What Is BANT Method In Marketing?
Is a prospect about to buy or not? Some people only
take information or show curiosity about a business, without any real concrete
desire. Practicing the BANT marketing method can be a way to find out if buying
is the next step.
BANT: what are we talking about?
Since companies have existed, they have tried to find
solutions to maximize the number of sales or services made, especially in BtoB.
While the BANT method dates back to the 1960s, it hasn't aged a bit. This
acronym stands for Budget, Authority, Need and Timing. What do these four
concepts involve in the act of buying? First, it must be determined whether a
person; even interested in a product can afford it or if it is just curiosity
on her part. Can she decide on this purchase or does it need the approval of
one or more people at the hierarchical level? Contacting them directly can be a
solution.
Need, which is translated as Need, assumes that the
company, through its activity, is able to meet specific needs and therefore
what the buyer is looking for. Finally, Time (or Temporality) is an important
aspect to take into account, because some approaches are only purely
speculative, for a more or less near future; what the company must be aware of
in order to be able to respond quickly to the order or not. To apply this
method, which is understood to be practical and functional, however, one must
have knowledge of communication; which is not necessarily the case with an
entrepreneur or if so, at some point they will be overwhelmed by their success.
However, he can't make the mistake of losing leads.
How does the BANT marketing method apply in your company?
The BANT method involves understanding how the client
company works, in order to ask the most relevant questions, whether it's
budget, but also decision-making power. Clearly defining needs means having an
overview, which is often difficult. It is obvious that, although interesting in
more than one respect, to know the customers, to identify their present needs,
but also to anticipate those of the future, it is necessary to devote a lot of
time to this marketing method.
Hiring someone dedicated to this job is one solution,
but it is expensive, especially when the business is booming. Many call centers
use the BANT method, among others. This is why entrepreneurs delegate this
service to them, so that they can benefit from the fruits of these
conversations. When the list of prospects is refined, it is then up to the
business manager to materialize these sales, with much more fluidity.
Other services can thus be outsourced to call centers
(call centers), relieving entrepreneurs in search of success: the management of
inbound calls, the recovery of quotes or questionnaires to establish customer
satisfaction. When this is mainly made up of demanding companies, knowing where
to improve is really essential to remain competitive.