Calculate and Increase Customer Lifetime Value of Your Business

Today, businesses are continuously searching for more ways to make the most out of their money.

Optimizing spending and earnings have been at the center of businesses.

One of the important concepts driving business growth is the customer lifetime value.

In this article, we will learn more about how to calculate customer lifetime value and how you can increase it.

So, what is customer lifetime value?

Customer lifetime value is an estimation of the total value that your customer brings in throughout their customer lifecycle.

The term customer lifetime value is also abbreviated as CLV or CLTV.

In this concept, it puts the spotlight on individual customers.

In fact, it provides businesses with an opportunity to measure the contribution of each customer.

From here, businesses can strategize their marketing skills to fit individual customer’s needs.

Why are businesses interested in customer lifetime value?

Major corporations such as Amazon, Google, and Microsoft also utilize customer lifetime value.

The wide usage of this concept shows the importance of it in the business world.

Let’s find out why businesses are becoming interested in this concept.

· Customize marketing efforts

Any good business will store critical information about their customers.

This includes their average purchase frequency, last time they visited the store and last time they made a purchase.

For e-commerce businesses, this information is available on platforms such as Shopify and BigCommerce.

Knowing how to calculate customer lifetime value means you will know which group of customers benefit you most.

From here, you can customize your marketing efforts so that you can position your products to groups of customers that are known to purchase your items.

You can do this using platforms such as Facebook Advertisement.

It allows you to narrow down the demographics of your target consumer.

This includes age, location and interests.

· Maximize the use of technology

With the availability of technologies today, businesses shouldn’t let it sit on the sidelines.

In fact, businesses can use it to calculate customer lifetime value accurately.

More importantly, databases and software today can provide a comprehensive report about your customers.

This is much better than just manually writing them down.

The technologies of today can collect data better than humans can.

Hence, leverage the power of these technologies to make better business decisions.

· Provide a measure towards marketing efforts

When it comes to marketing, it is difficult to measure its effectiveness.

The effects of marketing are indirect.

Initially, customers are only exposed to the product.

However, the decision to purchase the product may come later on.

Hence, customer lifetime value incorporates marketing cost for every customer.

The specific approach towards customers makes it vital to strategize marketing efforts.

Also, businesses can also see if there is a return on their marketing spending.

In fact, you can learn more about how to improve your content marketing strategies effectively.

How can you calculate customer lifetime value?

There are different ways to calculate it.

For small businesses, they prefer a simplified method.

For larger corporations, more aspects are involved in the calculation.

Hence, here is a formula that can be used across different organizations.

customer lifetime value formula

For the price of item and cost of the item, these are self-explanatory.

Retention rate is simply the possibility of a customer making a repeat purchase with your business.

Meanwhile, the discount rate is the interest rate that discounts the future value of money into the present.

Also, the acquisition cost is the amount you spent on obtaining a customer.

This will vary according to the marketing channel you use.

For online platforms such as Facebook advertising, you should refer to your pay per click (PPC).

How can you increase customer lifetime value?

Now that you’ve learned about customer lifetime value, you probably want to know how you can increase it.

Here are a few steps that you can engage in.

  1. Improve the quality of customer service
  2. Encourage an innovative culture
  3. Establish a strong leadership figure
  4. Create customizable offerings for customers
  5. Encourage word of mouth marketing
  6. Improve mobile website

Without further ado, let’s learn more about how you can increase customer lifetime value.

1. Improve the quality of customer service

To increase customer lifetime value, you must give customers a compelling reason to stay loyal to your business.

In the business environment, it is easy for customers to move to another competitor.

Hence, engaging in efforts to improve the quality of customer service is imperative.

Customer service can be defined as a process in which a business will engage with customers to know what they want from the business.

More importantly, this is done because retaining a customer is far less costly than acquiring one.

However, building better relationships with customers come with its own set of challenges.

There is a major misunderstanding that customer service ends once a sale is made.

Any good business should know that customer service begins even before a sales occurs up until after the sale.

Even after a sale is made, customer service needs to cater to the customer continuously.

To understand a customer better, businesses must strive to understand the needs and wants of these customers.

Hence, the use of technology is highly important here.

The customer data which is collected will provide a closer look to the consumer preferences.

Cultural differences also matter in customer service.

Multinational corporations will find cultural differences imperative.

The social norms and beliefs highly dictate consumers expectations of a business.

Therefore, customer service teams in different countries should be aware of customer service standards in different regions.

Besides just cultural differences, there are other factors such as age and profession.

Hence, businesses need to train their customer service team to be accustomed to how they can handle different customers.

So, customer service can add value to a customer’s life, this will increase customer lifetime value.

This can manifest in the form of higher purchase frequencies and repeat purchases.

2. Encourage an innovative culture

People often think that improving customer lifetime value means increasing the frequency of purchases.

Also, some believe that increasing the price of the product can do so.

However, this is the mindset of a business thinking about short-term profitability.

To increase customer lifetime value in the long-term, businesses need to increase the level of innovation.

So, innovation can come from different areas.

Hence, businesses highly rely on the skills and creativity of the employees as well.

Businesses that want to improve the level of innovation must invest in their employees.

A good corporation that has successfully done this is Google.

By now, many already know that there are numerous benefits of working with Google.

Just pay a visit to one of their offices and you will most probably want to work there.

One of the first things you’ll notice is how Google’s working space is different from other businesses.

You will see arcades, gyms, cafes and many other social lounges.

Hence, you may be wondering why the environment is very different.

Wouldn’t this discourage employees from focusing at work?

Google believes otherwise.

These social lounges are created specifically to encourage interaction between employees.

When interacting with others, this creates an opportunity for important conversations to occur.

From these critical conversations, this fosters collaboration amongst Google’s employees.

Also, arcades and many other social benefits aim to inspire employees.

This has reaped tremendous result for the level of innovation in Google.

With a high level of innovation, businesses can increase the customer lifetime value in the long run.

Inherently, businesses need to start realizing that their workforce is an invaluable asset.

By leveraging their best assets, they can increase the customer lifetime value.

3. Establish a strong leadership figure

In the efforts to increase customer lifetime value, businesses must increase customers level of trust.

Hence, a strong leader that empowers the organization is important.

As we all know, a business has its ups and downs.

When businesses find themselves in a difficult situation, customer lifetime value may drastically decrease.

Hence, a key leadership figure can convince consumers to keep trust in the company.

The words of a powerful leader can reassure stakeholders during critical moments.

A key example of a powerful leader is Elon Musk.

His company, Tesla, came up with a revolutionary idea.

Tesla is an automotive company that produces fully electric vehicles.

The idea of an electric vehicle is nothing new.

However, Elon Musk made it possible for people to see electric vehicles as the new trend.

The sleek appeal and highly quiet driving experience using a Tesla draws a lot of prospects.

During the release of their latest Model 3, over 400,000 people placed a deposit for a pre-order.

However, things did not go as expected.

Tesla went through a production delay that caused a delay in the delivery of the vehicles.

Understandably, some of the buyers were upset.

However, Elon Musk has made it a point to address the concern by updating the production situation on his social media.

More importantly, Elon Musk always makes it a point to convince others that a revolutionary idea doesn’t always have a smooth take off.

So, Musk told his customers that they are all part of a groundbreaking idea.

If Tesla’s sales data were made public, the customer lifetime value would be high.

This is proven because Tesla still has supporters for each one of its releases despite multiple production delays.

So, businesses should establish a key figure that customers can trust in.

4. Create customizable offerings for customers

It’s no longer enough for businesses to simply improve the quality of their products and services.

Today, the wants and needs of customers are also changing.

In fact, customers prefer products and services that they can customize.

This gives them a feeling of exclusivity.

In a sense, it means that no one else has the same product as they do.

However, this poses a unique challenge for businesses.

This is because it can be difficult to set different prices for multiple choices in customization.

Despite this, customization can improve customer lifetime value.

Enabling customization sends a message to customers that the business cares about what they want.

Hence, we are increasingly seeing the trend of customization appearing in different industries.

One of the most common industries practicing customization is the beauty industry.

There are already beauty brands that allow customers to customize their foundation shade.

You can also customize your cushion powder casing.

Also, mobile data providers allow customers to customize their data plan.

Footwear brands hire professional artists to help customers customize artwork on their shoes.

Ultimately, customization can lead to a higher customer lifetime value.

This is because businesses are giving more control to customers in determining the end product they receive.

More importantly, having customization also compels customers to share the products and services.

During events where businesses can set up their pop-up booth, customization is often a great hit.

Customers are mostly compelled by the opportunity to create something exclusive.

Inherently, businesses must realize that customers like feeling special.

Also, incorporating customization improves the buying experience for customers.

Hence, this will increase the customer lifetime value.

5. Encourage word of mouth marketing

Over the years, we’ve seen how businesses engaged with different marketing strategies.

However, word of mouth marketing strategy remains one of the most powerful marketing methods.

This strategy increases referrals to the business.

In fact, this is why testimonials are powerful for business.

Also, word of mouth marketing highlights the power of relationships.

People are more likely to believe the suggestions of someone close to them.

This can be their family members, relatives, close friends or colleagues.

In fact, these recommendations may be given over dinner, barbecue session or during a brief conversation.

Ultimately, the relationships built creates trust in the recommendation given.

Despite this, it is not easy for businesses to directly cause word of mouth marketing to happen.

In fact, word of mouth marketing can happen anywhere from right after purchase up to years after a sale occurred.

Hence, there is no one direct way to make the word of mouth marketing happen.

Although so, businesses should still strive to encourage conversations to happen around their products and services.

So, create good experiences for your customers.

Ensure the products you produce are of high quality.

Recommend products that are beneficial for customers.

Reward your loyal customers.

Invite your customers to private events.

Luxury brands often personally invite their customers to a private viewing of their new products.

Customers will often share photos from the event on their social media.

Brands usually send products to social media influencers on a special occasion.

Hence, this will increase brand visibility to the influencer’s followers.

Besides influencers, you can also learn how to boost your social media marketing stategy exponentially.

Furthermore, sending items for a birthday, anniversary or important event is also a nice touch.

Therefore, make your customers feel appreciated.

They will naturally talk about your brand.

6. Improve mobile website

In a world of constantly changing trends, more people are doing transactions using their mobile phones.

In fact, social media platforms such as Facebook enabled vendors to use a feature called Facebook Shop.

Hence, customers can purchase items on Facebook without even leaving the platform.

Consumers also have an increased dependency on their mobile phones.

This means that a large portion of consumers today are mobile users.

