Every business has a formula they go by when training. We use this guideline for our team as well as referral partners and that is B.A.N.T.: Budget, Authority, Need, and Timing. Using this while on the phone will save you and your customer time to get all the information necessary within one phone call. It allows you to become a consultant rather than a salesman. So let’s go through each unit individually.
Budget: Find out what the customer’s price point is. This is where knowledge of the process is really important. You don’t want to waste time because time is money. While knowing what underwriters look for and the guidelines needed for funding, set realistic expectations up front. Set a foundation and mold it to fit a solution just for them.
Authority: You want to make sure you’re speaking to the decision-maker of the business. You never know who has influence on the decision so treat everyone you speak to equally with the same respect. Usually there is one decision maker, but a lot of companies have multiple board members, shareholders, co-owners, you name it. Luckily in this day in age we have ways to contact multiple people simultaneously such as 3-way calls, Zoom, Google Hangouts, and so on. Familiarize yourself with these platforms to show flexibility and professionalism.
Need: After you find out their price point and the decision maker you want to start cooking up solutions in your head. Diagnose the problem. Find out what they need. Don’t be afraid to ask questions. You want to be able to help them as much as possible.
Timing (Time Frame): When do they need funding? Has it been a long time coming or they need it immediately? This goes for equipment financing as well. Once you find this out then you will further explain the time frame of the funding process in a way the customer understands. You’ve made it this far, the last thing you want to do is lead them the wrong way or give them false promises.
Use this guideline with every phone call you make and you will have a deal in the works guaranteed. Approach every opportunity with the intention to help rather than sell. People will appreciate transparency rather than being left in the dark. Have B.A.N.T. in mind with your next phone call and see where it takes you!
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