Since IBM coined the term back in the 1960’s, Sales and Marketing Executives around the globe have been using BANT lead qualification: Budget, Authority, Need and Time. It has become so well known that prospects have even started to think ‘Am I being BANTed?’ when pitched the 4 elements in order.
However, it is often argued that BANT lead qualification has become a thing of the past. As previously discussed in our E-Guide How to Build Sales Pipeline, PACT (Pain, Authority, Consequence and Target Profile) is a much more effective methodology to adopt when prospecting. Here are six reasons why:
1. The ‘B’ in BANT
As Sales Development Playbook author Trish Bertuzzis states; If you are selling a product that people don’t realise they need then of course they will have no budget for it. Your job as a salesperson is to make them realise they can’t do without your product and therefore need to make room for it within the budget. The other issue with making budget a key factor is that technology and markets are constantly evolving. So what is stopping a prospect from waiting until the latest or cheapest version of your product or service is available?
2. Pain Points
The 1st part of PACT relates back to making people realise they need your product. A lot of companies won’t want to admit they have a pain point. You need to use PACT to make them realise the necessity of engaging with your company
3. Authority V2
Both BANT and PACT use authority but where PACT succeeds more is by acknowledging that there will regularly be more than one decision maker. PACT recognises that there will often be a number of people within the company who can influence the final buying decision
PACT works by painting a picture in the prospects head of what would happen if they DON’T engage with your company
5. Eliminate Red Flags
PACT helps you to identify any red flags early on. You need to make sure that your company and the prospect are a good fit for both your sakes.
PACT takes into account when a company’s contract comes up for review with their current supplier. In this day and age, it is important to identify your prospects buying window so you know at what point to engage.
Embracing PACT has helped our team better qualify prospects. We are on a mission to help grow our clients bottom line and through better qualification we can ensure higher ROI!