Hence, it is important that you start learning on how you can improve your digital marketing skills.

So, businesses should always optimize the mobile view of their website.

Fast loading time for mobile websites is now increasingly important.

Loading time of 0 to 3 seconds is ideal for mobile customers.

To develop a good mobile website, put yourself in the consumer’s position.

Ask yourself, what would you want to see as consumers?

For instance, customers prefer easier navigations on the website.

Critical information such as contact form and return policies must be easily available.

Additionally, you can place the bestselling items on top of the page.

If you sell a lot of items, group similar items together.

Make the right color choices for your website.

Color psychology in marketing can make a difference in your conversion rate.

Also, you can display the latest promotion available for the website.

More importantly, incorporate a call to action into your website.

For example, show a live clock countdown to show when a sale will end.

All of these create a sense of urgency.

Meeting the needs of mobile users can translate into a higher customer lifetime value.

Keep in mind to keep track of your mobile website analytics.

So, this data can help you analyze what you did right and wrong with your business decisions.

Data Governance and How Businesses Can Establish It

There is more data today than ever before.

It is becoming more difficult to manage data.

Furthermore, data is growing more complex.

In the business world, gaining insights from data is important.

Hence, this makes data an important part of a company.

Without it, companies struggle to make good decisions.

For this reason, companies invest heavily in analyzing data.

However, simply investing in data analysis isn’t enough.

More importantly, the data needs to be accurate.

Poor data management leads to unreliable data.

The challenge is for companies to make sense of the huge amount of data.

Additionally, the size of data makes data security vital.

Among important data includes trade secrets, financial data and customer information.

If these data fall into the wrong hands, it can spell trouble.

On July 2017, Equifax was hacked.

This was a result of their website’s vulnerability.

Over 143 million consumers personal information were exposed.

The impact it carries can affect a company’s reputation.

In times like this, data governance becomes an important solution.

So, what is data governance?

Essentially, data governance is a strategy.

It is a set of formal processes.

So, it ensures data is properly managed.

In other words, it combines business strategy and information.

It focuses on the confidentiality, quality and integrity of data.

Also, it helps businesses meet regulatory requirements.

Ultimately, it ensures data serves the business purpose.

Therefore, businesses can maximize the potential of data.

It governs how information is generated, stored, used and maintained.

Adopting data governance creates an important cultural shift.

When change happens, resistance is inevitable.

Therefore, close cooperation between stakeholders must be present.

To make data governance successful, the business and IT department must work closely.

Today, many companies still hesitate to adopt data governance.

Why is data governance important?

Data governance is a relatively new term.

It has not gained much attention like big data.

However, this does not take away the importance of this strategy.

It helps businesses achieve the maximum potential of their data.

Here are several benefits of data governance.

· It saves money

Fewer errors mean more quality data.

Data governance helps achieve this.

The formal policies define key rules and processes.

This improves operational efficiency.

Monitoring can happen around the clock.

This results in fewer errors.

Hence, it improves data integrity and quality.

You also avoid making costly mistakes.

From this, you save money.

· It reduces risks

Businesses are constantly exposed to risks.

Therefore, organizations must minimize risks available.

One way to do this is monitoring data to spot problematic areas.

Structured data enable efficient monitoring.

Therefore, data governance can play a role here.

It improves data structure.

Also, it increases data reliability.

Having proper data governance tools also helps monitor business risks.

Additionally, customer information is growing rapidly.

Hence, governments enact laws to protect this information.

This pertains to how companies manage customer data.

Therefore, data governance make complying with regulations more convenient.

· It provides clarity

Formalized data policies are important.

It improves the management of data.

More importantly, it results in accurate and standardized data.

Therefore, you can have more confidence in your data.

Also, the metrics will be more accurate.

Data governance also involves creating defining key roles.

Hence, businesses will have more clarity on accountability.

Seven steps to establish an effective data governance framework

  1. Analyze your business environment
  2. Ensure necessary data are available
  3. Establish a team
  4. Develop a data governance strategy
  5. Establish key roles for accountability
  6. Convert to a master data-based culture
  7. Develop a feedback mechanism

When establishing data governance, you never really start from scratch.

In fact, a company typically already have elements of data governance.

Now, you will learn how to put those elements together.

Then, you can create an effective data governance framework.

1. Analyze your business environment

Firstly, identify your business strategy.

Then, align it with your data governance strategy.

Ask yourself these questions.

What is the business problem you are trying to solve?

How can data governance help you achieve this goal?

For example, your goal is to comply with regulations and policies.

Typically, there are certain regulations businesses must adhere to.

These requirements are well-defined by external organizations.

Hence, cooperation with other departments is important.

This helps you to consider the bigger picture.

You also need to consider the cultural and strategic requirements.

When starting out, you should narrow your focus.

Target specific data assets.

Identify the flaws in them.

Starting small helps create a firm foundation.

For example, start off with the human resource department.

They often deal with employment laws.

In fact, employment laws often change.

Keeping up with laws can be difficult.

Targeting the data assets of this department is a good start.

Hence, you can take specific actions to solve them.

Firstly, identify how data was managed.

Additionally, identify the current data architecture.

Then, evaluate the effectiveness of the system.

Discuss with the department.

Find out the flaws within the data assets.

Then, discuss possible rules to apply.

Reach a consensus.

However, this is easier said than done.

So, partner with another business.

This business should have experience with data governance.

You can consult them before you implement any steps.

Therefore, you can establish better data governance.

2. Ensure necessary data are available

Today, data-driven decisions are important.

Hence, the quality of data matters.

Data governance establishes a structure for data.

This results in highly reliable data.

When implementing data governance, problems may arise.

One of it includes lack of access to data.

This can lead to poor decisions.

So, necessary data must be accessible.

An effective data governance framework cannot exist otherwise.

Data access is an important issue.

Businesses today struggle to access certain data.

Data can exist in different forms.

Ideally, data only exists internally.

However, this is not the case.

It can also exist in external systems.

Data is typically cluttered.

In fact, it can be found across data storage systems.

Proper data governance can play a role here.

Use prepackaged integration components.

This enables data integration.

Hence, vital organizational data can be found in one place.

Also, organizations can gain access to previously inaccessible data.

Establishing this connection is essential.

It provides actionable insights for an organization.

With the help of technologies, data governance can be more effective.

3. Establish a team

Data governance is an organizational responsibility.

Therefore, support from every department is vital.

Without it, data governance won’t be effective.

Furthermore, assigning responsibilities is important.

This determines who are in charge of implementation.

Start by brainstorming the key roles in a team.

Find reliable people to take up the tasks.

Then, brief them their responsibilities.

This helps them understand their roles.

Therefore, you must be clear about their tasks beforehand.

This avoids miscommunication and overlap of tasks.

Then, ask relevant suggestions for formal rules.

Pass on these rules to the IT department.

Their skills make it possible to structure a plan for data governance.

Also, they will assess the compatibility of the rules.

They can make changes as they see fit.

Then, they will apply the data standardization rules.

The rules will be tested on the targeted system.

This doesn’t stop here.

Business executives will monitor the results closely.

Inherently, this demonstrates the establishment of key roles.

More importantly, the IT department plays a vital role.

Without their capabilities, any data governance initiative will fail.

However, other departments play important roles too.

They need to ensure that data integrity is kept at a high level.

Ultimately, data governance is a team effort.

Therefore, teamwork is important to make data governance work.

4. Develop a data governance strategy

Today, many development teams still struggle.

Establishing data governance strategies is not an easy task.

The strategies must improve the usability, shareability and efficiency of information.

Brainstorming how to position data resources properly can be time-consuming.

The common practices suggested must be implemented in a repeatable manner.

Here is a four-step process for data governance strategy.

· Data profiling tools

Here, you will take a closer look at the organization’s data.

Data profiling is the systematic analysis of the data source content.

Understanding is key.

It helps you understand what you need to fix.

What isn’t broken can’t be fixed.

Therefore, you will analyze data against metrics.

This determines whether a data is good or bad.

Traditionally, Structured Query Language (SQL) is used for data profiling.

Today, you can utilize a data profiling software.

With this, you receive faster and more thorough analysis.

· Parsing and standardization

This technique restructures data into a common format.

As a result, it builds more consistent data.

This task is done by data analysts and data stewards.

For example, it is used to standardize and validate mailing address for different countries.

· Data enrichment

This refers to processes that improve raw data.

Admittedly, this might sound like a broad definition.

However, it gives us an idea of what the term is.

Essentially, it aims to improve data.

Through this, you can establish scoring and profiling results for data.

In fact, you can establish rules for these processes.

· Data monitoring

Earlier on, we have done data profiling.

The benefit of this is it enables data monitoring.

Over time, it enables an organization to analyze the risks they are exposed to.

It points out the areas of data which need improvement.

Corrective actions can be taken instantly.

5. Establish an accountability structure

Data governance relies on accountability.

Inherently, data governance also relies on people and technology.

Undoubtedly, data governance is a powerful strategy.

However, the rules are still set by human beings.

Therefore, people play an important role in maintaining data integrity.

It is not the task of the technology alone.

This means that it will have flaws.

Constant improvement is necessary.

Hence, this can be done through monitoring.

In fact, you can utilize powerful technologies to do this.

However, it is still susceptible to errors.

So, what happens is data integrity shows no improvement?

This is where an accountability infrastructure becomes important.

Specific people need to be accountable for data assets.

Identify key individuals for each data assets.

So, this enables you to apply corrective actions instantly.

This is because you have specific people in charge of data assets.

Additionally, equip them with the right technology.

This improves their capability to do their tasks well.

In fact, there are many data governance software.

Choose a good one that helps to supplement their efforts.

In the long run, you can achieve data integrity.

Productivity also can be improved.

Technologies can support ongoing data discovery and sustainability.

6. Shift to a master data-based culture

Let’s review what has been done so far.

We’ve established goals, assembled a team and put technology in place.

Now, let’s assume that these efforts yielded good results.

What can you do to maintain this success?

Shift to a master data-based culture.

Master data are essential data about your business.

It includes customer, suppliers, partners, products and materials data.

Shifting to this new culture is important.

This helps build a 360-degree view of the organization.

It is also beneficial in corporate mergers or acquisitions.

The data systems can be integrated easily.

Furthermore, business partnerships will also benefit from this.

An organization can provide actionable insights to their partners.

This can result in successful partnerships.

It also gives people confidence to work with your business.

Through data governance, information becomes synchronized.

The structure is important when dealing with clustered data.

