Have you ever felt like a detective trying to unravel the mystery of a lead’s needs and qualifications?
One day, you think you’ve got the lead of your dreams from your B2B leads database, and then BAM—they turn out to be unqualified! When will this madness end?
Well, you are not alone! Qualifying leads is likely one of the most challenging parts of a B2B sales process, but worry not — there is an easier way.
Today, we uncover two methods businesses use to qualify leads: BANT and NOTE. So prepare as we take you on this fascinating voyage into qualifying buyer data!
What do BANT and NOTE Mean?
Lead qualification is an integral part of a successful B2B sales process. It helps to focus resources on prospects most likely to convert while also speeding up the sales cycle.
Though multiple lead qualification methods are available today, two of the most widely used are BANT and NOTE.
BANT and NOTE are top lead qualification methods, but to get the most value from your sales process, it’s crucial to have more profound knowledge to make informed decisions when organizing your leads to increase ROI.
Now, let’s have a closer look.
BANT Method Lead Qualification
BANT is an incredibly popular lead qualification process considering Budget, Authority, Need, and Timing. All of these components are integral to the success of a business consulting approach and are prioritized accordingly.
However, the fact is that it tends to be highly seller centric in its nature – leaving little room for buyers. Moreover, the lead is qualified under these criteria,
Budget – How much will the prospect be able to spend on the solution?
Authority – Who is the ultimate decision-maker for the sale?
Need – Does the prospect have a genuine need for the product?
Timeline – How long will the prospect need to make a purchasing decision?
Lead Qualification Method: NOTE
On the other hand, the NOTE method is completely a buyer-centric, efficient, and powerful way to qualify leads. Asking prospects questions about their Need, Opportunities, Team, and Effect (NOTE) provides valuable insight into whether they are a qualified fit.
These four aspects provide the foundation for understanding a lead’s needs. Understanding these aspects is the first step in crafting a solution for success.
Need – What does the prospect need? This helps to understand their needs and pain points.
Opportunity – What do they hope to gain by using your product or service? Knowing their objective allows us to determine how best to help them reach their goals.
Team – Does the entire organization as a team, or do teams within different departments need the solution? This is done for two reasons:
- To ensure everyone involved in the purchasing decision is on the same page about how things should work and why the solution should be acquired.
- To strengthen the support for investing in a given product or service, all decision-makers have adequate information to make an informed purchase that fulfills their needs.
Effect – What is their vision of success when they buy the solution? This is where you and the potential buyer join forces to ensure that the desired results are achieved, even if this means tweaking expectations.
Finally, compared to seller-centric strategies like BANT, NOTE goes much deeper in its understanding of potential buyers.
BANT vs. NOTE
In today’s B2B sales climate, it is essential to have a buyer-centric approach to remain competitive in the market and qualify for a lead.
The BANT model provides an organized structure for conducting buyer discovery. It allows reps to quickly determine whether or not prospects have an active interest in moving forward based on budget. However, it doesn’t focus on exploring the lead’s needs, pain points, and wants.
On the other hand, NOTE is leveraged more for qualifying prospects based on their needs, focusing on obtaining information about the pain points and finding the solutions that best fit their needs. This allows sellers to understand what matters most to buyers from the very beginning and build relationships based on mutual respect and trust.
Moreover, it’s clear that the BANT method of qualifying leads has proven successful in the past, and it’s not going anywhere anytime soon. Also, buyer-centric approaches like NOTE work well in the ever-changing landscape of B2B sales.
There is no surefire way to know if a lead will convert into a paying customer. However, using the BANT or NOTE model gives you a better idea of whether or not a lead is qualified.
So, the debate between BANT and NOTE will likely continue for years to come. Though both methods have advantages, it’s ultimately up to the sales team to decide which works better.