What is CHAMP?
Simply put, its known as BANT 2.0. Many have objected to prioritizing Budget first in the sequence and believe leading with the Need is much more effective. Some have reordered it to NATB, bringing Need up to the front and sliding Budget out to the back – but what has resonated best with sales teams is converting it over to CHAMP.
This framework leads with the needs, pain points, and Challenges the prospect/business faces.
CHAMP stands for:
CHallenges – What challenges is the buyer currently facing?
Authority – Is the decision-maker for buying your solution, and if not, who is and how do we get in touch?
Money – Does the buyer have financial capacity to buy your solution?
Prioritization – What is the buyer’s specific timeframe for implementing a solution?
Here are examples of CHAMP questions that have routinely used:
What challenges is your business facing and what problems do you need to solve?
How long have you had this challenge?
Who, in addition to yourself, is involved in making this solution happen at your business?
How are purchasing decisions made for solutions like ours and who is involved?
What are your expectations for the investment necessary to implement this solution?
Do you have a porting of your budget allocated to this?
When were you planning on starting the implementation?
So, what’s a realistic timeframe we should be targeting here?
For Funding Pros, CHAMP stands for:
Challenges – What challenges is the merchant currently facing, for how long, and how are they expecting to solve?
Authority – Does the prospect have the decision-making authority/or are they an influencer? (Most often times the business owner, bookkeeper or office manager.)
Money – Does the merchant have the revenue to be eligible and what is the buyer’s capital pricing decision criteria? (How are they evaluating whether they can afford your solution or not?)
Prioritization – In what timeframe will the merchant be looking to fund?
Here are examples of CHAMP questions for Funding Pros:
-What challenge is the business currently facing?
-What’s driving your interest in funding now?
-What objectives are you looking to achieve getting funded?
-How long have you had this challenge and why are deciding to get funding now?
-Are you the sole owner responsible for all key decisions?
-How have you made key decisions for programs similar to ours in the past?
-How are all business financing decisions typically made in your company?
-Who, in addition to yourself, is involved in making this decision happen?
-Have you done any business funding in the past?
-What other financing for the business have you done?
-What have the terms of your past financing solutions looked like?
-What are your expectations for terms?
-What date are you looking to fund by?
-Do you have the capacity to fund this project now?
-So, what’s a realistic timeframe we’re targeting for funding here?
-When is the latest you’d like to make a decision by?
CHAMP provides yet another great sales qualification framework for driving calls effectively, building pipeline, and getting deals done. But there could be even better qualification tools available to us…
How does leading with the merchant’s Challenges make for a more effective qualification call?