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Business Strategy with Hirav Shah JULY 28, 2023 | The Indian Eye 30

BANT: Budget, Authority, Need, Timeline

– A Very helpful SALES TOOL

Tips and Tricks for Effective Lead Identifying in Sales and Marketing

It’s important to understand the
lead’s specific needs so that you can
tailor your sales pitch or marketing
message to address those needs.
One way to identify a lead’s needs
is to ask open-ended questions about
their business or industry, and listen
carefully to their responses.
• Additionally, you can research the
lead’s company and industry to un-
derstand common pain points and
challenges that they may be facing.
T stands for Time
• The “T” in BANT stands for Time-
line. This refers to the lead’s time-
line for making a purchase or deci-
sion.
• It’s important to understand when
the lead is looking to make a deci-
sion so that you can prioritize your
HIRAV SHAH sales efforts accordingly.
• If the lead has a short timeline, you
may need to move quickly to pro-
ome leads may be hot, warm or vide them with the information and
cold. But you don’t really know resources they need to make a de-
Sthis until you qualify the same. One way to determine a leader’s authority is to ask qualifying questions about their role and cision.
There are several lead qualifi- • On the other hand, if the lead has a
cation procedures/approaches out responsibilities within their organization (Representative photo) longer timeline, you may have more
there. However, in being one of the time to nurture the relationship and
best, BANT has stood the test of time. resources that a lead has available A stands for Authority provide additional information and
No, seriously… to make a purchase. • The second component of BANT is support.
• It’s important to identify whether a Authority. This refers to the deci-
What does BANT stand for? lead has the budget to make a pur- sion-making power that a lead has Merits and Demerits of using
• B stands for budget, A stands for chase before investing time and re- within their organization. BANT
Authority, N stands for Need & T sources into the sales process. • It’s important to identify whether • While BANT can be a powerful
stands for Timeline. • If you were a car dealer, your first a lead has the authority to make a tool for identifying high-quality
• BANT is a framework that sales question when someone walks purchase decision or if they need to leads, it’s important to recognize its
representatives can use to find out onto your lot would be about bud- consult with others in their organi- limitations.
how qualified a lead is, to work with get, right? You wouldn’t try to sell a zation. • However, when used effectively,
your organization and determine Mercedes to someone with a Maru- • One way to determine a leader’s BANT can help sales and market-
which leads they should concen- ti budget. authority is to ask qualifying ques- ing teams prioritize their efforts
trate on. • When your prospect doesn’t have tions about their role and respon- and focus on the leads that are most
• In other words, BANT is a famous the budget for your product/service sibilities within their organization. likely to convert into customers.
tool sales leaders mostly use to aid and there’s no way around it, the • Another approach is to research
them to figure out whether their deal won’t pan out. the lead’s company hierarchy and Final Thoughts:
prospects have the budget, author- • One way to determine a lead’s bud- decision-making processes to un- BANT is a strategy that employs
ity, need and right timeline to buy get is to ask qualifying questions derstand who has the final say in sales-basics for creating criteria to as-
what they are selling. about their financial situation and purchasing decisions. certain if a prospective customer will
• Let’s Understand Budget, Authori- the resources they have available ever become a customer.
ty, Need, Timeline step by step. for the purchase. N stands for Need
• Another approach is to research The “N” in BANT stands for
B stands for Budget the lead’s company and industry to Need. This refers to the lead’s current The writer is a well-known
• The first component of BANT is get a sense of their typical budget pain points or challenges that they Astro Strategist and Business Astrologer
Email: [email protected]
Budget. This refers to the financial for similar purchases. are looking to solve.

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