What is BANT Framework?
BANT is an acronym for the 4 key elements of a sales strategy: Budget, Authority, Need, and Timeline.
It was developed by the marketing team at IBM Canada, in the late 1970s to help guide marketers through understanding their customers better.
BANT is used as a framework to create and plan your approach to any sale or marketing campaign. It enables you to trace and pursue the most qualified prospects.
According to IBM’s guidance, a business opportunity is considered legit if it meets three of the four BANT elements.
- Budget - Identify and understand your potential customers. Does the prospect have the budget to buy your product?
- Authority - Does the prospect have authority to make the purchase decision?
- Need - Does the prospect actually need your product? Does the prospect need a solution in a hurry?
- Timeline - Is the prospect willing to provide a timeframe?