The Real Value of a $2 Bill

I was recently having dinner with a group of friends at an industry conference.  Somehow, we began discussing currency, specifically about people who draw or write on dollars.  It sounds boring, but actually, what happened next was far from it. I had no idea about the incredible rabbit hole that we were about to head down.

One friend revealed that she collects $2 bills.  We naturally shared that we each have small collections.  Then, she opened her purse, removed a stack of $2 bills, and handed each of us a bill.  You can imagine the scenario; after her presentation, we all handed the bills back.  She told us to keep them.  I asked don’t you want to save this?  When she said ‘no,’ I had a special feeling of gratitude and I wasn’t sure why.  The bill in the photo is the actual one that she gave me.

It turns out, her collection of $2 bills was not designed like most to save, but rather to spend them for a specific reason, or give them to a specific person; that I’ll share in a bit.

This sparked a great exchange about the history of the two-dollar bill, and its cultural significance.  I also learned the $2 bill is given as a gift of luck in celebration of the Chinese New Year in America.  The $2 bill truly spawned a fascinating conversation. 

So why does she collect, and then spend a bill that most people save?  The majority of $2 bills in circulation were printed from 1976 and beyond.  The monetary value of the bill is $2.  The collector value of the bill from this era is also worth $2. 

Think about it, the $2 bills are still legal tender, they are worth exactly what they say they are worth. Although it may seem like you’ve have something special it is not, in terms of financial currency.  

However, the emotional currency of this bill is very high.  We treasure it, hoard it and now I can say I’ve discussed it over dinner and have written about it.  So why does she give them out?  It’s obvious if you think about it, it makes people feel special. They remember the person who gave it to them, they keep it or are very deliberate how and when they part with it.  There is a sense of loyalty.

I watched one of us use their new $2 bill to tip hotel doorman.  You would have thought the doorman just received a $20 tip because the emotion currency of the tender is high.  This entire situation was a great allegory for best in class customer engagement.

Servicing a client with appropriate information and protocol is the lowest bar in customer engagement.  The real magic in a customer journey is making the interaction positive regardless if you can meet their needs or not.  In the net promoter world, you want to move them to promoters, or worst case neutral versus a detractor.  At CannabisBPO, and our sister companies PharmaCentra and Concentra Solutions we have a core value for both our internal and external communications.  Our prime directive (yes, think Star Trek) is “Every Interaction is a Positive Interaction.”

The $2 bill captures this.  Think about it this way.  It spawned a conversation, a blog, several smiles, and in the process I was educated.  If your customer engagement results in an educated, smiling customer who wants to share your story, that’s a huge win.  Multiply this concept across your enterprise and your organization becomes a best in class customer engagement specialist.

If your organization doesn’t have a defined customer engagement plan, then your employees are probably transactional and as a result, so are your clients.  Find out what makes your clients feel special, and drive actionable, measurable and realistic ways to incorporate them into your company ethos.

Sticky and loyal customers drive more revenue.  Take that found revenue and invest in your own stack of emotional $2 bills.  Your customers and employees will thank you.

?CannabisBPO is a specialty provider of contact center services for the cannabis industry. With locations in Canada and the US, the company offers outbound and inbound contact center services in a 24/7 setting. The company’s core service channels are text, email, mail, phone, chat and social media for customer service, sales, and technical support projects. CannabisBPO helps cannabis companies drive revenue and mitigate risks. For more information, visit https://cannabisbpo.com. Follow us on Facebook, Instagram, LinkedIn, and Twitter.

Marshall Ogen is the Vice President of Business Strategy at CannabisBPO and has over 25 years of experience in customer engagement, having consulted with many of the world’s most recognizable brands. He is a strategic advisor to the New Jersey CannaBusiness Association, a member of the National Cannabis Industry Association (NCIA) Marketing and Advertising Committee and the co-chair of the Mid-Atlantic Professional Association of Customer Experience (PACE).