In fact, it provides clarity for businesses.

When needed, stakeholders can access the system.

So, they will have a single view of information.

Previously, people had separate views of information.

This can cause miscommunication.

Clarifying any inconsistent information can be time-consuming.

Again, this can lead to costly mistakes.

Ultimately, data governance isn’t just an IT concept.

It is an organization-wide strategy.

Everyone plays a role in determining its success.

More importantly, it provides access to valuable and reliable information.

Now, businesses can realize the maximum potential of their data assets.

7. Develop a feedback mechanism

So, you have reaped the rewards of data governance.

Now, you have a better view of your organization.

Furthermore, you can capitalize on your data availability.

Proper roles are established in data governance.

People are clear about their tasks.

Accountability is the core of your data governance framework.

Therefore, you can make good business decisions around these actionable insights.

However, keep in mind that data governance is a continuous process.

Constant improvements are imperative for success.

One way that you can improve is by listening to feedback.

Therefore, establish a feedback mechanism.

Ultimately, employees maintain the software needed for data governance.

Also, their input is necessary to improve the strategy.

Understanding their point of view can improve the strategy’s implementation.

You can also involve different stakeholders in this feedback mechanism.

Through this, organizations can see how people are responding to the strategy.

Most importantly, it takes into account people’s feedbacks.

When their inputs are heard, they feel more appreciated.

This is vital as people will be more willing to align themselves with your vision.

Can data governance work for you?

At its core, data governance is a powerful strategy.

However, its success relies heavily on the organizational effort.

Therefore, every stakeholder must be accountable for data integrity.

Furthermore, they must understand the importance of their roles.

Organizations change every day.

As they change, data will also change.

As businesses grow, they will be exposed to more risks.

However, businesses often make a major mistake.

Assessments often happen only once a year.

This can be detrimental to progress.

Changes in the industry wait for no one.

Businesses need to remain alert to changes.

This helps them stay one step ahead of others.

Hence, data governance can help them do this.

It enables organizations to evaluate growth daily.

However, some organizations are still hesitant to adopt it.

This is because they view it as a regulatory compliance procedure.

They fail to see how they can benefit from it.

Through data governance, an organization makes data work for them.

Additionally, it helps organizations to manage risks.

Keep in mind that this strategy is more than just about technology.

Its success highly relies on the human decision-making process.

If properly implemented, it can increase the quality of data.

Furthermore, it also documents an organization’s best practices.

Hence, organizations can make better and rational decisions.

Auditors and regulators will also be happy.

Proper data governance also retains customer.

New business opportunities can be discovered.

Last but not least, data governance is not a one-time strategy.

Instead, it requires constant work and improvement.

However, this is a strategy you cannot afford to ignore.

If done right, it can transform your business entirely.

Machine Learning and Whether It Is Doing More Harm Than Good

Today, we are living in an increasingly intelligent society.

Over the years, humans have come up with multiple technology and inventions.

One of the most phenomenal innovation so far is machine learning.

You may not realize it, but it has existed for quite some time.

It’s everywhere.

You can see them in Google search predictions up to the creation of artificial intelligence.

Machine LearningInherently, this technology is rapidly transforming how we live our lives.

As this technology becomes mainstream, several critical questions arise.

Some believe that machine learning will make millions lose their job.

How true is that statement?

Hence, we are going to explore more about the pros and cons of machine learning.

Machine learning pros

  1. Forecast consumer insights
  2. Boost organizational efficiency
  3. Improve healthcare diagnosis
  4. Enhance finance institutions

1. Forecast consumer insights

In an ideal world, businesses can forecast all of their customers wants and needs.

However, this is not what happens in the real world.

There are informational gaps that businesses must fill to succeed in their industry.

More often than not, those informational gaps require businesses to do extra research.

Typically, businesses rely on historical data to make forecasts.

However, there is an inherent flaw with historical data.

Today, we are seeing how data is growing at an exponential rate.

In fact, data that businesses learn will probably be redundant by the time they fully understand it.

To counter this problem, businesses must be agile and highly resourceful.

Hence, many businesses have adapted technological systems that help them do complex data analysis.

While technology is great, another important need arises for businesses.

They must learn from their customers in real time.

Every time a customer enters an input, businesses must immediately take it into account.

Even the slightest information can change the deduction that software makes.

Hence, machine learning can amplify the capabilities of the technologies of today.

Previously, technologies work based on a specified input and have a designated goal.

However, machine learning’s purpose is to learn from patterns and make its own deductions.

In fact, it can suggest an entirely different suggestion from the historical data.

To some extent, it can imitate how humans think and make its own decisions.

If developed, they can be part of some of the most intricate parts of our lives.

Digital home assistants such as Amazon Alexa and Google Home are excellent examples.

By incorporating them with machine learning, they can learn from our daily routine and make appropriate recommendations.

These devices learn from its main user’s voice and the data integrated into its system.

2. Boost organizational efficiency

Data breach and attacks on an organizational’s database are growing increasingly fast.

This should be a red flag for organizations out there.

Here’s how machine learning can play its role.

· Enforcing customized security layers

No organization is truly safe from security breaches.

Even cryptocurrency’s blockchain which is claimed to be highly secure has been hacked multiple times.

It is true that hackers are becoming more advanced.

However, these incidents may also be caused by employee’s carelessness.

In our world today, one wrong mistake could lead to millions worth of losses.

One wrong click on a junk email by an employee could lead to a massive database attack.

More importantly, businesses must understand that not all employees are technology savvy.

With this in mind, machine learning acts as a security mechanism against potential security mishaps.

Therefore, machine learning incorporated into the company’s system can learn from an employee’s browsing pattern.

The employee also gains access to a system that understands their tendencies to err in judgment.

· Reducing time needed to type documents

Just like artificial intelligence, there are other subareas of machine learning.

One of it is deep learning.

This is used by popular speech recognition software such as Dragon Naturally Speaking.

In short, this software can translate voice data into words.

In fact, it can learn from different accents.

The user can train the software to translate more accurately.

Over time, the software adapts itself to the user’s accent.

In a workplace, this enables employees to do work faster as the software can type faster than the average person’s ability.

It can also empower disabled employees as the software can be trained to execute tasks on a computer using voice instructions.

During meetings, employees can record the meeting using Amazon Alexa.

Then, they can replay it later on to record important details of the meeting using a deep learning speech recognition software.

3. Improve healthcare diagnosis

In our pursuit towards a higher life quality, healthcare is vital.

In fact, improved healthcare also contributes towards a longer lifespan.

Machine learning in healthcare can offer much-needed insights.

Its ability to learn from past data can help detect diseases at an early stage.

When it comes to diseases such as heart diseases, cancer and stroke, early detection makes a big difference.

However, doctors may not be able to detect it earlier on.

With machine learning, the technology can learn from past medical cases.

In fact, it can analyze thousands of medical cases from its database.

From there, it can instantly recognize a symptom even if the case seems remote.

In this regard, machine learning aims to assist medical practitioners by making up for areas that they lack.

For instance, going through past data manually can be time-consuming.

However, machine learning can enable faster diagnosis and initiate earlier prevention or medication.

In healthcare, scientists are experimenting with medical technologies that can perform surgical procedures.

These technologies are projected to be more precise.

They can also learn extensively from surgical videos to imitate the movements made.

Although these surgical robots have yet to become mainstream, machine learning will be key to establishing these robots in the industry.

The capabilities of these machines to learn may not necessarily replace a doctor’s expertise.

However, machine learning represents an important possibility in the world of science.

Its ability to learn exponentially and not being affected limitations of a human being can bring forth innovations in the healthcare industry.

4. Enhance financial institutions

One of the industries that can benefit from machine learning is the finance industry.

In fact, financial institutions are often searching for ways on how they can enhance their profitability.

This can include better wealth management, daily operations and security concerns.

Hence, this shows how machine learning can be present in different areas of an organization.

In the world of finance, data is constantly changing in real time.

So, global conflicts around the world can affect how financial institutions make their decision.

In fact, many governments are searching for financial instruments that can offer a good rate of return.

More importantly, this has to be balanced with the financial risks that come with it.

Today, more people are searching for financial institutions that can advise them on how they can invest and get the most out of their money.

For instance, people want to know what are the best retirement investments.

With machine learning, a financial institution employee can offer better suggestions to a prospect as the system can personalize the suggestion to the prospect’s needs.

Also, there are more methods of investing that are emerging in the market.

Furthermore, there is an increasing interest shown by financial institutions towards cryptocurrency.

This interest is directed more towards blockchain, which is the infrastructure behind most of these cryptocurrencies.

Financial institutions are already working with Ethereum to test out blockchain applications.

Therefore, machine learning will enable financial institutions to make better and more accurate forecasts of the potential uses of blockchain during the testing period.

Machine learning cons

  1. Exposed to human bias
  2. Cannot replace human intuition
  3. Lack of experts in machine learning

1. Exposed to human bias

Inherently, machine learning learns from data input.

This presents a major flaw.

If the data has embedded biases in it, the output will also be biased.

So, this can cause discrimination to happen.

Therefore, the input of any machine learning system must come from diverse sources.

However, this may not be possible in some areas that only has several experts in them.

Or, it can also concern professions that are primarily dominated by a certain race.

By nature, this means that there are going to be similarities in the data based on racial preference.

In fact, this may be a completely unintended bias.

Let’s take a look at the demographics of software developers.

The number of male software developers are much higher compared to the females.

Inherently, there is going a discrepancy in data if it is used for machine learning.

In addition, data is also susceptible to manipulation by a powerful entity.

We’ve seen how big scale frauds occurred in Enron and Volkswagen by the top management.

Hence, the issue of biases in data should not be taken lightly.

Machine learning can mold the way we live our lives.

With biased data, we will see increasing social injustice, exemplified.

Therefore, the integrity of the data sources should always be a priority.

So, proper regulations from the authority should be put in place for machine learning.

2. Cannot replace human intuition

As technology becomes more advanced, it is undeniable that we will have fears as to how powerful it can be.

To what extent should we allow technology to grow?

One of the biggest fear that people have with machine learning is that it will eventually master every human skill in the world.

Despite this, machine learning cannot replace human intuition.

As humans, we are equipped with emotional mechanisms that can’t simply be learned by a machine.

In fact, intuition is one the things that differentiate us from technologies.

Intuition may very well be the quality that makes us human.

Also, our intricate nature as human beings allows us to sympathize and empathize with others.

On the other hand, machine learning only considers the data that it has received.

In fact, it also aims to achieve a certain goal.

