Sales lead qualification criteria for banking

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[Music] as we all know there are many different lead qualification methodologies but there was one that started it all in the 1950s ibm came up with bant which is largely considered to be the first ever lead qualification methodology that very simply stands for budget authority need and timing amazingly due to its simplicity ban has stood the test of time and here we are 70 years later with organizations still using ban as their key way of qualifying opportunity now in my experience bank is very good however is very very lightweight it works for very early stage opportunities and smaller opportunities as the opportunity progresses we probably need something a bit more robust like medical midp i often tell sdrs to use bank for early stage qualification because it does give you those four important areas that are going to help you understand whether there's a viability to that lead in the very first place so let's go through these individually firstly we have budget is the company that we're selling to able to access some degree of budget bear in mind when ibm first came up with this process in the 1950s the cost of their computers were the same as a house so understanding that the budget is available is really really important secondly there's authority the person that we're selling to are they able to make the necessary decisions internally in their organization do they have the authority to drive that purchase internally in their business next we have need no surprise in sales if you're saying to someone who doesn't have a need that you can solve then we're basically wasting our time the need is very very critical does the organization that we're selling to have a strong need and does our product match that need or ultimately overcome and help that need and lastly we have timing is the timing right for them to purchase this product this means that are they in a position to make that decision is this the priority is this the right time to sell them our product although it's old-fashioned it is by no means outdated band still is a very very powerful way of qualifying very early stage opportunities as mentioned before as the opportunity progresses depending on what you're selling the size of the deal value the complexity of the opportunity you typically move into something a bit more robust but for those early stage opportunities ban is very very powerful i hope this has been valuable as always don't forget to subscribe chuck it a like share with a friend if you think there's value in it and as always happy selling