Updated: Jun 14
B.A.N.T. is a method used to 'qualify' prospects (find out if strangers can buy from you)
· Budget - Can they afford it?
· Authority - Can this person ‘sign the contract’?
· Need - Do they need it or are they a student / professor / competitor just ‘fishing’ for information?
· Timing - Are they ready to buy?
Tread carefully. Some people don’t like to be ‘Qualified’.
Imagine you're at a party and someone talks to you for a few minutes then leaves. Later you realise they were only chatting, to see if you were 'useful' to them - how would you feel?
So let’s look at Qualifying form a different perspective…
Examples of why Qualifying is not as important as you may think.
Budget…They can't afford it
But maybe next month/year their budget increases.
Next year your price decreases.
or your large 'upfront fees' could drop to cheap monthly subscriptions .
or reducing your price is a good strategy to get your ‘foot in the door’ of an industry you are trying to break into.
Authority - You will only talk to the 'boss'
To Pitch to the Boss, it may be essential to Pitch to the 'assistant' first.
You don’t know how much influence the assistant has.
Asking “is there anyone else you work with to purchase?” is better than a confronting question like “Are you the decision maker?”
Saying you will only Pitch if the Decision Maker is there could be seen as ‘talking down’ to the assistant. Be careful. Be respectful.
There may be many 'bosses' See Procurement below
Timing. Funny thing about time - it's always changing
If you offer a solution and constantly follow-up, then you’re always Top of Mind. So timing becomes less important.
How badly do they need it? Have they budgeted for it? Are other departments / people involved in the decision process? Can you Present to them too?
And sometimes they will never tell you of their need. Continuous follow-up solves this problem.
Can you RE-FRAME (create) their need?
Procurement - Questioning Stakeholders Many years ago you could sell to one person within a large organisation. Today, a Procurement Team may be involved, because if many departments will be using your product, then many departments could be involved in the purchase process i.e. become Stakeholders in the Procurement process. Which means you may be selling to I.T., Accountants, Salespeople, Technicians, Customer Service … Each will have different concerns So be prepared and ask questions about each Stakeholders concerns.