Enhance Your Lead Qualification Service for Hospitality

How to create outlook signature

BANT? CHAMP? MEDDIC? What is this alphabet soup, and what does it have to do with lead qualification? Well, these are the acronyms for 3 common lead qualification frameworks. In this video I’ll cover each of them and help you decide which one might work best for you. But first, if you haven’t done so already, be sure to subscribe to our channel for more content like this. Now, let’s get started. BANT BANT stands for budget, authority, need, and timeline. Does the prospect have enough money for the purchase? Is the contact the decision-maker for this purchase? Does the prospect have a pain point that your product or service can solve? When is the prospect planning to buy? This framework can be used for practically every business model. Using an example from eCommerce - imagine that you sell a digital product about meal planning. A qualified lead should: Have enough budget for meal preparation Be the authority on food-related decisions in their household Need an easy way to plan meals for the week, and Want a solution in a short timeframe so that an instant digital download is more appealing CHAMP CHAMP stands for challenges, authority, money, and priority. What is the pain point felt by the customer? Can the prospect make this decision? Do they have a budget for this product? How important is solving this problem? CHAMP is essentially a variation on the BANT framework - adjusting the order of importance. CHAMP’s first disqualifying question is about the need, while BANT’s first priority is budget. MEDDIC MEDDIC is a common sales process framework for B2B sales and stands for metrics, economic buyer, decision criteria, decision process, identify pain, and champion. What are the measurable ways your solution will impact the customer? Who are the decision-makers at the company, and how easy are they to reach? What does the customer value most in a solution? How will they evaluate a new service or product? What’s causing friction in their current process? How will your solution relieve that pain? What negative consequences will happen if they don’t address the issue? Who will benefit most from your solution? Because B2B purchasing decisions are more complex, you can see that there are more elements involved. Let’s take a look at one of the buyer profiles for OptinMonster as an example. Our buyer wants to get at least 25% more leads from their website, They own the business and can make decisions about marketing expenses, They want something that just works without a lot of fuss, and offers support when needed, They’ve read some articles about OptinMonster, checked out the documentation, looked at some campaign examples, talked to someone on live chat to get their questions answered, and they’ve tried out the product. They’re tired of wasting time and money on marketing campaigns that don’t work, and might shut down their blog if they can’t get results soon. In the end, the blogger benefits the most from using a conversion optimization software like OptinMonster. One way to use these frameworks is to create a lead scoring system. This means that you assign points to different parts of the framework and the higher the score, the more qualified the lead is. Now that you understand some common frameworks for qualifying leads, be sure to check out this video or the links I’ve left in the description to learn how to put this into practice. And let me know in the comments which framework works best for you! Thanks for watching.