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BANT approach is a method used to determine the quality of leads. With high-quality leads you ensure conversions.
What is the BANT approach?
You use the BANT approach to determine the quality of leads (or potential customers). BANT is an abbreviation for budget, authority, need and timing. These four factors are therefore important to determine which leads can lead to the most conversions. You can also determine per lead which action is necessary at what time.
Budget – What amount is the customer willing to spend? This involves checking whether the potential customer has sufficient budget to purchase the product. If there is not enough budget available, the product cannot be purchased.
Authority – Who is the one who decides whether to make a purchase? Here you check whether the potential customer is authorized to make a purchase. The customer must be authorized to purchase the product. If this is not the case, it is important to see who this is.
Need – Does the customer have a problem that can be solved by the product offered? This is based on the needs of the potential customer. If there is little or no need, there is no point in investing time in this.
Timing – Is there a need to make a purchase? You check whether this is the right time for the customer to buy the product.
The BANT method is thus a tool to make the sales process more effective and to facilitate the purchase decision of the customers.
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