Back in the day losing a phone wasn't as big of deal as it is now. Phones are notably more expensive now, and hold a lot more sensitive data. It could be too late to know this, but it is really important to lock your phone with a password. That way any sensitive data on your phone is safe. Also, you want to have your phone's ESN, IMEI or MEID quantity (frequently found behind the battery or on the back of the iPhone near the FCC ID) in case you lose your phone.
Text and call your phone- Plead, offer a reward, it can't hurt at this time. You may see your phone after doing this again, but do not count on it.
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After texting and calling your phone call your cell phone carrier. Let them know you have lost you cell phone or it has been stolen. You can ask them to suspend the program of the device, so that the chance of a thief racking up expensive costs on your phone is eliminated.
Use Protection Apps- With smart cell phones there is an app for helping you see your stolen phone. There are apps that may track your phone with a GPS tracker. There are also apps that may wipe all the data that is stored on your phone or just lock the phone until you can get to it.
Retrace your steps. This is accurate with anything, and it is accurate with a phone. While there is a high chance that someone picked it up where you left it, you may get lucky and find it sitting where it fell out of your purse. It can also help to check your local police station in case a Good Samaritan turned your mobile in.
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Don't panic. While dropping your phone is a very frustrating experience, it is not the end of the world. It will also be difficult to solve the problem if you are freaking out. So take a deep breath, think logically. The worst that can happen is that you will have to buy a fresh cell phone.
If you are very active on your phone, you may want to consider backing up your phone. This will safe guard your apps, purchases and other valuable data. In this manner if you do have to buy a new phone, you won't have to start over completely with your new phone.