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. That’s why today we want to tell you about one of the best applied techniques which will help you to better evaluate your potential customers and improve your sales funnel.
In this opportunity Ana Maria Romero, Business Development Director of Echez Group, tells us about BANT OPPORTUNITIES, 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 do not.
The etymology BANT, comes from the acronym Budget, Authority, Need and Timeframe, within the consultative sale process. According to Ana Maria, the ASR through this method that is commonly done by phone call seeks to understand:
- This point analyzes and explores if the client has the economic capital 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. (Budget)
- Who makes the purchasing decisions in the company or customer or how the map of influence works in a company. (Authority)
- Here we 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 ASR. Here the customer’s business ecosystem is reviewed and the different services that can meet those needs are explored. (Need)
- Identify the time in which the client wants to satisfy the need of his company. At this point, the ASR must be clear that he cannot make efforts, if the Key Decision maker is not clear about the duration of development or selection of the service. Although all customers are different, this point is key to making the final sale. (Timeframe)
All of the above is implemented with consultative sales techniques, which are dynamic and persuasive so that the person being interviewed does not feel like they’re being interrogated, but rather participating in a natural and subtle conversation, where there is no order of questions but rather a conventional chat.
According to Ana María, this methodology for Echez Group is not limited to these four words, but each one is a very broad concept that allows ASR to understand the context of the client. All this information is the foundation to start the whole business process.
Is there an average duration for BANT?
Ana Maria explains that no, each BANT is different because so is each customer and the process that they carry out with ASR. 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.
Does this methodology apply to all businesses?
In Echez Group, yes, because it covers what each of the business lines are looking for and it is to collect information from potential customers with purchase and investment probabilities. When all this data is collected, a deliverable is made that the client reviews and validates.
What is the competitive value of BANT opportunities in Echez Group?
In Echez Group, it is not only seen as a letter by letter concept as many companies do. According to Romero, “For us it is not just a check. In addition to this, we identify what information can be useful around the business. If a case is complicated, we investigate and review what happened. We not only understand the needs but the whole map of influence that is necessary for approval of the final purchase.”
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 BANT the business can more easily fail.
- Take all the information obtained through a CRM for a clear follow-up.
- Do not stay alone with the concept. Always go beyond the information and the context of the customer and all situations that can be seen.
- It is not about interrogating somebody in the interview, it is about facilitating a valuable conversation.
- Keep formats and forms for recording data.
- Help the client identify their needs and how to meet them with your services.
- Take into account the value elements of each service to evaluate the opportunity the client has.
- Generate a background, apply sales intelligence, research to see the customer’s propensity to buy. This is done before applying BANT