I am building a prospect pipeline with a contact application and have prepared for a series of networking events to attend to kick off my initial contacts. Other than capturing the names and relevant information from people I met and consider potential leads, what else do I need?

You are off to a good start. Capturing leads in a formal way, whether it is on a ruled sheet of paper or in a software contact manager, is essential to managing a prospect pipeline. A box of scraps of paper and business cards as a strategy for getting clients is looking for trouble. Let's not get into how the contacts make it into your list, but the critical next step after first contact: the follow up call.

Following up means doing it before the memory fades (yours and theirs) and doing it in a way that leads to a higher probability of a good business relationship. Once you have identified a person who is marginally qualified, you should follow up to set a time to discuss a mutual business relationship. This is your chance to decide whether and how you commit valuable time to pursue the relationship or you will drop them in the "cool" (as in not worth pursuing right now) contact list.

Tip: The follow up call should be done within 3-5 days, preferably the next business day. You should have a follow up call script that includes a reiteration of the circumstances that brought you together, the premise of why your two businesses might productively work together, your interpretation of pressing needs of the other person (and questions you could ask to verify), an example of work you have done that relates to this need, an offer of a contact or piece of information of value to the other person (goodwill), a possible working relationship you could mutually benefit from, and suggested next steps to move toward a working relationship. Preparation and some forethought, along with not letting the prospect get cold, are the keys to turning a business card stuffed onto your pocket into a live prospect.

© 2008 Institute of Management Consultants USA