B.A.N.T. - A System for Scoring and Ranking Leads
The lead management process begins with the generation of inquires. Once generated inquiries will flow through a qualification and nurturing process to identify qualified leads. The process will assure that you are maximizing the conversion of these qualified leads into sales. Here is a system for ranking leads based on the B.A.N.T. criteria. If you are not familiar with the B.A.N.T. criteria, it is a method of assessing the quality of prospects and tracking them through the sales qualification process.
B.A.N.T.
B = Budget
A = Authority (meaning decision maker)
N = Need (prospect has a problem / need for your solution)
T = Time frame (prospect has a time frame for solving their problem / making the purchase decision)
The following table describes one version of the B.A.N.T. process used to determine the quality/stage of a prospect. The four categories are standard. What may change is the how a company breaks out time frame for making the purchase decision and how they contact the prospect.
|
|
Qualified
Opportunity |
Opportunity
|
Lead
|
Inquiry
|
|
Budget
|
Defined and fits your solutions specs
|
Defined
|
Not defined
|
Not defined
|
|
Authority
|
Decision maker is involved in selection process
|
Decision maker, specifier involved in selection process
|
Specifier, influencer, decision maker involved in selection process
|
Influencer, specifier involved in gathering information
|
|
Need
|
Problem identified, need for solution established
|
Problem identified, need for solution established
|
Problem identified, need for solution being explored
|
Problem not necessarily identified
|
|
Time frame
|
Purchase in 1 – 3 months
|
Purchase in 3 – 6 months
|
Purchase 6 months and out
|
Not identified
|
|
Status
|
Meets all 4 of B.A.N.T. criteria
Ready to buy, have been through full on site demonstration and have requested proposal
|
Meets 3 of 4 B.A.N.T. criteria
Final evaluation, have requested full / customized demonstration
|
Meets 2 of 4 B.A.N.T. criteria
Evaluation, possibly requested intro demonstration
|
Meets 1 or none of B.A.N.T.
Gathering information
|
|
Contact
|
Field sales
|
Field sales, inside sales (telesales)
|
Inside sales, direct marketing
|
Direct marketing with telesales follow up
|
This is the information you should know to have an accurate picture of where your business is tracking and also to measure the effectiveness of your marketing activities. If you don't have this information today, at the very least you should know what leads you have in the pipeline. Knowing that would be sufficient for initial planning purposes.