In a sense, it means that machine learning can be ruthless in the pursuit of achieving its goal.

For example, machine learning can filter through thousands of university applications.

Therefore, it will present the best candidates for placement based on their merits.

Despite this being useful, taking into other consideration such as the potential of a student is also important.

If it was up to machine learning, this potential might be unproven by previous achievements.

However, human intuition will enable a university officer to see the potential in a student.

Hence, we should look at machine learning as a technology that encourages innovation.

Inherently, machine learning may be faster, smarter and more precise than us.

Despite this, it will never be human.

Believe it or not, our nature as human beings make the world a better place.

It also makes us more adaptable and resilient towards change.

3. Lack of experts in machine learning

The potential for machine learning is huge.

However, there is no one size fits all approach when it comes to machine learning.

In fact, software developers have to create customized technology incorporating machine learning for different industries.

Similar to engineering, machine learning has different subsections.

This can spell trouble for the early progress of machine learning.

Today, we still lack experts in machine learning.

In fact, it can take some time before you can be considered an expert in machine learning.

The complex nature of machine learning makes it highly costly to hire an expert.

We can see this as only top companies such as Google, Amazon and Microsoft are making leaps and bounds in machine learning.

Hence, we can see that we are only in the early stages of machine learning.

However, this opens up an important window of opportunity.

Career-wise, talents in the field of machine learning are highly sought after.

More importantly, if you choose to pursue this field, you will have the opportunity to work with top companies in the world.

Also, you will have the opportunity to lead a wave of change brought about by machine learning.

Even with the lack of experts, this technology is showing incredible potential.

With a more qualified workforce to develop machine learning, imagine the progress that we can make.

Today, there are already some universities offering education in machine learning.

Inherently, more educational institutions and governments realize that machine learning will play an important role in the future.

So, does machine learning bring more harm than good?

During the early days of the Internet, very few believed in its potential.

One of the few who saw its massive potential was Jeff Bezos, the founder of Amazon.

Because of this, he became a billionaire.

When Jeff Bezos first started, can you imagine how many people didn’t believe him?

Probably, a lot of people.

It seems reasonable to not believe in Jeff Bezos at that time.

The Internet wasn’t as developed as it is today.

The computer itself was also so big it filled an entire room.

However, Jeff Bezos believed in what the Internet could be.

Today, we are facing a similar situation with machine learning.

This is a technology that can potentially change the way we live our lives.

As consumers, we will enjoy better products and services.

From a business perspective, it can transform operational efficiency.

With machine learning still in its early stages, it comes with certain limitations.

For instance, the integrity of the data may be uncertain.

Embedded biasness also can potentially occur.

Also, there is a shortage of experts in machine learning.

So, where is machine learning headed?

We are seeing major corporations investing serious money in machine learning.

This is a positive move for the progress of this technology.

In the years ahead, we can expect to see more innovations incorporating machine learning.

As we learn more about this technology, we will be able to overcome its limitations.

More importantly, we need to have favorable outlook towards machine learning.

Look at this technology as an opportunity for us to move forward.

The potential that it represents is too big for us to ignore.

Over the next few years, more discoveries will be made in this area.

Undoubtedly, we will benefit more them.

Also, this doesn’t mean that we overlook its limitations completely.

In fact, we need to learn more about the technology to continuously improve.

Hence, we see that the only direction that machine learning will move is, forward.

Experiential Marketing and How It Can Hack the Business Growth

Businesses today face a major challenge.

The average consumer attention span has decreased rapidly.

Hence, they need to figure out how to gain consumers attention again.

Before, marketers spent millions on traditional advertising.

A few years later, a lot of things changed.

One of the major changes is the shift towards a mobile-centered world.

As a result, businesses are investing heavily in mobile advertising strategies.

However, problems arose when too many advertisers tried to appeal to consumers.

There is too much clutter that it is difficult to stand out.

Therefore, it is essential that businesses create brand preference.

Essentially, this is where consumers become loyal to a brand.

One of the best ways to do this is through experiential marketing.

With this, marketing goes beyond appealing to consumers through their mobile screens.

Instead, businesses can create highly immersive and memorable experiences for their consumers.

However, experiential marketing still lacks a standard definition.

Let’s explore what experiential marketing means.

So, What Is Experiential Marketing?

Experiential MarketingExperiential marketing is a new fancy term in the e-commerce world.

However, the idea has already existed in different forms.

Before this, it was known as live marketing or event marketing.

Experiential marketing can exist different forms.

It doesn’t necessarily have to be tied to an event.

However, an event can be a larger part of the experiential marketing campaign.

In essence, it aims to create a closer bond between the consumer and the brand.

When implementing experiential marketing, there is no standard approach to it.

Instead, businesses must add their personal touch.

In a marketing campaign, the main goal is to stir positive emotions in people.

Therefore, customers they engage with are more likely to have a higher brand preference.

Furthermore, businesses should define the goal of their marketing campaign.

Hence, establishing parameters to measure the campaign’s effectiveness are important.

One of the most common ways to do this is by measuring the social expressions you receive.

For example, you can offer a discount for customers that post a “check-in” post on their social media platform.

Also, you can check how many Instagram or Facebook posts were created using your event hashtag.

Experts project that experiential marketing has immense power.

However, measuring conversions is difficult with experiential marketing.

This is because it may not happen until much later.

Despite that, experiential marketing can boost the customer lifetime value.

In other words, customers are encouraged to support a business in the long-term.

Should You Try Experiential Marketing?

To answer this, you must first identify your business goals, timeline and resources.

Furthermore, you must be prepared to integrate experiential marketing with other marketing channels.

By doing this, you create several touch points for customers to interact with your brand.

We will discuss more about this further into this article.

Above all, experiential marketing helps to humanize your business.

People get to experience your brand firsthand.

You get to showcase the qualities of your offerings in person.

Never underestimate the power of one on one marketing.

What Are the Benefits of Using Experiential Marketing?

  1. Offers an authentic experience
  2. Integration across social media platforms
  3. Millennials love it
  4. Helps convey values and mission
  5. Allows micro-targeting
  6. Provide valuable analytics

Let’s explore six benefits of using experiential marketing.

You will also learn more from real-life examples of experiential marketing campaigns.

1. Offers an Authentic Experience

Businesses must understand their target market wants.

Consumers today want to see authenticity in a brand experience.

Experiential marketing allows brands to achieve this.

By engaging in experiential marketing, this effectively creates a two-way dialogue.

In fact, it humanizes the interaction between the consumer and the brand.

You get to showcase your business beyond their mobile screens.

Businesses must realize that consumers today are very different.

In the past, consumers were easily persuaded to buy something.

Today, consumers want you to give them a good reason why they should buy from you.

Taking this into account, experiential marketing is a good platform for businesses to persuade their target market.

In fact, consumers can learn more about your brand personality and values.

The platform that experiential marketing provides for businesses is important.

It becomes a platform for businesses to create and strengthen brand preference.

Above all, experiential marketing gives consumers the freedom to engage with a brand.

Real Life Example: Lean Cuisine #Weighthis

Lean CuisineLean Cuisine is a brand that sells frozen entrees and dinners in the United States.

Previously, their advertising strategies largely revolved around weight loss.

Then, they took on the challenge to appeal to consumers differently using experiential marketing.

The marketing campaign took place at the New York Grand Central Station.

Here, brand representatives invited women to ‘weigh in’.

Instead of weighing themselves, the scales were small boards.

Women were asked how they wanted to be weighed.

Instead of using their real body weight, women gave different measures of what they wanted to be weighed by.

For instance, some of them wanted to be weighed for their contributions as a single mother.

If you want to see what other women wrote, check out the video of the inspiring campaign below.

Unlike many other marketing campaigns, Lean Cuisine never interrupted the participants.

In other words, none of them interacted with the brand’s product offering.

Instead, the experiential marketing conveyed an important brand message.

Although Lean Cuisine creates food a healthy lifestyle, there are other things that matter more than the numbers on the scale.

Experiential marketing enabled this message to be conveyed effectively to these women without blatant product promoting.

Many people were inspired and voluntarily participated in the campaign.

As a result, Lean Cuisine gained over 204 million total impressions.

If done right, experiential marketing can increase brand preference drastically.

2. Integration Across Social Media Platforms

If you are a business owner, there is a high chance that you have utilized social media marketing strategies.

Admittedly, social media is a powerful tool.

Can you imagine the impact when you combine social media with experiential marketing?

When offline marketing meets online marketing, your message bears a greater impact.

In other words, you create several touch points for your consumers to interact with your brand.

So, the experiential marketing experience does not have to end at an offline event.

Businesses commonly use hashtags to associate their events with social media postings.

As people are naturally inclined to share photos of themselves, businesses can take advantage of this.

Create a fun environment for people at your event.

It is highly likely that they will snap and share their favorite moments there.

Then, they will share it on their social media platforms.

At the same time, you gain social media recognition from their friends and followers.

Ultimately, you need to gain positive news about your company.

For example, a personal trainer is trying to sell his workout and diet plan.

Naturally, his target group will be people who are health enthusiasts.

He can also target people who want to lose weight.

Naturally, he will post about it on his social media platforms.

Although so, he can gain more recognition by using experiential marketing.

So, he can showcase the effectiveness of his diet plan by getting someone to try it out.

Document the process closely.

Once the person completes the diet plan, post a video on social media platforms.

By utilizing video-based platforms such as YouTube, it is most likely to go viral.

This demonstrates how the power of social media can be further strengthened with experiential marketing.

3. Millennials Love It

While it seems like a sweeping statement, millennials love experiences.

They like searching for upcoming festivals, concerts or any events that they can attend.

This is driven by their need to experience new and exciting things.

If anything, millennials are an important group for advertisers to target.

Currently, millennials have a purchasing power around $1 billion.

As they advance in their careers, this figure is expected to increase.

The challenge for advertisers is to figure out how to market to millennial effectively.

Today, millennials lack trust in traditional advertising methods.

So, if you are using television advertising or radio advertisements, you can forget about appealing to them.

This is because millennial perceive these methods as annoying and low-quality.

Instead, millennials want a two-way communication with brands.

This is why you will observe a preference for social media platforms among millennials.

They are also highly likely to purchase a product if they had a good experience at a brand’s event.

Real Life Example: Delta Launchpad Events and Vice Media:

Delta Launchpad Events and Vice MediaIf you think you need high-tech machines to set up an experiential marketing event, think again.

Delta Airlines is a prime example of a business that did experiential marketing right.

