BANT, developed in the 1960s filters leads based on the following criteria: budget, authority to make a buying decision process, need (versus desire) for the product, and timeframe in which they’ll buy.
Does your prospect fit at least three of these criteria? Your sales reps can engage customers indirectly or directly to find out.
The MEDDIC lead qualification framework relies on these criteria: metrics, economic buyer, decision criteria, decision process, identify pain points, and champion.
Use metrics to find the qualified leads you wish to pursue. Of course, it’s important that the lead has the buying power to purchase the products. Additionally, identifying the decision criteria leads to effective advertising strategies.
By determining the customer’s pain points, you can point out how your product solves it. The MEDDIC process produces highly motivated leads who will champion your product or service online and on the street.
The CHAMP (Challenges, Authority, Money, and Prioritization) framework identifies challenges faced by leads, focusing on how the product or service will solve their problem. This approach can lead to unique opportunities and encourages leads to focus on other factors besides their budgets.
It's important for qualified leads to understand why they should prioritize buying your product. It will also give them information to motivate a sales decision.
ANUM (Authority, Need, Urgency, Money) is yet another spin-off of the BANT lead qualification framework.
It places priority on qualifying leads with decision-making power. This establishes authority as a pre-qualifier to need and urgency. After identifying these qualified leads, you end up with a list of promising prospects to win over.
Implement a lead scoring model
Collecting customer data and insights gives your sales reps and marketing teams an edge. It also allows you to build a lead qualification framework to determine which prospects are likely to buy your products.
Factors to consider in lead scoring
Lead scoring assigns a value to prospective customers. You start by gathering information about each lead, such as age, location, and gender.
In turn, this provides insights into the behavior of your target audience and the likelihood they will interact with your products.
Additionally, a lead scoring model gives you the information needed to identify pain points to address in your marketing and outreach programs.
Set up a lead scoring system that works for your team
Here's an overview of how to set up a lead scoring system that works for you:
- Prioritize a long list of leads into a shorter list of quality prospects.
- Target leads that are likely to respond to nurturing.
- Develop winning marketing messages for each target group.
- Adopt tools that allow you to effectively analyze potential leads.
- Don't push leads into a purchasing decision.
Utilize marketing automation
It's important to choose the right tools to optimize your qualification process. This may include landing pages that collect crucial information on leads and CRM software to organize the data and lead score.
Additionally, marketing automation tools give you an edge in identifying potential customers ready for nurturing.
Marketing automation speeds up the process of sending the right content to each prospect. This can facilitate the customer journey along each tier of the sales funnel.
Examples include email campaigns triggered by customer engagement. This allows the sales reps to focus on warm leads rather than less enthusiastic prospects.