Car dealer sales teams deal with a lot of leads, and while dealers are constantly working on new ways to keep a steady stream of them coming in, their team can wind up wasting a lot of time chasing the wrong individuals. That’s why IBM first developed BANT, a handy acronym to help their sales team qualify leads that were worth the time it took pursue.
Budget – Find out if the individual has the budget to actually buy the product you are offering them, otherwise no persuasive techniques will close the deal.
Authority – Authority is usually more complicated in B2B deals, as lower-level researchers are often sent out to find out about available products and make recommendations to a sales committee. When it comes to consumer auto sales, authority is fairly straightforward, although most car buyers will consult with their partners or friends before they make a final decision.
Need – Do they need more space for a growing family or are they looking to move into an eco-friendlier model? Did they just move out of a transit-friendly neighborhood and now they need a vehicle to commute? When you know the “why” you’ll do a better job providing the “what.”
Timeline – Answer this question: why does the customer want a new car now? Did they wreck their last car and now they need something fast to get to work in the morning? Are they taking their time to upgrade to a newer model and looking for a good deal on a trade in? This will give you an idea of how long the sales cycle can take, and how hard you should pitch.
BANT is a great system for qualifying leads, but new technologies are providing ways to get even more accurate information from website visitors. A live chat service company, Gubagoo has developed one such technology called a behavioral intelligence system which tracks anonymous web visitors on car dealership websites. By following the path of the IP address of a visitor through the site and logging the models he or she views, the incentives he or she clicks, and how many times the visitor shows up day over day, the behavioral intelligence system scores the visitor based on how seriously he or she is considering a purchase. Gubagoo uses this system to support its live chat window service, a 24/7 support system for car dealer websites that answers customer questions, provides inventory information, captures contact information, and books test drives. In other words, you no longer have to ask potentially invasive questions about why a prospect is looking for a new vehicle to find out how serious they are. By equipping your sales team with more knowledge about a lead’s wants, budget, and needs than ever before, Chatsmart can help grow your business.
Marketing research has shown that following up on a lead within an hour is 7 times more successful than waiting longer, and that means that your sales people need to optimize their time following up on leads. BANT remains a reliable system for prioritizing leads, but behavioral intelligence systems give your salespeople a new level of detail they can use to drive home the sale. Make sure your team has the best equipment available to them and invest in a smart chat service.