The business is interested in appealing to a younger demographic of travelers.

Hence, they partnered with Vice Media for an experiential marketing campaign.

As a result, they hosted a series of entrepreneurial events in several cities.

Each of the cities had its own focus topic.

In this event, entrepreneurs learned more about how to find success in film, music and food.

Delta’s decision to partner with Vice successfully created events with an authentic experience.

Many of those who attended the events were of a younger demographic.

As a result, Delta gained brand exposure and brand preference.

Ultimately, experiential marketing also highlights the importance of strategic partnerships.

4. Helps Convey Brand Values and Mission

Consumers are more likely to have a brand preference when they have shared values with a brand.

As marketers are accustomed with traditional advertising methods, this is not an easy task.

This is because businesses must convey brand values, mission and goals.

Traditional advertising couldn’t fully convey this message.

Some businesses even attempted to do this using social media advertising.

Although social media advertising can accomplish this to some extent, businesses still face the challenge of capturing consumers attention in the long-term.

By engaging in experiential marketing, your target audience will be ready to absorb your brand message.

Conveying your key beliefs is easier through words and experiences.

Ultimately, it comes down to being able to create unique experiences for your target market.

This makes them more likely to believe the message you are conveying.

Real Life Example: Red Bull Stratos Project

Many of Red Bull activities can be classified as experiential marketing.

They engage in many extreme sports events and Formula One activities.

Red Bull is a well-known contender in experiential marketing.

In fact, many of their events have their own social media channels.

One of the many events they created as part of experiential marketing is the Red Bull Stratos Project.

In this event, Red Bull collaborated with Austrian skydiver Felix Baumgartner.

They successfully broke the 52-year-old record for skydiving.

The audience was engaged in this event as they were able to view the event through a live stream.

If you want to see the remarkable feat, check out the video below:

Through this event, Red Bull fully embraced its identity as a brand which constantly pushes the limits.

It also successfully associated itself with a high level of action and excitement.

As an energy drink brand, these values are perfectly portrayed through their experiential marketing campaign.

5. Allows Micro-Targeting

One of the biggest mistakes you can make as a business owner is expecting your target market to find you beforehand.

If anything, you are the one that needs to meet them where they are.

Ask yourself.

What is your biggest marketing goal?

If you want to attract millennials, go to the places that they frequently hang out.

Similarly, you should go to places where your customers are to appeal to them.

Collaborating with event organizers can also be highly beneficial for your business.

This is because they keep detailed data about their past attendees.

Using this data, you can target the population you would like to reach.

They can advise you on how you can reach them.

Undoubtedly, experiential marketing is a powerful tool.

Paired with data that allows you to micro-target your audience, you are one step closer to success.

Let’s take a look at how Samsung executed their experiential marketing campaign.

Real life example: Samsung

Samsung was one the sponsors for the 2012 Olympics.

They took the opportunity to create several experiential marketing campaigns across London.

So, they set up their ‘Samsung Studios’ in areas where there are a lot of people.

The campaign aims to promote the new Galaxy S3 and Galaxy Note.

In these studios, visitors can play the Samsung’s Olympic Games app.

Besides, they can have their photo taken using the Galaxy S3.

To add a personal touch, Samsung turned these photos into personalized badges.

Interestingly, there were no products sold at these pop-up stores.

Visitors only engaged directly with the all-new Samsung models.

As a result, nine out of ten visitors claimed that they were more likely to consider buying a Samsung phone.

6. Provide Valuable Analytics

On one hand, experiential marketing can provide a highly interactive and fun experience for consumers.

For business owners, it provides them several key analytics.

The common parameters used to measure these events are the total attendance, Facebook likes and social media interactions.

Other quantitative measures include the number of samples given away, newsletter signups and website views.

These statistics are vital.

They are necessary for improvements in future marketing campaigns.

In fact, these data can help you to turn event goers into active customers.

Ultimately, the analytics help you to produce results.

More importantly, analytics help your business to establish benchmarks.

Over the years, you will engage in different marketing campaigns.

This analytics will provide you with a basis to compare the performance of your campaigns over time.

Hence, investing in data tracking tools is highly beneficial for your business.

You can easily identify the high and low points of a marketing campaign.

From this, you can decide where to allocate your marketing allocation better.

By not having analytics, you may risk investing in underperforming campaigns.

Moreover, analytics also contribute to increased brand value.

This is because it provides a strong analytical framework for you to identify more business opportunities.

Although it can be a tedious task at times, the added benefit it brings can make a big difference.

It can be the difference between a good company and a great one.

Start Considering Experiential Marketing

Regardless of the size of your business, you should seriously consider experiential marketing.

Don’t let the fancy term intimidate you.

Experiential marketing is not just for big brands.

Admittedly, big brands do have more resources at their disposal.

However, any brand that wants higher brand preference should aim to create a personalized experience for their consumers.

Experiential marketing highlights the importance of word-of-mouth and an authentic experience.

Your goal should be to provide value to consumers through the experience.

Hence, it will still be impactful regardless of the scale.

If you haven’t included experiential marketing as one of your marketing strategies, consider it today.

Pareto Principle and the Way It Improves Your Productivity

In this world, you will come across different kind of principles.

One of the most interesting ones is the Pareto Principle.

At the core of the Pareto Principle is the 80/20 rule.

It’s simple.

This means that 80% of the results are created by 20% of the actions.

Interesting, isn’t it?

This also means that you can make the most out of anything you do.

You simply have to identify the 20% which consists of important things that you do.

This sounds easy.

In reality, it’s far from that.

Hence, this article will give you actionable tips on how you apply Pareto Principle in your life.

Here are a few areas in your life that you can apply the Pareto Principle.

Key Areas in Your Life to Apply the Pareto Principle

  1. Making money
  2. Building relationships
  3. Taking care of your health
  4. Lifelong self-learning
  5. Building self-confidence
  6. Progressing in your career
  7. Breaking free of addictions
  8. Taking care of your mental health
  9. Moving out of your comfort zone

1. Making Money

Making Money

It is nearly impossible to deny the importance of money.

This piece of paper controls different things in our life.

In fact, most of the things we do today are to make more money.

In your pursuit to make more money, you can apply the Pareto Principle.

At the moment, identify the main things that make the most money for you.

For example, you make the most money from blogging.

Now, think about how you increase your income from that area.

To know more money-making opportunities, you should reach out to other bloggers and companies.

From here, you can identify more ideas on how to make more money by blogging.

Does this mean that you should abandon your day job?

Not really.

In fact, you should always have something to hold you down to pay the bills.

If things go south, you know that you will always have your day job.

For some people, residual incomes are very helpful.

Residual income helps you make money even when you are sleeping.

When it comes to making money, you must always keep track of your time.

Here, Pareto Principle ensures that you keep track of the 20% most important things to accomplish.

This helps ensure that you are making the most out of your time.

Tools such as Google Calendar and Todoist are excellent at helping you manage your schedule.

Remember that keeping track of your time means increasing the chances of you making money.

2. Building Relationships

Building Relationships

Have you assessed your overall relationships so far?

As humans, we go through different phases of life.

This also means that we build relationships with different people.

In general, relationships consists of these four.

Friendships, family, romantic partners and professional ones.

Over time, some relationships will grow sour.

More importantly, some relationships will become toxic to our well-being.

You can use the Pareto Principle here.

Identify the relationships which you believe maximize your well-being.

Then, eliminate toxic relationships.

There is a simple way to identify if a relationship is good for you.

Ask yourself, does this relationship help you become a better person?

Not doing an inventory check on relationships can be dangerous.

Research shows that we are a reflection of the people we surround ourselves with.

If you surround yourself with negative people, you will slowly turn into one.

However, you become more positive if you surround yourself with optimistic people.

Using the Pareto Principle, you need to identify relationships that are good for your self-development.

Of course, this is easier said than done.

If you are in a toxic office environment, you can’t exactly resign immediately.

Instead, you should learn about group dynamics in the workplace to know how you can work better in a negative environment.

As a whole, knowing good relationships from the bad will help you be more positive in life.

3. Taking Care of Your Health

Taking Care of Your Health

Would you want to be a millionaire but you’re too sick even to spend your money?

Our health is life’s gift to us.

It is up to us how we take care of it.

Now, let’s look at this from the Pareto Principle’s point of view.

Are you spending 20% of your time to take care of your health?

This can be anything you do to live an active life.

It can either be exercising 30 minutes a day or taking the stairs at work.

When it comes to your health, you should be intentional in your efforts.

Hence, identify the healthy habits in your life.

What are the main habits which are improving your health?

If you’ve never thought of this, there’s no better time than now.

Also, you must be aware of what you eat.

Healthy eating habits go a long way to keep you away from diseases.

Did you also know that stress leads to poor eating habits?

Stay in control of your stress levels by using Headspace, a simple meditation app.

Before it is too late for you, get in control of your health.

Pareto Principle is crucial as it helps you highlight the importance of your healthy habits.

Starting your healthy lifestyle is easy.

Websites such as Pinterest helps you discover a lot of healthy eating recipes and tips for an active lifestyle.

You have all you need to start living a healthier life.

Take your first step today.

4. Lifelong Self-Learning

Lifelong Self-Learning

At any age, there is always something new to discover.

Hence, the process of learning never ends.

Formal education may have ended when you graduated from university.

However, you continue to learn in your workplace and even after you retire.

Hence, use the Pareto Principle to understand more about your self-learning habits.

Does 20% of your habits encourage you to learn something new?

One of the most unproductive habits people do is procrastinating.

This leads to high level of unproductivity.

It can affect your personal and work life significantly.

So, you must learn how to overcome procrastination effectively today before it is too late.

As we go through life, it is always good to have something to look forward to.

You may feel like your work routine is too dull.

So, you want to try something new.

With the Internet, there are no excuses for you not to pick up a new interest.

Websites such as YouTube are excellent at teaching you new skills.

There are also plenty of other platforms which provide online courses for a variety of skills.

So, you can try platforms such as Lynda, Udemy and Khan Academy that go a step further in encouraging self-development.

Learn how to code, improve your photography skills and e-commerce skills today.

All these resources are available at the tip of your fingers.

They are also highly affordable.

Start living a life worth telling a story about.

5. Building Self-Confidence

Building Self-Confidence

Low self-esteem issues can cause you not to live your life to the fullest.

This also causes you to always feel inferior to others.

As a result, you may always appear sad, depressed and unmotivated.

The negative effects of this can spread to different areas of your life.

Use the Pareto Principle to help you improve your self-esteem.

