A Framework To Help You With Qualifying Prospects
The BANT Analysis involves the following 4 steps.
This step simply aims to answer the following:
Is your prospective client capable of affording your products/services?
Have you discovered minimum and maximum budget opportunity?
We want to invest our efforts with clients that have the budget, that will convert into business.
Some suggestions on questions that can be asked at this stage in the process:
What is your Budget for this project?
What benchmarks are you using to determine investment?
Another crucial step of the process, which has become more complex with multiple decision makers involved in the process, is to determine whether the person whom you are in contact with has the authority to make the buying decision. Is it crucial to have information on the buying process and all influencers and decision makers.
Questions in this step can include –
Who is involved in the decision-making process?
How have other similar buying decisions been achieved in the past?
Who else in addition to yourself needs to be included in this meeting?
This is the most important aspect of closing the sale since it gives an insight into the job that needs to be done. What is it that needs attention, and how can your product or service help. Without clarity on this step, the opportunity for success is low.
Some key questions
What does success look like on completion of this project?
What are your key priorities right now?
What are your expectations from us in solving the issues at hand?
Always look for the next step before you conclude your meeting / conversation.
It is important to determine a schedule of when they are likely to make a decision. While one prospect may want an immediate solution, another might just be gathering facts to use in the future.
Questions to ask.
What is your own timeframe?
What is the next step?
How soon do you want the project to be implemented?
When would you like to start?