There are several forms of money, some of which are paper based. Dollars we carry and checks we use to pay for everyday items are just a couple of examples. When it comes to money, even that made of paper, we tend to not just leave it lying around. Would you ever take the money out of your wallet and leave it on your desk? Of course not…

There is, however, a form of paper money many people do tend to carelessly leave lying around. It’s a form of money without a fixed monetary value, though some of it is worth thousands, or even tens of thousands of dollars. It’s given to express interest in business or it’s given to spark more dialogue, which ultimately translates to financial gain when used properly. I’m talking about business cards. If you have a stack of business cards on your desk you haven’t followed through on, you are guilty of wasting valuable opportunity. Opportunity that equates to money lost. If you don’t have a stack on your desk, then, clearly, you’re tidier than some… Of course, there are exceptions, but almost anyone collecting business cards has either neglected to follow through, or done very little with a significant number of the cards collected. You wouldn’t ignore other forms of paper money, but these gems often depreciate to the point of no real value due to neglect.

When someone gives you a business card it’s a warm lead with great potential, but only if you work to establish a relationship. If you simply add the contact to your database and send a follow up email, is that really capitalizing on the opportunity? Turning warm leads cold takes no effort, and leaves you with a stack of worthless paper. While turning warm leads hot also takes very little effort, turning the lead into paper money is where the real effort comes in. Believe me, it’s well worth the effort. Below are some pointers on how to turn business cards into currency you can use:

1. When you are personally given a business card at an event, ask for a follow up meeting right then and there. If the person can’t schedule a time, tell him you’ll call him the next day to schedule an appointment. Now, all you have to do is follow through.

2. If you have a business card, follow up immediately with any items you’ve promised or discussed. If there are no tasks, send a PERSONALIZED message that recaps what you discussed when you received the card and ask for a meeting. No response? Follow up with a call.

3. If you collect business cards at a booth, call to discuss what you can do for the owners. A personalized email or letter can also be effective, but expect a small percentage of responses. Call the non-responders to discuss setting a meeting.

4. If you have business cards that have been lying dormant for a long time and you know where you collected them, I personally believe its ok to call and explain you neglected to contact when you should have. Some may argue this, but I’m a big believer in owning your mistakes. Be sincere and focus on re-engaging them. It may lead to a dead end, but that’s proof that warm leads should be heated up before going totally cold. If your intention is to send an email or letter, expect a very low response rate. If you committed to follow through and didn’t, making a call now shows that the relationship still matters, even if your lack of follow through, originally, made it appear as if it did not.

5. If you use a structured auto-responder to send out emails for sales or marketing purposes, still take time to engage those people with a personal touch.

6. If you have a blog or newsletter, invite them to receive a copy, explaining that it’s value-added and not salesy. If it is the latter, you’re approach needs to be revisited.

7. Start working on relationship building and engaging with that first call. Identify what pain points are and find a way to ease their suffering.

One of my favorite stories about business cards was told to me by a former manager. A senior executive he worked with was handed business cards at a meeting with a prospect that they both attended. After the meeting, he asked the executive what he was going to do with the cards. He said, “I threw them away. What am I going to do with their card?” My manager was shocked since he understood that those cards were a potential reward for a successful meeting. For him, they could turn into a trophy if he could convert them to a client. Business cards can be trash or trophies. It’s your choice. Trophies go to winners and winners capitalize on opportunities. Trash on the other hand, has little value and looks better in a trash can than on your desk. For me, I prefer the trophies, especially when they come with a cash prize. If you want to learn more about my perspective or to learn more, visit www.actusmr.com or email me at paul_kirch@actusmr.com.