Great Sales Tool: The BANTS Lead Scoring System
The key to successful selling is not about getting more prospects – it is about focusing on the right prospects. But how do you know who is likely to buy and who is wasting your time? Years ago, I stumbled upon this simple method for scoring leads. With the BANTS system you can quickly assess the importance of a lead with five simple questions:
Budget: Do they have a budget or money allocated for this purchase?
Authority: Are you talking to the person who can make the decision and cut you a check?
Need: Does the buyer see a compelling need or just a “nice to have”?
Timing: When is the prospect likely to make a buying decision?
Size: For your business, does this prospect constitute a large sale?
Score each of your prospects
Prospects with a BANTS score of 8 or above are hot prospects and should be your top priority. Prospects with low scores (less than 3) should be off your sales list. For those prospects in the middle, think about ways you can move the score higher by either speaking to the right decision maker, highlighting the need to purchase or giving an incentive to buy immediately.
Integrate your Marketing into BANTS Scoring
- Modify your website contact form to include questions asking about budget, authority, need, timing and size.
- Train all customer-facing employees to incorporate BANTS questions when a new prospect calls or visits your office.
- Have regular weekly sales calls to confirm the BANTS score and focus on your hot prospects. Decide what steps need to be taken to close this lead into a sale. Use the BANTS scorecard consistently for a common definition of high sales priorities.
- Once a month, revisit lower scored leads. Clean up your lead list by either getting more information on a prospect or deciding to move this lead into a general prospect contact database for automated regular contact.
Sell to Big(ger) Companies
Want to get the latest, most effective tips for selling to bigger clients? Join us July 28th for a free webinar at 1pm ET. I am thrilled to have Jill Konrath, author of Selling to Big Companies. Register here even if you can’t make the time – you’ll have access to the recording and you will get a free copy of Jill’s Sales Call Planning Guide: Get it right the 1st time so you're invited back the 2nd time.