Identify the 20% in your life that boosts your confidence.

For some, it may be their physical appearance and having money.

However, research shows that having emotional support plays a huge role.

More often than not, there is always a reason for lack of self-confidence.

Pareto Principle can also be used to identify negative habits.

If you are overweight, identify 20% of your habits which are leading to it.

Also, if you have anxiety, identify 20% of the situations which triggers it.

Additionally, if you are always broke, identify 20% of your habits which causes you to spend too much.

Also, you can read our guide on frugal living which will help you save up to $25,000 a year.

Once you have identified the negative habits in your life, do something about it.

When you start taking actions, take small steps forward.

Also, make sure that your goals are realistic.

Having big goals can cause you to feel demotivated when you can’t achieve it.

Working on your self-esteem can be seen as a road always under construction.

However, working on it continuously is a great investment in yourself.

6. Progressing in Your Career

Progressing in Your Career

For most people, career progress plays a huge role in job satisfaction.

In fact, most millennials today are interested in jobs that provide promotions and other benefits.

Depending on the employer you’re working for, career progress may mean different things.

However, most companies will outline how an employee can experience career progress.

This is usually available through a written document.

From here, we can apply the Pareto Principle.

First and foremost, you must understand the requirements for career progress in your company.

Then, spend some time to create an actionable plan to achieve these requirements.

Of course, this won’t happen overnight.

This can take anywhere from a few months to a few years.

Hence, keeping track of your actionable goals will be important towards your progress.

Using the Pareto Principle, identify a few key things that will contribute towards your career success.

Then, execute your plan.

Over time, there may be changes in the requirements.

Keep track of those as well and change your plan accordingly.

Pareto Principle helps you to get down to the important details on getting things done.

Hence, you won’t spend too much time doing unnecessary tasks.

Also, you can identify the things that you should avoid that can jeopardize your career progress.

As a whole, career progress can be achieved by establishing realistic goals and working towards them diligently.

7. Breaking Free of Addictions

Breaking Free of Addictions

If you think drugs are the only addiction that ruins people’s lives, think twice.

Today, there are different types of addictions people have that they may not be aware of.

If you constantly feel that you need to check your phone, you may be addicted to it.

Social media addiction is also increasingly prevalent today.

Do you know how much time you spend on Facebook, Twitter and Instagram?

If not controlled, this can cause you to lead an unproductive life.

If necessary, take a social media break.

So, we can use Pareto Principle to identify if you have been unproductive.

Are you spending time on the 20% of things that matter or are you too busy scrolling through Facebook?

It’s easy to lose sight of the tasks that matter.

Therefore, learn about how you can write a personal mission statement.

This will help you be more clear about what you want to achieve in life.

There are also other addictions that people commonly have.

It can be towards work, playing video games, shopping and self-harm.

Pareto Principle shows that addictions can be overcomed when you know your priorities.

What are the things that you can do to move away from your addictions?

If anything, Pareto Principle shows that these things do not have to be major steps.

If you are a workaholic, take time off and go on road trip.

This will help you gain a new perspective on life.

Keep in mind that you must achieve a good work-life balance to live a healthy life.

Most importantly, breaking free of addictions needs to be taken one step at a time.

It will be difficult to break free but the first step is always the hardest.

Keep pushing through.

8. Taking Care of Your Mental Health

Taking Care of Your Mental Health

In this article, we’ve discussed the importance of taking care of your health.

Did you know that your mental health also plays an important role towards your well-being?

Today, there are different types of common mental health issues.

This can be anxiety and depression.

Also, someone can feel constant changes in their mood.

Ultimately, this can lead to social dysfunction.

Many people with mental health issues are uncomfortable in a social setting.

If this is you, seek professional help to diagnose your issue.

Understanding the nature of your mental issue can help get to the bottom of the issue.

You can also focus doing 20% of the things that matter to improve your mental health.

If you are too shy to seek professional help, there are helplines that make sure you have someone to talk to.

In general, it is vital that you take care of your mental health.

Even if you don’t have mental health issues, it is always good to be in a positive and healthy environment.

For example, search for jobs that has a healthy work culture.

Minimize the time you spend with negative people.

At times, reward yourself for achieving your goals.

Also, get enough sleep.

Getting at least 8 hours of sleep is important.

It helps you wake up feeling refreshed and ready to face the day.

Inherently, engage in activities that will maximize your mental health.

9. Moving out of Your Comfort Zone

Moving out of Your Comfort Zone

Have you ever had the impulse to buy a plane ticket and hop on a plane today?

Maybe, you should.

As humans, we must constantly push the boundaries of life.

This makes life more interesting.

Also, it helps us discover new things.

Hopefully, this will inspire us to see life in a different perspective.

Based on the Pareto Principle, 20% of your actions create 80% of the results.

More often than not, the actions which comprise of the 20% are those that push your limits.

Once in a while, try to do something that you’ve never done before.

Besides your commitment to work and family, what else do you want to do in life?

Perhaps you want to travel solo.

Also, you may want to bungee jump from the tallest building in the world.

Or, you want to learn how to make money from cryptocurrency.

You can also learn how to set up your own business with a low budget.

Inherently, all of us have ideas that we want to try.

They don’t have to remain as ideas forever.

You can act on them and start making them happen today.

When you finally act on it, you will realize one very important thing.

You are capable of working on your dreams.

Also, you can rely on your capabilities to follow through with your ideas.

Most importantly, you will live a very interesting life!

What Can We Learn from the Pareto Principle?

The Pareto Principle teaches us one important truth.

We must know our priorities in life.

Without it, we will become unsuccessful and miserable.

Hence, apply the Pareto Principle to these nine areas of your life.

Ultimately, it teaches you how to live a full life.

Net Neutrality Pros and Cons and How They Impact Businesses?

Net neutrality is dead.

On a 3-2 vote, the Federal Communications Commission effectively repealed net neutrality.

What Is Net Neutrality?

Today, net neutrality is the hottest issue on the Internet.

However, this isn’t a surprise.

Because net neutrality affects nearly everyone who uses the Internet.

In fact, that includes you.

How Does This Affect You?

In a nutshell, net neutrality is a principle.

Which states that people should have equal and free access.

To all contents and applications regardless of the source.

Therefore, your internet service provider (ISP) does not have control.

Over any of the websites, applications and content that you choose.

In conclusion, you will have control over your browsing experience.

What Happens Without Net Neutrality?

To demonstrate this, let’s take for example the country Portugal.

Uniquely, it has no net neutrality.

To explain, one of their carriers is Meo.

Hence, take a look at their offering.

What Happens Without Net Neutrality?

In fact, for every category, you must pay to gain access.

So, you want messaging?

That’ll cost you €4.99 per month.

Additionally, if you want anything else there is a cost.

Besides paying data charges, you also need to pay extra for any packages you want.

Hence, you end up paying more.

So, Why Do People Want to Repeal Net Neutrality?

You’ve seen what a world without net neutrality looks like.

Why would anyone want to take away net neutrality?

To understand net neutrality better we need to go back in time.

On February 26th, 2015 the Open Internet Order was passed.

In fact, this is the strongest net neutrality rule in history.

Hence, the legal foundation of this order is named Title II.

What Does Title II Outline?

This legal guideline clearly states rules for internet service providers.

Here are the main rules.

Firstly, no blocking.

Secondly, no throttling.

Thirdly, no paid prioritization.

So, if ISPs slow down or speed up data they must explain why.

What Will Happen to the Internet Now?

Although the vote has been passed, this doesn’t immediately eliminate net neutrality.

Firstly, the new rules need to enter the federal register.

In fact, this won’t be until a few more months.

On the other hand, internet providers won’t do anything much.

Besides trying to explore subtle ways to test out the waters.

For example, they may offer paid data to use certain services for free.

Other than that, they won’t do much.

Also, this is because many people are watching them closely.

In the meantime, here are net neutrality pros and cons.

Net Neutrality Pros

  1. Makes Internet affordable
  2. Protects innovation
  3. Ensures freedom of expression
  4. ISPs are utility providers

With these in mind, let’s explore each of the points.

1) Makes Internet Affordable

So, when effects of repealed net neutrality hits.

The first thing that users will notice is a change in pricing.

In fact, net neutrality pros make Internet more affordable for everyone.

Without it, ISPs will charge more.

So, they will go after the network which costs them the most to provide.

For instance, here are big companies that ISPs will go after.

Firstly, Netflix.

Secondly, Amazon.

Lastly, online games.

In fact, any websites that attracts many users are obvious targets for ISPs.

So, people foresee that ISPs will execute different strategies.

To find out how to make the best out of net neutrality pros.

Firstly, ISPs can follow a cable-style method.

Using this, they will charge differently for variety of packages.

Secondly, ISPs can just block websites completely.

Thirdly, ISPs can threaten to decrease the speed for larger websites like YouTube.

Therefore, the network must pay ISPs to enjoy higher speed data transfers.

Unfortunately, this is already happening to some networks.

However, without net neutrality we’ll see this happening to more websites.

As a result, websites like Netflix will pass down the cost to their users.

Consequently, this creates a price increase.

Surely, websites like Netflix won’t suffer from paying extra.

But how about the smaller websites?

Hence, this is where the next net neutrality pros become relevant.

2) Protects Innovation

By allowing ISPs to charge extra or demand a premium this will create an exploitative business.

In fact, proponents of net neutrality pros believe this can slow down innovation.

Great innovators in history started out with a great idea.

In fact, most of them had little capital to begin with.

So, we can illustrate net neutrality pros by seeing how ISPs don’t have control over the network.

Therefore, large websites have the same access as small or medium enterprise and freelancers.

Hence, everyone has equal access to the Internet.

And are free to distribute content.

However, without net neutrality newer companies will struggle to innovate.

Therefore, there are a few industries which must pay to gain high-quality data speeds.

A few examples of the industries include health care, finance and retailing.

Moreover, these industries consume large amount of bandwidth.

So, they may be subject to high fees.

Therefore, net neutrality pros are important here because everyone has equal footing.

Therefore, this encourages innovation because companies can focus on a few important things.

Such as improving their services and upgrading website quality.

Instead of having to worry about ISPs slowing down website speed or blocking their website.

On the other hand, no net neutrality will discourage small businesses.

Instead, large companies will grow bigger.

So, these large companies can monopolize different segments of the market.

3) Ensures Freedom of Expression

Today, we live in a time where injustice often happens.

So, for the average person the best way to deal with it is by going online.

Therefore, people often turn to social media platforms.

