Another day, another acronym for qualified leads, eh?Posted by: David Regler @
This time it's the guys at RainToday, in their post No Budget, No Problem: The New Definition of a Qualified Sale.
They have come up with FAINT, which stands for:
Funds, Authority, Interest, Need, Timing.
It's a variation of BANT but, as you'll read in their article, they propose that asking about Budget kills a lead which could still be a genuine sales opportunity.
They have a valid point regarding asking about Budget but, in the end, I think it's the difference between qualification for leads and for sales opportunities.
You see, budgets are set for known categories of product and services. Plus budgets are the domain of mid-level managers. If you're in that game, understanding whether there's a budget in place can be useful and saves a lot of wasted time.
However, if you've got a new proposition for something that they don't already buy, or something that they have covered in a different way then it's no use talking about budget related to your specific offering.
In most situations like this, prospects will need to build a business case to invest in your solution. They need to find budget. If they want it enough and are senior enough - they will get the money.
"Authority" is a better way to qualify in this instance, backed up with some questions around their particular circumstances to uncover a real "Need".
From a lead generation perspective, Budget and Money are both areas that are best qualified more deeply as part of the sales process, which is when you're actually sat in front of them.