One of the main tasks of a salesperson during the first meeting or first call with a prospective client is the so-called customer “qualification”. What is it? How can you use qualification to determine whether the prospect is worth your effort? How does the “BANT” qualification method work?
What is prospect qualification – and why it's important
Qualifying prospects is a process of assessing whether a prospective customer fits your products and whether he or she is a suitable candidate, so that you can put effort into dealing with them. It is the inititial introduction to the client's needs and possibilities. The art of qualification is important so that you don't waste your time and the prospect's time, you invest energy into meaningful projects, and that you are able to define your ideal customer. In this article today, we will show you a simple and efficient way of qualifying prospects, which is referred to with the abbreviation “BANT”.
The “BANT” method
The SalesForce company's blog defines “BANT” as a system of four basic aspects that a prospect has to meet to get qualified as a fitting candidate. Your questions should revolve around those four factors.
- “B” for “budget”. You have to know whether the customer has sufficient funds to afford your product. Learn the financial possibilities of the prospect, talk to them openly about money, and if possible seek your prospects among well-off people.
- “A” for “authority”. Are you talking to a person who has sufficient authority to even make the decision? How many people will be involved in the decision making process, what will their roles be, how does the whole process work?
- “N” for “need”. Does the prospect need your product? Try to define and detect signs that show (both in B2B and B2C) that the prospects could be interested in whatever you are offering.
- “T” for “timeline”. Determine whether the customer needs your product immediately. Try to find out what time frame you are talking about and when the deal could be finalized. Set up deadlines and agree on a strict time schedule with the client.
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