Lead Qualification Methodologies - BANT (Budget, Authority, Need, Timing)
BANT methodology (budget, authority, need, timing)
The BANT methodology was developed by IBM. It is considered one of the most reliable and original methods of executive qualification and is used in a wide variety of companies and markets. It covers all general areas to help determine who is qualified and who is not. The BANT methodology seeks to examine and answer the following four questions:
Budget - Does the prospect have the money to pay for your product or software?
Authority - Does the prospect have the authority to make the purchase decision?
Need - Does the prospect have the business need or desire that you can meet?
Timeline - When is the prospect planning to buy?
When you get the answers to all four of these core questions, you will have a fully qualified prospect ready for a final interview.
While BANT is simple and fast, it has few fundamental flaws and it lacks some modern aspects of the buying process. In particular, BANT's regulatory qualifications may have several people or a committee who must sign off the purchase. Therefore, it is really important to involve all relevant stakeholders and secure the buy-in of each individual. The modern lead generation process uses multiple sources, including content marketing and social media, to find the next qualified lead.
Your lead generation strategy should stay up to date so that your landing page is tailored to effectively generate leads from your target audience. You can always use the latest lead generation tool or lead generation software to improve your conversion rate. You can even use an agency that provides lead generation services for a better conversion rate. However, clearly defining the process your organization uses to qualify leads can have a positive impact on your bottom line.