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There's actually four requirements from the fire to the cellar and three from the cellar to the

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fire. Welcome to the game where we talk about how to get more customers, how to make more

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customers, how to keep them longer, and the many failures and lessons we have learned

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along the way. I hope you enjoy and subscribe. What's going on everyone? Happy Friday. Hope you

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guys are having a good end of week with your stats, with your team. Hopefully it was a good week

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for you. I wanted to make this video because I had a little bit of an epiphany recently,

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so I've studied a lot of marketing and sales stuff throughout my career and there have been,

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you know, I've read lots of different sales philosophies and marketing stuff and there has been

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this huge crystallization of understanding the components of a closed deal. And so there are

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requirements from the cellar to the buyer and also requirements from the buyer to the cellar.

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And so there's actually four requirements from the buyer to the cellar and three from the

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cellar to the buyer, which is really interesting when you take this apart. And so what is required

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for someone to be a prospect? All right, so there's a term called BANT or it's an acronym called BANT,

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B-A-N-T. And where I first heard of this was in the software world, the SAS world. And one of the

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nice things about the software world is that they're incredibly quantitative and so they have already

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codified the requirements for a sale. And so typically in the software world, especially enterprise

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software, you transition a prospect to a closer or tunic count executive once they have met all

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for these requirements. If someone does not meet all four of the BANT requirements, they're not able

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to be passed on. And so those requirements are as followed. B is budget, right? Do they have the

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budget for this thing? A, authority. Do they have the decision making power to make the call on

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whether or not they or their company can do the deal, right? Third, do they need this solution? Do

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they need this this issue? Whatever it is, do they have a problem that needs to be solved with this

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thing? Fourth, timing. What is their timeline and are they willing to get started today, right?

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And so those are the four components that a seller requires from a buyer, right? Unless a buyer

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has all four of those things, they cannot and will not buy. On the flip side, the three requirements

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from a, from a seller to a buyer are that they trust the product is going to solve their problem.

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They trust that the salesman is being honest, otherwise they will not trust what they're saying about

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the actual solution that they're, you know, that they're pitching them on. And then finally,

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that they trust the company, all right? And so those three, I heard, I've heard from both Jordan

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Belfart, Grant Cardone, those are the first places that I heard those three specifically. And that's

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actually what we operate in our company as a sales team is that we make sure they call them the

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three tens. And so that's, you need to be a 10 out of 10 on the product, you need to be a 10 out of

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10 on the salesman. This is a trustworthy guy. He really knows what he's talking about. He's

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quick, he's sharp. And then you need to be a 10 out of 10 on the company. This is a trustworthy

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company. I feel good about doing business with them, right? And so if you think about any sale in

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general, those all seven components have to be met in order for someone to say yes, right? And

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sometimes obviously the, you know, the the band requirements for somebody doing a free trial

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are very different than someone buying a $50,000 or a million dollar a year software, right? They're

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they're different. But the fundamental components remain the same. The reason this was interesting

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to me was that a friend of mine, who's in the biz-op space, was recently talking about he had

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done a review on the last six months of sales applications. So they had applications that had come

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into, you know, purchase his product. And he had almost removed a question about timing, right,

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on his application. And once he did the data review, he found out that 95% of all of his sales

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came from people who said either they were willing to start immediately or the next day.

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And only 5% of his sales came from people who said that they, you know, they wanted to start at

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a later time, literally immediately or the next day. And so he now took the action of no longer

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even calling people who said that they didn't want to start immediately because he looked at his

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data. And this is the power of data, right? Real quick, guys, if you can think about how you found

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this podcast, somebody probably tweeted it, told you about it, shared it on Instagram or something

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like that. The only way this grows is through word of mouth. And so I don't run ads, I don't do

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sponsorships, I don't sell anything. My only ask is that you continue to pay it forward,

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whoever showed you or however you found out about this podcast that you do the exact same thing.

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So if it was a review, if it was a post, if you do that, it would mean the world to me,

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and you'll throw some good karma out there for another entrepreneur.

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And so we had Jim lunch and you'll see this in our applications now. We're actually adding the

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only four questions we have. So we've actually been able to prune down our application to the

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only four requirements of a buyer, right? Are you, you know, are you, A, do you need this thing,

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right? Do you have the desire and the ability to do this, do this implementation or do this,

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do the solution to, do you have the authority to make the decision on your own for a financial

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thing, right? Three, do you have the budget that's required in order for us to be able to work with

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you? And then four, when do you want to start, right? And so immediately or, you know, later, right?

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And so now this has just allowed us to be so much more efficient in our process because we know that

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if we have all four of those, then we come into the sale with a clean slate, right? Like we only have

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to, we only have three components left for the salesman to cover, right? Rather than having to deal with

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budget or dealing with decision, you know, whether they can make the decision or whether they want to

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start immediately or they need to think about it, right? And so if we can cover those initially and

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we can set those as prerequisites and requirements of the buyer, then it massively facilitates the

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sales process, right? And so for me, it was just the nice aha moment of thinking, I've heard of Bant,

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I've heard of, you need all four of those, I've thought about those within the context of a sale,

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right? And on the flip side, I've thought about, you know, what is required to get someone to say

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yes, right? And so it was only by like recently when I realized that we had to put both of those

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things together, the requirements of the buyer and the requirements of the seller, that it really,

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it crystallized in my mind. And so hopefully you think that's as cool as I did for us simply by

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adding that new new style of questionnaire, we've actually been able to, and here's what's,

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here's what's wild about this, we added this, this, this form into our, into our application, you

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know, into, into working with us. And it actually increased our cost per booking by two and a half

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X, which is a lot, right? I mean, it's like you'd have to have a, a big increase, you know, in

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throughput in order to account for that type of increase in, in cost, right? But it wasn't cost

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of acquisition, it was cost per book call, right? And so here's where it gets fascinating. So as

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soon as we implemented this, we actually, even though we had a two and a half X spike in our cost

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per booked call, our actual sales went up. And that's what's wild. Our actual gross sales during the

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time period that we put this in went up. And so we made more money, even though we had two and a

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half X less or fewer opportunities. And so that's when I, I just love when data comes together,

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and actually creates a real, a real outcome. And so anyways, I figured I would share that with you

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because I think it's incredibly powerful. I just, I just boxed Russell's like, that's so cool.

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And so I figured I would share it with you guys, because I thought that you also would find that

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pretty cool as well. So beyond that, I hope you're having an awesome Sunday if you can, or

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sorry, I don't even know what that is. If you can drop a comment or like, if you do dig this,

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and if you're listening on the podcast, hope you enjoyed it, made it quick. And hopefully you can

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use this in your business to help more folks make more decisions to help themselves by working with

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you. So keeping on something, I'll catch you guys on the flip side. Bye!