'Do Not Use the Market as an Excuse' Says

Kyle Scott, a former NBC News producer, and Ryan Serhant, the star of Bravo's Million Dollar Listing, met in 2018 on NBC News while they were working on a digital commercial for Serhant's book, Sell It Like Serhant. It dawned on them to transform the book into a teachable real estate course, which launched a year later and earned $500,000 in its first two weeks, according to Scott. 

Over the past four years, the pair have learned that pretty much all business owners struggle with generating more clients and prospects for their business. So earlier this month they relaunched the platform as Sell It, with a new focus on coaching sales to all kinds of businesses--not just real estate businesses. Over 25,000 people in 128 countries have signed up for its content-to-commerce subscription courses, business events, and coaching resources, which start at $24 per month.

People hate being sold to, but they love shopping with friends, Scott says. That sentiment can be used as leverage for a sales strategy. Customers are less enthusiastic to buy when the approach from a salesperson feels transactional--when people walk into a store and are immediately greeted with "How can I help you today?" it turns customers off, he says, because customers know the viewpoint is really "How can I help you transact?"

Scott says the better approach is to ask why or what questions--such as what brings a customer in, what are they looking for--which he calls the funnel technique. "You start broad and then you start to narrow down what exactly they're both really into; [Once] you finish the discovery, you know that you can solve their pain point," he says.

It's common salespeak to "look for a solution," but coming up with that solution is truly a dance between salespeople and customers' objections, according to Scott. He adds that what salespeople get wrong is chasing after those objections, which inevitably confuses clients and prevents a sale. For example, when a customer says the price of a gym membership is too high, the salesperson's first solution is to offer a discount. Yet, once the price is lower, the customer says they can't start until next month, so the salesperson throws in a prorated payment plan, on top of the discount. Sooner or later, the salesperson has extended a number of solutions--and possibly lost a few company dollars--and meanwhile, the customer could still walk away without making the sale. Not to mention, that time could have been spent with a more interested customer. 

"A way to do it is what we call isolating objections," Scott explains, which is asking customers what is holding them back from making a buying decision when they first show hesitation. That question can be repeated until a number of objections are laid out, and then he can ask: "What is the number one thing holding you back?" That way, salespeople can offer one clear solution to one clear problem, which is more valuable to both the customer and the brand versus piling up discounts and accommodations or simply wasting time.

"The market should never dictate your results, it should only dictate your strategy," Scott says. "Do not use the market as an excuse," he adds, noting that a product that truly solves a problem will be a valid--and sellable--solution, no matter what. But strategies might have to shift with the times. 

If customers are buying down, or looking for ways to spend less, creative solutions can still close a sale. Perhaps they're hesitant about making a large investment up front: Businesses could extend the deadline for when the payment has to be completed, or offer a payment plan. If those capabilities are already offered, altering marketing to say so could be a short-term solution. Using a "down market" is typically an excuse for old pitch techniques and negotiation tactics that are no longer useful, but could be a good tell that it's time to reinvent a strategy. "The first place to go is the marketing and your sales process," Scott says.