BANT is an acronym that stands for “Budget, Authority, Need, Timing.” It provides a simple framework for qualifying prospects in a business-to-business (B2B) sales setting. An organization evaluates whether, and to what degree, a sales prospect meets each of the four criteria.
BANT is used by B2B Sales and Marketing teams, who work together to qualify a prospect’s BANT attributes. Lead qualification via BANT during the B2B sales process helps Sales and Marketing teams work more efficiently. Prospects that don’t meet enough BANT criteria can be placed by Marketing into email nurture programs. This way, Sales doesn’t pursue leads that are not ready to buy. Sales, on the other hand, can focus their time and effort engaging with prospects who meet the most BANT criteria, resulting in a higher likelihood of closing sales.
For example, a lead capture form created by Marketing may ask for the criteria Need (e.g., “Do you have an active project to replace your CRM?”) and Timing (e.g., “When are you planning to replace your storage system?”), while Sales may ask a prospect for Budget and Authority during a discovery phone call.
Organizations use a Customer Relationship Management (CRM) system to record a prospect’s BANT attributes.
Budget, Authority, Need & Timing
Prospects meeting more BANT criteria are considered more qualified than those with less. For example, if prospects meet all four BANT criteria, salespeople may be instructed to contact them immediately. On the other hand, prospects that fit two of the four BANT criteria may be placed into email nurturing programs (e.g., managed by Marketing) until they meet the remaining two criteria.
Businesses allocate budget amounts to the purchase of particular products and services (e.g., $40,000 for new storage hardware this quarter). The “Budget” criteria
In a B2B setting, purchase decisions are made by a committee, which is comprised of practitioners, business stakeholders
The “Need” criteria
The “Timing” criteria
A technical or business stakeholder, on the other hand, may have the authority to select or reject a product outright. A savvy salesperson understands a prospect’s level of authority and attempts to engage with as many members of the buying committee as possible.