The annual UAEL & NAELB conferences are just weeks away. Both associations want you to attend, but they rarely give you any tips on what to do once you get there.
I went to my first NAELB meeting in 1995, and even though I was working for a funding source, I had a hard time striking up conversations. It seemed like everybody knew everybody else, I knew no one, and felt like a big loser.
Now I walk into an NAELB meeting and I’m comfortable, there are brokers who are my friends, and we’ve helped each other out over the last several years. What I’ve come to realize is that you can’t hurry love…or professional relationships.
Most brokers will go to New Orleans to meet with a few funding sources, and spend the rest of their time on Bourbon Street. There is nothing wrong with that. But to make the most of your money and even more importantly, your time, do a little prep work before you go.
v Ask your staff if they have particular concerns or questions about a funding source. This way you have a list of questions in your pocket for your fifteen minute “appointment”.
v Review the conference literature in advance, decide what funding sources you want to talk to and--- first thing you do at the convention is look for the “sign-up sheet” area. Here you make scheduled appointments with the funding sources.
v Ask the funding source what “new” programs they are offering. They might have a special software only or bonus program that they think everybody knows about, and it might be perfect for you.
v Make arrangements in advance to have lunch or dinner with a funding source that you’d like to get to know better. In most cases they’ll pick up the tab.
v Ask “Who is making the decisions on my deals?” This is the first question I would ask a funding source that I had been dealing with for a little while. I want to know who the decision maker is and find out what is important to him or her. Every funding source is a little bit different and it’s your job to find out those idiosyncrasies.
According to the Center for Exhibition Industry Research, the following are major reasons people attend conventions:
81% To see new technology or products
79% For personal development
76% To improve their job performance
67% To recharge motivation
66% To network
64% For a hands-on experience
61% To meet other users
61% To learn about regulatory issues
60% To attend seminars and workshops
60% To see what large institutions are doing
For our industry I would say 81% go to talk to the funding sources. However, if a main reason you’re going is to “network” then take some time to share ideas and get ideas from other brokers. So many brokers think “I can’t share my real situation with other brokers, they’ll steal my ideas!” But then you sit down with a funding source who has a direct side (and almost all of them do) and tell them your entire story? Even if you don’t verbally tell a funding source your marketing strategy, they see what you’re doing from your applications. You need the funding sources, but I strongly feel that you need other brokers, too. Share some of your successful strategies, then the other broker reciprocates. Make a point to work on at least one professional relationship with another broker.
Brokers understand the pitfalls, disappointments and successes that you experience. Use the time at the upcoming conventions to share ideas and get ideas from them. Either at the end of a workshop you both attended or at the bar later in the evening. If you’re having trouble initiating a conversation then start by talking about funding sources, the good and the bad. I guarantee they will share their experiences here.
The brokers who are members of NAELB choose to be part of something bigger than themselves. The whole experience should be the human connection, learning with and being surrounded by people in equipment leasing.
The reason my first NAELB meeting was uncomfortable is because no one knew if I was in it for the long term, would I be back the next year? Could they trust me? Did we share the same values? I challenge you to make a connection with a broker who you feel shares the same values. Professional relationships with other brokers steps up your learning curve, strengthens your relationship-building skills, and expands your professional network. It’s good for your business and it’s good for you.