Mastering The Art of Persuasion: Key Strategies for Entrepreneurs To Close Deals In Kenya

By Steve Biko Wafula / Published April 21, 2023 | 10:46 am




KEY POINTS

Entrepreneurs can also leverage social proof to improve their chances of closing deals. Social proof is a powerful tool that can help entrepreneurs build credibility and inspire trust in potential customers.


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KEY TAKEAWAYS


Relationship-building is another critical skill for closing deals, especially in an African setting. Personal relationships and trust are essential components of doing business in many African countries.

Entrepreneurs who can build and maintain strong relationships with potential customers and business partners are more likely to succeed.


Closing deals is an essential aspect of entrepreneurship, especially in Africa. The ability to persuade potential customers to commit to a purchase can determine the success or failure of a business.

Closing a deal requires a combination of skills, including effective communication, problem-solving, and relationship-building.

One of the critical skills for closing deals is effective communication. The ability to articulate the value of a product or service in a way that resonates with potential customers is crucial. This requires an understanding of the customer’s needs and pain points, which can be obtained through market research and customer feedback. Once an entrepreneur has identified these needs, they can tailor their pitch to address them effectively.

A good example of an entrepreneur who excels in effective communication is Aliko Dangote, a Nigerian billionaire who built his fortune in the cement industry. Dangote understood the needs of the Nigerian construction industry, which was heavily reliant on imports of cement. He recognized an opportunity to supply locally produced cement at a lower cost, and he effectively communicated this value proposition to potential customers. As a result, Dangote Cement has become the leading cement producer in Nigeria and a major player in the African cement industry.

Another critical skill for closing deals is problem-solving. Potential customers often have concerns or objections that need to be addressed before they commit to a purchase. An entrepreneur who can identify and address these concerns can significantly increase their chances of closing the deal. This requires empathy, active listening, and the ability to think creatively to find solutions.

Tony Elumelu, a Nigerian entrepreneur and philanthropist, is an example of an entrepreneur who excels in problem-solving. Elumelu founded the Tony Elumelu Foundation, which provides support and funding to entrepreneurs in Africa. In an interview with Forbes, he emphasized the importance of listening to customers and understanding their needs. He also stressed the need for entrepreneurs to think creatively and find innovative solutions to problems. These skills have helped Elumelu successfully close deals and build a successful business empire.

Relationship-building is another critical skill for closing deals, especially in an African setting. Personal relationships and trust are essential components of doing business in many African countries. Entrepreneurs who can build and maintain strong relationships with potential customers and business partners are more likely to succeed. This requires a long-term perspective and a willingness to invest time and resources into building relationships.

Strive Masiyiwa, a Zimbabwean entrepreneur and philanthropist, is an example of an entrepreneur who excels in relationship-building. Masiyiwa founded Econet Wireless, which is now one of the largest telecommunications companies in Africa. He attributes much of his success to the relationships he has built over the years. In an interview with CNN, he emphasized the importance of trust in business relationships. He also stressed the need for entrepreneurs to focus on building long-term relationships, rather than just closing short-term deals.

In addition to these skills, there are several strategies that entrepreneurs can employ to improve their chances of closing deals. One such strategy is to focus on the customer’s needs, rather than the product or service itself. By understanding the customer’s needs and pain points, entrepreneurs can tailor their pitch to address these needs effectively. This can significantly increase the likelihood of closing the deal.

Another strategy is to build a strong brand and reputation. A well-known and respected brand can inspire trust and confidence in potential customers, making it easier to close deals. This requires a long-term perspective and a willingness to invest time and resources into building a brand.

Entrepreneurs can also leverage social proof to improve their chances of closing deals. Social proof is a powerful tool that can help entrepreneurs build credibility and inspire trust in potential customers. This involves showcasing positive feedback and testimonials from satisfied customers. By demonstrating that others have had a positive experience with their product or service, entrepreneurs can increase the perceived value and credibility of their offering.

An example of an entrepreneur who leverages social proof effectively is Jason Njoku, the founder of iROKOtv, a Nigerian online streaming platform for Nollywood movies. iROKOtv has become a household name in Nigeria and across Africa, with millions of users subscribing to the platform. Njoku attributes much of the success of iROKOtv to social proof, in the form of positive feedback and testimonials from satisfied customers. He has also invested heavily in marketing and building a strong brand, which has helped to increase the credibility and perceived value of the platform.

Another strategy that entrepreneurs can employ to improve their chances of closing deals is to create a sense of urgency. This involves creating a deadline or limited-time offer that incentivizes potential customers to take action. By creating a sense of urgency, entrepreneurs can encourage potential customers to commit to purchasing sooner rather than later.

A good example of an entrepreneur who employs this strategy effectively is Tayo Oviosu, the founder of Paga, a Nigerian mobile payment platform. Oviosu has created several time-limited promotions and discounts that have encouraged potential customers to sign up for the platform. By creating a sense of urgency, he has been able to increase the conversion rate of potential customers to paying customers.

An example of an entrepreneur who exemplifies persistence and resilience is Ashish Thakkar, the founder of Mara Group, a pan-African conglomerate with interests in technology, manufacturing, and real estate. Thakkar started his entrepreneurial journey at the age of 15, selling computers in Uganda. He faced many challenges along the way, including a devastating fire that destroyed his factory in 2013. However, he remained persistent and resilient, and today, the Mara Group is a thriving multinational corporation.

Finally, it is essential for entrepreneurs to be persistent and resilient in their pursuit of closing deals. Not every potential customer will be immediately receptive to their pitch, and entrepreneurs may face many rejections before they close a deal. However, persistence and resilience are critical to overcoming these challenges and achieving success.

Closing deals is an essential aspect of entrepreneurship, especially in an African setting. Effective communication, problem-solving, and relationship-building are critical skills that can help entrepreneurs succeed in closing deals. Entrepreneurs can also employ strategies such as focusing on the customer’s needs, building a strong brand and reputation, leveraging social proof, creating a sense of urgency, and being persistent and resilient. By mastering these skills and strategies, entrepreneurs can increase their chances of success and build thriving businesses that contribute to the growth and development of Africa’s economy.

Related Content: Top Five Traits Entrepreneurs Need To Stand Out With Their Personal Branding




About Steve Biko Wafula

Steve Biko is the CEO OF Soko Directory and the founder of Hidalgo Group of Companies. Steve is currently developing his career in law, finance, entrepreneurship and digital consultancy; and has been implementing consultancy assignments for client organizations comprising of trainings besides capacity building in entrepreneurial matters.He can be reached on: +254 20 510 1124 or Email: info@sokodirectory.com

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