Examples include Facebook, Twitter and Instagram.

The use of social media is highly effective because it can garner attention in a short time.

Furthermore, individuals can bring attention to issues that may not be covered in the media due to unethical reporting.

So, net neutrality pros are seen when an average person can bring awareness to an issue.

Moreover, net neutrality pros ensure that important issues are brought to light.

These issues includes racism, climate change, child abuse and LGBT rights.

Therefore, by taking away net neutrality this gives ISPs a large amount of power.

In fact, they can stifle people’s rights to freedom of speech.

However, people often think that this freedom also allows illegal content to grow freely.

In fact, this is not true.

Under net neutrality any illegal content is under the monitoring of authorities.

So, activities such as child pornography or illegal file sharing are strictly not allowed.

Today, there are many centralized media outlets that do not practice ethical reporting.

So, many people turn to the Internet to uncover the truth.

In other words, net neutrality pros strive to ensure that the Internet remains as an open technology.

Furthermore, this encourages honest and critical conversations.

4) ISPs as Utility Providers

Previously, under net neutrality verdict in 2015, the law classified ISPs as utility providers.

Because high-speed internet is a necessity instead of a luxury.

In fact, having access to the internet has helped people around the world in many ways.

Firstly, it helps people to make better choices such as choosing better world leaders.

Secondly, it also helps to build a career.

Thirdly, the use of Uber and any ride-hailing services helps people improve transportation alternatives.

Lastly, people can book movie tickets online.

Hence, people will find difficulties to function properly in their personal and work lives without the Internet.

Moreover, the ruling in 2015 also proves that ISPs have a moral responsibility.

To consumers because they are public utilities.

In fact, having access to high-speed Internet is as important as owning a phone.

So, ISPs are obliged to provide these services unless someone refuses to pay for them.

However, carriers tried to argue that wireless broadband services are not public utilities.

Also, they want to create harmful business models that can harm consumers.

For example, these providers can reduce the quality of downloads and streams of online services.

Additionally, ISPs can profit from unfair promoting by increasing the speed of their services and their partners.

Fortunately, the law prevailed.

So, smaller firms who depend on the open Internet.

To reach millions of consumers can enjoy net neutrality pros.

In fact, without net neutrality these smaller businesses need to pay a large amount of money.

Even worse, they are probably already lacking in funds to pay the ISPs.

Net Neutrality Cons

  1. No compensation for ISPs
  2. Slow infrastructure improvements
  3. Unnecessary regulation
  4. Questionable content may thrive

Today, when discussing net neutrality pros and cons, it is highly subjective.

So, keep in mind that different stakeholders are involved.

So, since you have read about net neutrality pros.

Now, let’s have a look at net neutrality cons.

1) No Compensation for ISPs

Today, if there is a party that believes they deserve more, they are the ISPs.

Back in the 1990s, it can take up to 20 minutes for a website to load.

Also, people were content with the use of chat rooms.

Today, we don’t have to rely on bulky phones to stay in touch.

Additionally, distance is no longer an issue for communication.

In fact, if you want to have a meeting with someone in a different country just use Skype.

Furthermore, people no longer depend on their televisions to catch up with their favorite shows.

Now, simply subscribe to Netflix.

With this, you can access a large database of entertainment anytime and anywhere.

However, while all of this sounds good net neutrality allows networks like Netflix.

To use ISPs infrastructure for free.

Therefore, Netflix does not pay for this data.

Additionally, ISPs also need to pay more when users consume more data.

However, ISPs cannot charge proportionately for data usage.

So, by taking away net neutrality they can regain profit which was lost from the usage of bandwidth.

Hence, ISPs see the need for equitable charging to occur.

In fact, ISPs believe that consumers need to pay more.

To compensate for illegal streaming that takes a toll on ISPs infrastructure.

2) Slow Infrastructure Improvements

When Title II was approved in 2015 many ISPs and ISP suppliers protested.

This includes 60 major ISP suppliers such as IBM, Intel and Cisco.

In fact, this opposition is because they believe the new rules will attract less investors in the industry.

In addition, they believe that Title II will create a slowdown for broadband infrastructure.

Also, their rational is simple.

If investors don’t know if they will get returns from their investment, they won’t make the investment.

So, they asked the government to deliberate on net neutrality pros and cons to see how it affects ISPs.

By removing net neutrality, carriers can provide tiered pricing services.

In short, companies that pay more can transfer data packets faster than the others.

So, this revenue will be used by the ISP to increase broadband access for consumers.

Moreover, with net neutrality carriers will have no incentives to build better infrastructure.

In fact, this is mainly due to of lack of revenue from tiered pricing.

Therefore, net neutrality cons manifests in the form of slow infrastructure improvements.

Also, ISPs cannot regain their investment in broadband networks.

Therefore, without proper deliberation of net neutrality pros and cons.

The internet speed we have in 10 years from now will be the same as it is today.

So, we need to ask ourselves.

Are we willing to deal with slow growth simply because we refuse to pay more?

3) Unnecessary Regulation

Today, while we may have been led to believe that net neutrality is essential.

Furthermore, net neutrality is said to preserve the internet.

However, the opposite may be true.

In fact, net neutrality may not be necessary.

In the years before, the Internet functioned very well without it.

Additionally, government’s efforts to regulate the Internet has always been counterproductive.

Furthermore, net neutrality cons point out how the Internet came to life without government regulation.

Also, it was probably created because of the lack of government regulation.

In fact, the success of the Internet proves that new regulations are unnecessary.

Moreover, the ability of ISPs and consumers to negotiate any disputes among themselves is essential.

Also, this has been key to the rapid success that the Internet is enjoying today.

Additionally, regulation from the government can halt development and innovation.

Furthermore, the fears that consumers have are hypothetical.

Specifically, this is about ISPs lying to consumers or degrading content.

In fact, Comcast blocked Bittorent’s traffic eight years ago.

In addition, Apple introduced Facetime over wireless networks before cellular networks.

So, this new regulation is unnecessary because consumers were not impacted by the blocking.

And selective introduction of product offerings.

Therefore, there is no reason to believe that consumers will be affected by tiered pricing.

Because it has already been implemented by major brands.

Why fix something that isn’t broken?

4) Questionable Content May Thrive

Under net neutrality people may use freedom of speech to post anything they want.

However, this can prove to be harmful.

Certainly, parents have different options.

To help ensure that harmful content does not reach their children.

Although so, how effective is this?

For example, there are kids who watch YouTube every day.

In fact, videos on the platform which are educational can have sexual references or harmful content.

For example, on YouTube there are a lot of toy review channels.

However, there are some toy review channels that promotes violence and insolent behavior.

Also, these channels grow rapidly.

Hence, this proves that parents are still overlooking some harmful content.

Therefore, by taking away net neutrality.

Contents which are critical of several things such as religious beliefs, graphic videos.

And any content which are unsuitable for children can be removed.

In fact, they can be filtered out even before it reaches Internet users.

Hence, by taking away net neutrality regulation.

ISPs can ensure that the Internet has less obscene.

And insensitive content that are harmful to others.

Also, the issue of illegal streaming can be countered.

As a result, ISPs won’t have to pay more for illegal streaming.

Instead, the money which went towards paying the data for illegal streaming can be invested in building better infrastructure.

And improving product offerings to customers.

After Reading About Net Neutrality Pros and Cons, Which Side Are You On?

The conflict is mainly between consumers and ISPs.

Also, each side has their own argument to back up their reasoning.

With this in mind, the year 2018 will be quite a spectacle for net neutrality.

There will be heated debates and arguments.

Supporters of net neutrality will try to overturn the verdict.

At the end, who’s interest will prevail?

Let’s wait and see.

Augmented Reality Advantages in Business and Online Business

Businesses can enjoy augmented reality advantages.

The term augmented reality may not be familiar.

Although so, you’ve probably come across this technology.

A popular game today uses this technology.

But not many people realize it.

That game is Pokemon Go.

Augmented Reality in Pokemon Go Game.

As a matter of fact.

This game is very popular.

People go everywhere.

Just to catch Pokemon.

If anything can be said.

This game is very popular.

Why Are People Crazy over Pokemon Go?

Let’s put it this way.

People like this game.

Because its as if.

The characters can come to life.

How can this happen?

What kind of magic is this?

That magic is actually technology.

It has a name.

It is augmented reality.

That’s a fancy name.

Still, this technology is impressive.

It combines two things.

Which are digital and real-life elements.

So, users feel connected to the game.

This is proven by over 750 million downloads.

Clearly, this game has a lot of fans.

Also, this shows the potential.

Augmented reality has.

In a few years, augmented reality advantages.

Will be greater.

Major companies are showing interest.

Furthermore, they are also investing in it.

This includes Google, Facebook and Microsoft.

These companies are major companies.

As a result, we can expect to see more.

Of augmented reality.

In the future, more businesses.

Can implement this technology.

So, understanding it is important.

Therefore, let’s see the definition of augmented reality.

What Is the Definition of Augmented Reality?

Augmented reality can combine information.

In fact, this information comes from.

These two places.

  1. Computer
  2. Physical environment

Other than that, we must know the method.

To experience augmented reality.

Smartphone cameras and headsets are often used.

For augmented reality.

Another similar term is virtual reality.

Doesn’t it sound like augmented reality?

They sound similar.

Also, they create similar images.

Likewise, they use similar technologies.

But, are they the same?

Augmented reality vs virtual reality

Although these terms sound similar.

There are a few differences.

Let’s take a look at what they are.

1) Purpose of Technology

One of augmented reality advantages.

Is it can combine elements.

Using this feature.

It can combine text and images.

Which are computer generated.

Over any physical surrounding.

Conversely, virtual reality is a little different.

It creates a simulated environment.

Other than that, users become unaware.

Of their physical surrounding.

To summarize, virtual reality is all about simulation.

That is, it replicates.

The physical world.

However, there is one major difference.

On one hand, augmented reality is partially immersive.

On the other hand, virtual reality is fully immersive.

This means with augmented reality.

Users enjoy more control.

In contrast, virtual reality.

Leaves users confined.

To a simulated environment.

2) Method of Experiencing the Technology

Smartphones are common devices.

Used for augmented reality.

Also, other devices are tablets.

And laptops.

As mentioned earlier, this technology.

Combines information.

From the computer.

And the real world.

For example, using Microsoft HoloLens.

Users can surround themselves.

With Windows apps.

Below is a demo for the device.

This device highlights augmented reality advantages.

As it can enhance a user’s experience.

Also, it enables interactions.

