BANT is an important framework used by many companies to evaluate the potential of a sales opportunity. Here, BANT is an acronym for the most important factors that should be considered in the assessment: Budget, Authority, Need and Timeframe.
- Budget: An important factor in evaluating a sales opportunity is whether the potential customer has the necessary budget to purchase the product or service. Without sufficient budget, a sale will be very unlikely.
- Authority: Another important factor is whether the potential customer has the authority to make the decision to buy the product or service. If the person you are talking to does not have the authority, it may be difficult to close the sale.
- Need: Another important factor is whether there is a need for the product or service from the customer. If the customer does not have a need, it will be difficult to sell them the product or service.
- Timeframe: A final important factor is the timeframe for buying the product or service. If there is no timeframe, it may be difficult to close the sale.
The BANT criteria are often used in customer acquisition to assess whether a sales call is worthwhile. They can also be used to prioritize sales leads by scoring leads based on their promise. In any sales call, it can be helpful to have these criteria in mind to ensure that the sales opportunity is promising and the sales call is productive.
The Origin of BANT
BANT was developed by IBM and were part of the sales process at IBM. They were originally introduced in the 1950s and have since been adopted by many other companies. We also use the BANT criteria internally. Further, they are also used in our partner applications, such as Evalanche Sales Cloud.