asking these questions can help you gain insight into how your solution can help them achieve their goals and how it can align with their decision-making process.

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Keri Lynn Porter

Sales Specialist, Relationship Management, Acquisitions
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Asking a lot of open ended questions, not those that can be answered with a simple yes or no, is key in discovering whether or not this prospect is a good candidate. Instead of asking "IF" ask "WHY"

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5 How to overcome BANT challenges?

The BANT criteria are a useful and effective tool for sales, however, there are certain obstacles you may encounter. Prospects may not have a clear budget, authority to make a decision, pressing need, or defined timing. To counter these challenges, you need to be flexible and consultative in your approach. Adapt your questions and responses to the prospect's situation, context, and personality. Provide value, education, and insights that help the prospect recognize their budget, authority, need, and timing. Building trust and credibility with the prospect is key to getting them to share information and move forward.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best strategies for generating new business opportunities using the BANT criteria?

1

2

3

4

5

6

1 What is BANT?

2 Why use BANT?

3 How to find prospects using BANT?

4 How to apply BANT in your sales conversations?

5 How to overcome BANT challenges?

6 Here’s what else to consider

Sales Prospecting

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What are the best strategies for generating new business opportunities using the BANT criteria?

1

2

3

4

5

6

1 What is BANT?

2 Why use BANT?

3 How to find prospects using BANT?

4 How to apply BANT in your sales conversations?

5 How to overcome BANT challenges?

6 Here’s what else to consider

Sales Prospecting

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