For years companies have chosen to implement various methodologies or sales strategies, from door-to-door sales to email. However, many of them have failed.
Echez Group, as a global leader in technology and digital transformation services, has implemented over 10 years of effective and efficient sales strategies. Today we want to share with you one of the best applied techniques which will help your sales team to better evaluate your potential customers and improve your sales funnel.
Ana Maria Romero, Business Development Director of Echez Group, spoke to us about Echez´s winning methodology called BANT OPPORTUNITIES. This is a model of qualification of prospects, which during the sales process allows you to differentiate those who have a greater probability of purchase and those who don´t.
The etymology BANT comes from the acronym Budget, Authority, Need and Timeframe.
This consultative sales process performed by the Inside Sales Representative is commonly done by phone call and seeks:
- BUDGET: To analyze and explore if the customer has the economic capability to acquire the product or service provided. This is the most sensitive and difficult information to obtain due to budget authorization issues for a certain project.
- AUTHORITY: To determine the person who makes the purchasing decisions in the company or how the map of decision making works in the company.
- NEED: To identify what the real need of the customer is. We can also detect hidden needs that can be revealed thanks to the skills of the ISR. Here the customer’s business ecosystem is reviewed, and the different services that can meet those needs are explored.
- TIMEFRAME: To define the time in which the client wants to satisfy the need of their company with the project kick-off.
All of the above is implemented with consultative sales techniques, which are dynamic and persuasive in a natural and subtle conversation, where there is no order of questions but rather a conventional chat.
According to Ana María, this methodology is not limited to these four words, but each one is a very broad concept that allows ISR to understand the need of the customer. All this information is the foundation to start the whole business process.
Is there an average duration for BANT?
No, each BANT is different because so is each customer, and the process that they carry out with ISR. A clear example is when you start talking to the person who does not make the decision or when the customer does not even know the product or service you offer. Ideally, however, all the information can be obtained in one call – Ana Maria explains.
Does this methodology apply to all businesses?
Yes, the process searches and collects information from potential customers with purchase and investment probabilities in our customers products and services. All companies with a commercial ecosystem are prone to apply this methodology.
What is the competitive value of BANT opportunities in Echez Group?
At Echez Group, we identify which information can be useful surrounding our customers business. We investigate, analyze, and generate commercial valued proposals that permits to start an effective sales process, an outstanding customer experience and a closure that grants new business for the future – indicates Anamaría.
Is BANT effective in closing a commercial deal?
Bant is the foundation of a business. It is effective in the collection and analysis of information, but the effective closure of a sale depends on many other factors. What is clear, however, is that without implementing the BANT methodology, business can easily fail.
- Upload the information obtained into a CRM for a clear follow-up.
- Through consilient selling tools and ISR insight, go beyond the information and context inferred in the client interview, to be able to project all situations that may be elucidated in the future.
- Standardize processes that grant registry of data.
- Help the client identify their needs and how to meet them with your services.
- Consider the value elements of each service to evaluate the opportunity.