Why Budget Doesn’t Matter in B2B Selling 

Jamie, the CEO of a technology company, approached me for help to figure out why his company could not grow beyond their existing level. His company was struggling to maintain their profit margin. They also found that their sales cycles were taking much longer than they could tolerate. Finally, they were frustrated that their clients had a lackluster sense of urgency when it came to engaging Jamie’s company. The first thing I did was to ask my client’s team some questions.What Information Do You Collect In Client Meetings?To help uncover the root cause of the challenges faced by Jamie’s company, we discussed how each team member approached their business meetings with clients. I asked Jamie’s team what questions they asked in client meetings. We discovered that each rep had their own unique questions they asked clients. Had Jaime’s company not determined what information their reps should be collecting from clients?The single most common question they each asked was “What is the customer’s budget?” I have the honor of working with professionals across industries to grow their businesses and create a sales culture within their organizations. The budget trap is one of the most common mistakes in B2B Selling .Avoid The Budget TrapMany assessment tools penalize a sales professional if they do not ask about budget. Budget, in fact, is a component of a long-standing method of qualifying opportunities in sales situations. The acronym BANT stands for Budget, Need, Authority, and Timeframe. I don’t know who invented it, but I first heard about BANT when I was the CEO of an IBM IBM -0.75% business partner company. Maybe someone at IBM was the inventor. Here is why BANT doesn’t work anymore.

Source: Why Budget Doesn’t Matter in B2B Selling – Forbes

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