Qualifying leads in the sales process might appear daunting to new sales reps at first, but it need not be a complex task. Instead of rushing prospects into closing deals prematurely, follow these established and proven steps. Two popular methods, BANT and GPCT, offer effective approaches. Some sales coaches recommend using GPCT alone, while others suggest a combination of GPCT and BANT. We’ll delve into both methods, and it’s advisable to try both, especially at the outset of your sales career, to hone your skills.
GPCT Method:
- G for GOALS: Begin by understanding your prospect’s goals, both short-term and long-term. Discover what they aim to achieve this year, on specific projects, or within their long-term corporate strategy. Gain insights into the personal and career goals of key decision-makers.
- P for PLANS: Once you’ve identified their goals, focus on how they intend to achieve them. Showcase your expertise by positioning your company as a valuable partner in their plan, particularly if they lack a clear strategy to attain their objectives.
- C for CHALLENGES: Every worthwhile endeavor encounters challenges. Your mission is to unearth the existing or anticipated obstacles your prospects will face. Understanding these issues can give you a significant advantage in closing deals.
- T for TIMELINE: Establish a timeline with the prospect. Determine when they plan to achieve their goals. This is crucial as it allows you to create a tailored plan for your prospect. Active clients who are making strides toward their objectives are typically more promising, while those with no clear timelines may require further consideration.
BANT Method:
- B for BUDGET: Beyond understanding their goals and strategies, you must ascertain the budget available to them. Does their budget align with the solution your company offers? Can your solution potentially reduce expenses or provide cost-efficiency in the long run?
- A for AUTHORITY: Identify whether you are in contact with the decision-maker. Determine if there are multiple decision-makers involved. It is imperative to gain clarity on this aspect at the earliest stage, as navigating the process with the wrong person can lead to wasted efforts.
- N for NEED: Prioritize conducting thorough research. Confirm if your solution aligns with their challenges and issues. Identify areas where they are struggling, and position your offering as the key to resolving their problems. Remember, no pressing need, no business.
- T for TIMELINE: Similar to GPCT, inquire about their timeline for achieving their goals.
While qualification may extend the sales cycle in some instances, its duration varies based on the nature of the project, product, or unique circumstances. Regardless of the time it takes, sticking to these steps ensures a smoother closing process. Mastering the art of lead qualification will significantly enhance your effectiveness in sales.