There’s no question that tech is the killer of many of the legacy industries of the past. From Ford and the model T, to music streaming and the Itunes store.
Despite all its destruction, modern technology is bringing a surprising revival to many industries once thought to be on their deathbed.
In this article we’ll discuss one industry in particular, business cards and how technologies like NFC & subscription billing plans have allowed for them to experience a renaissance.
Physical business cards were an essential tool in the arsenal of business people around the world before the widespread adoption of cellphones. It was fast and easy to give prospects all your business information in a fast and easy way.
It's only natural that we don't need business cards today. The majority of people communicate through linkedin, email, or even over the phone before they meet. It's often faster and easier to find someone on LinkedIn and send them an invitation to connect than taking a business card, storing it safely, and manually entering details.
Not surprisingly sales data on business cards proves the logic. IBISWorld Inc., an Australian business data company with offices in Santa Monica, says U.S. business card sales have fallen since 1997. It appears that the slide is accelerating. Printers generated $211.1 million in revenue last year. The number is down 13% from 2006.
While the future of traditional cards doesn’t appear too bright, NFC business cards seem to be growing steadily into a worthy successor. These cards use NFC chips (near field communications), which when tapped with compatible smartphones pull up links and contact information of the card owner.
This massively streamlines networking for both the sales people and the prospects themselves. Eliminating the need to keep and hold onto traditional paper cards.
In fact the popularity of these cards have seen massive printers such as VistaPrint even add these NFC cards to their product catalog. Infact, according to the financial times, who did an interview with a member at VistaPrint, their business card sales are up 10% since the beginning of COVID, which is largely fueled by these new NFC cards.
In addition to this, companies such as LINQ have found a way to add a SAAS component to previous purely transactional business. For only $5/month, LINQ will provide you with a fully fledged CRM, equipped with analytics and history of those who have taken your information.
And in true Patric Bateman fashion, these companies offer their cards in a variety of materials, finishes and designs. Offering anything from stainless steel to beautiful matte finishes.
One last thing to note is their environmental benefits.
Business cards are printed by the 1000’s, and for sales people who are going to conferences, and doing a lot of networking that can last as little as a week.
These modern cards circumvent and provide a great way for people to save on their paper usage, and help reduce unnecessary waste. Especially with the fact that these cards are often thrown out in less than a week's time.
Frankly, the market for these modern cards is estimated to only reach 30 million in the next 5 years. While they may never gain the essential status of their predecessor, it seems like the legacy of business cards are in good hands.
