What is BANT approach?
Have you heard of the BANT approach? It’s one of many excellent sales strategies that you can use to increase sales. BANT is an acronym for Budget, Authority, Need, and Timing. It has been around for decades, but it isn’t utilized as it should be. Skilled salespeople all over the world use this acronym and pull it out of their toolbox whenever the opportunity arises. It’s also a favorite of sales managers, who often teach the BANT Approach to their sales team. If you’re not familiar with the BANT Approach, now is the perfect time to learn and be able to utilize it.
- Budget: Understand if a potential customer has the budget is available before engaging. This question can be asked in the early stages so that you can understand if it is worth it to pursue the sale further or not. If a client doesn’t have the financial resources available, there is no point in spending valuable time and effort trying to sell to them.
- Authority: If the person you’re speaking with doesn’t have any authority or buying power, make it a goal to connect with the person who can ultimately approve the sale. The initial contact isn’t worthless, though. It’s important to maintain a solid relationship with everyone at the company, and those people can help you get in contact with the people who will close the deal.
- Need: You want a customer to say, “we need a product like yours.” If you are going after customers that have no need for your product, it’s unlikely that you will be able to close a deal. The higher the need, the more motivated the company will be to obtain your product or service.
- Timeframe: How long will it take to complete the sales cycle? This is a crucial piece of information that is important for both you as the salesperson, and the buyer, to know and understand.