article | March 29, 2012
World Class Lead Qualification – Increase Conversion
Sales and marketing leaders embrace lead qualification to prevent wasting the sales field’s time with garbage leads. There is a balance involved because you need to be careful not to qualify so strongly at the Lead Generation level that you strangle the pipeline. The answer is embracing BANT qualification criteria for Lead Generation programs.
This article is a common sense approach to establishing sound qualification criteria for your LeadGen team. If you are already qualifying, then this article serves as a check-point to evaluate your qualification approach.
What is BANT Qualification?
Qualifying using the BANT methodology is a natural part of the engagement process. The insights flow from the value-adding conversation conducted with the prospect. Don’t consider BANT a checklist or a “one-time” activity – BANT is a process of discovering qualification about the prospect through conversation.
Download the BANT Qualification Guide template offering suggested questions for success. Customize this template for your business.
Budget by Proxy
Bluntly bringing up the budget without finesse can cause the process to come to a screeching halt. Don’t ask: “Do you have budget?” or “What is your budget?” Instead, use a proxy approach to look for an indication of budget capability:
Authority is most easily validated by there being at least one interested Contact who is Director+ Level. However, research is often done by contacts with no authority, but they do have influence and access. It’s unnecessary and counter-productive to burn your contact to go over their head if that contact is a trusted soul tasked with the evaluation. As long as you have the contact info of the Decision Maker and your Contact has spoken to the Decision Maker about a potential project, then you have validated authority.
Need is King
Without a true Need there is not enough pain to drive action. A buyer will never muster the time and resources to make a complex decision. Companies seldom spend money for no apparent reason, so don’t count on it starting now. Need is most critical component of the BANT equation. Formulating ‘Need’ questions:
Timing is verified through an understanding of a potential decision timeline. A Lead generally will not have considered a timeline unless they are getting serious about moving forward. Finding timing information:
Do I need all four elements? B+A+N+T
No. You do not need all four. Depending on your business, most companies approach qualification by mandating ‘Need’ + one other element, either B, N, T. The goal of BANT is not to complete the sales process, but rather to ensure that the lead being provided to sales is a qualified lead worth pursuing.
Don’t Rush, Focus on the Dialogue
It’s important not to rush into BANT questions. As a rule of thumb, the LDR should not actively ask questions until:
Through the discussion of how to aid the prospect’s needs, key BANT discoveries can be uncovered with good listening. Once the dialogue has started with the prospect, the LDR can begin to ask BANT questions, but with a focus on the prospect’s needs and preferences. For example, rather than asking “When are you planning to purchase?” instead ask “What timeframe do you want to have a solution in place for your team?” This approach will launch additional questions that help answer the question. Plus the prospect will get the sense you are focused on their needs rather than your own agenda.
There is a better way, and this guide offers tips and suggestions for successful qualifying.
Over the past few years, marketers are increasingly held responsible for revenue goals. If you&rsquo...
For some time now here at SBI, we’ve been describing the measurable benefits of taking a more ...
Remember ‘big data’ and ‘advanced analytics’? These trends gradually evolved...
For many B2B companies, the effort to continually maintain and improve their products has become too...
Moving from an SMB customer base to enterprise customers sounds like an excellent idea when presente...
With the overwhelming number of marketing channels available today, omnichannel quickly becomes not ...
As a marketing leader, if you have ever thought about where your next new form of revenue is coming ...
How often do you get excited at the prospect of going to the DMV? Never? Maybe it’s the long l...
SBI TV episodes bring you Sales and Marketing insights from B2B industry thought leaders and growth experts, on topics like product, pricing, customer experience and success, and go to market. Catch up on new and previous episodes here.