With the surroundings.

Furthermore, marketers can use it.

As a marketing opportunity.

However, virtual reality uses different devices.

Most of the devices are head mounted.

For example, goggles.

Or visors.

Typically, they cover the user’s vision.

Due to this, users cannot see.

Their surroundings.

Here are a few examples.

Of virtual reality devices.

  1. Oculus Rift.
  2. Samsung Gear VR
  3. Google Cardboard

The following video is a Samsung Gear VR demo.

What Was Augmented Reality Used For?

Pokemon Go made augmented reality popular.

Before this, the technology was not popular.

In actual fact, it had no other use.

Except for experimental purposes.

However, since the release of the game.

More companies are interested.

In this technology.

Due to this interest, augmented reality advantages.

Can come to life.

What are augmented reality advantages?

Let’s take a look.

Augmented Reality Advantages for Businesses and Online Businesses

  1. Increase engagement
  2. Provide remote guidance
  3. Improve training
  4. Empower customer service
  5. Create new ways to shop
  6. Produce better advertisements
  7. Increase productivity
  8. Improve transportation

Let’s discuss each point in detail.

1) Increase Engagement

Companies realize that augmented reality is important.

For businesses, it can improve brand experience.

Also, it helps spark imagination.

With regards to this.

Steve Jobs famously said:

“People don’t know what they want until you show them.”

From this, we learn something.

Business today must help their customers.

To imagine better.

This means they encourage their customers.

To make better decisions.

Therefore, business owners must take this chance.

To gain augmented reality advantages

Virtual try-ons bring out.

One of augmented reality advantages.

Hence, customers can try your products virtually.

So, they don’t need.

To visit your store.

To try your products.

Real Life Application: IKEA

IKEA is currently using the technology.

In an application.

Furthermore, IKEA is a famous furniture company.

The name of the application is IKEA Place.

In addition, the application has a catalog.

It has over 2,000 products.

Therefore, for customers to use the app.

Simply select an item.

Then, open your smartphone camera.

Aim it anywhere.

Then, the item on your screen.

Will scale itself.

This is because it can adjust.

To the room size.

In fact, using this application.

Users can bring.

The in-store experience home.

Ultimately, this helps customers.

To make better buying decisions.

2) Provide Remote Guidance

Employees must be given guidance.

This is because it can help.

To produce better quality work.

Remote supervision is one of.

Augmented reality advantages.

In addition, through this technology.

Employees can receive instructions.

Instructions can be in two forms.

Firstly, step by step instructions from.

The computer.

Secondly, instructions from.

A remote instructor.

The augmented reality device.

Consists of three things.

First, a head-mounted camera.

Second, a microphone.

Third, an augmented reality application.

All these tools are important.

Because it assists employees.

When they need help.

Also, the device connects.

The employee.

To a remote supervisor.

Real Life Application: Medical Industry

As an example, the medical industry.

Is reaping rewards.

From augmented reality advantages.

When medical students.

Do clinical practice.

They feel nervous.

In fact, they can feel overwhelmed.

Moreover, they are working.

On a patient.

Instead of just learning theories.

Therefore, augmented reality can help.

When the student uses the headset.

A remote instructor.

Can guide the student.

In addition, the remote instructor.

Can give hand gestures.

Because the student can see it.

Through the device.

Also, the gestures will combine.

With the student’s surrounding.

This way, teaching becomes simple.

Most importantly, there is no need.

To have extra people.

In the room.

In fact, the student.

Will learn.

To trust.

Their own capabilities.

Due to the nature of this device.

The use of this technology.

Can expand.

To other industries.

3) Improve Training Process

In a few decades, the world.

Will be hit.

By a phenomenon.

It is called.

The “Silver Tsunami”.

Because of this phenomenon.

The number of older people.

Will increase.

Consequently, it carries major impacts.

One of the areas affected.

Is the workforce.

This is because workers get older.

Furthermore, there are less young people.

Therefore, less people can replace them.

As a result of this.

We will lack skilled workers.

So, what can businesses do?

In fact, one area that businesses can improve.

Is training.

From observation, we can see that

Company training is often similar.

In fact, it often follows.

The same pattern.

Workers are given training.

In a classroom-like situation.

Also, workers often listen to lectures.

Or follow written instructions.

This can be very repetitive.

As a result, training outcomes suffer.

Considering this, augmented reality.

Can play a role.

Training will be more immersive.

Because the goal of training will change.

To learning.

Also, augmented reality.

Can create a conducive environment.

Which is a more interactive setting.

Moreover, employees will also enjoy.

During training.

Therefore, they will learn better.

Instead of just memorizing.

Hence, training will be more effective.

4) Humanizing Customer Service

Customers like receiving good customer service.

Therefore, businesses invest a lot.

In customer service.

Even before.

And after purchase.

So, customer service plays an important role.

When serving people.

Having compassion is easier.

In person.

However, this is difficult to do.

Because many businesses.

Are hindered by geographical boundaries.

Thankfully, customer service is a good area.

To reap augmented reality advantages.

Using this technology, the operator.

And the customer can see each other.

So, the interaction becomes more civil.

Moreover, the customer will realize that.

The operator is not just a voice.

Also, customers become more compassionate.

In fact, they are less likely to be rude.

So, conversations will be more positive.

Furthermore, evidence can be collected.

If needed.

Operators can see the evidence.

What is more, the issue of trust can be reduced.

This is because they can view the evidence.

In real time.

Better proof of damages.

Or mistakes are possible.

So, a faster solution can be done.

Hence, businesses will enjoy augmented reality advantages.

Ultimately, this create a happier workforce.

5) Create New Ways to Shop

Businesses must always improve.

Augmented reality can play a role here.

This is because this technology.

Can improve the retail industry.

If done right.

It will change how we shop.

Augmented reality advantages can be seen.

In virtual try-ons.

Using this feature.

Customers can virtually try out products.

Which includes shoes, furniture and makeup.

In the future.

We can enjoy more augmented reality advantages.

Thanks to Apple.

The iOS 11 is life changing.

Millions of iPhones.

And iPads now have a revolutionary feature.

They all have augmented reality.

How did this happen?

This is through the release of the ARKit.

It is a developer framework.

Using this tool.

Developers can create applications.

Which enable users.

To enjoy virtual experiences.

Ultimately, augmented reality advantages.

Will be see across different industries.

Real Life Application: Uniqlo

One of the major retailers.

To adopt this technology is Uniqlo.

Uniqlo is using this technology.

By using an interactive LCD screen.

Its name is the ‘Magic Mirror’.

Using this mirror.

Customers can virtually try out clothes.

Furthermore, they try out different colors.

This means the customers don’t have.

To try on many clothes.

As a result, this saves a lot of time.

And avoids the hassle.

To search for different clothes.

6) Produce Better Advertisements

Television advertising was very important.

A lot has changed since then.

Marketers are focused on online strategies.

Specifically, mobile users.

If anything, marketers need to improve.

Augmented reality can play a role here.

As it has a highly immersive nature.

It can transform advertising.

And consumers perceptions.

How can they do this?

Firstly, here is a fact.

Advertising is about telling a story.

Unfortunately, most advertisers make the mistake.

Of recycling.

Old strategies.

That used to work.

This is an issue.

Because what worked before.

Doesn’t always work today.

In fact.

Consumers are changing.

Now, they want brand experience.

Connection is everything.

They key to this is emotional connection.

It is also one of augmented reality advantages.

Without this.

Brands will not gain much success.

Real Life Application: Coca-Cola

Let’s take a look.

At how Coca-Cola did it.

In 2013.

Coca-Cola partnered with World Wildlife Fund (WWF).

Through this partnership.

They want to bring awareness.

To the impacts of global warming on wildlife.

It all started when.

Visitors walked into a room.

Upon entering.

A family of polar bear was there.

Enjoying themselves.

The visitors were happy.

Then, the ice started breaking.

Want to see what happened next?

Watch for yourself.

The message is simple.

Global warming affects wildlife.

But people won’t have compassion.

Unless it feels personal.

Coca-Cola achieved their goal.

To educate people.

About global warming impacts.

By using augmented reality.

People witness how it affects animals.

A powerful emotional connection is created.

They also successfully gained.

Augmented reality advantages.

Ultimately, it sparks actions.

7) Increase Productivity of Workforce

Every company aims to be successful.

To do so.

Follow these three values.

Culture, process and technology.

Among all these values.

Companies always overlook technology.

In fact, businesses have this mindset.

What worked in the past.

Will still work today.

Therefore, companies need to realize this.

Technology has power.

It can change a business.

With it, a business can withstand many things.

With technology.

One of the technology.

We’ve seen in the past.

Is the mobile trend.

Undoubtedly, it has changed the workforce.

For good.

But is that all?

Today, the future of work is changing.

Three main technologies will lead the future.

Firstly, augmented reality.

Secondly, virtual reality.

Thirdly, artificial intelligence.

With this in mind.

Businesses must reap augmented reality advantages.

Using old ways.

Will not be enough.

In fact, we must change the way we work.

Hence, we must create new ways of working.

For this reason, augmented reality is important.

The health sector is already using this.

Particularly, doctors, nurses and physicians benefit from it.

There are two main things it is improving.

Firstly, information flow.

Secondly, medical reports.

Altogether, a lot of resources can be saved.

Real Life Application: Boeing

Similarly, aviation is also enjoying.

Augmented reality advantages.

Boeing trainees use the technology.

To build mock airplanes.

The result is amazing.

Assembling and efficiency is improved.

The Microsoft HoloLens is also a good tool.

For the workforce.

Employees can receive instructions.

From it.

To do this, users have a few choices.

Firstly, hand movements.

Secondly, head movements.

Thirdly, voice commands.

Ultimate, this creation will change the workforce.

8) Improve Transportation System

The transportation system also has the potential.

To enjoy augmented reality advantages.

Public transport is a good place.

To start.

How can we change it?

By using augmented reality.

It can create a self-support system.

That is efficient.

And can benefit many people.

For example, London is a large city.

With advanced public transport.

It can enjoy augmented reality advantages.

Here is how the technology can be used.

Firstly, point your phone’s camera.

To a subway map.

Then, can see your current location.

Besides, you also can track buses

And trains.

Apart from commuters.

Transport operators also can enjoy.

Augmented reality advantages.

In fact, windshield can be changed.

Into smart glass.

With this.

Transport operators can obtain information.

About traffic, congestion areas and many more.

In the long run.

Augmented reality advantages.

Saves a lot of resources.

This includes cost, time and money.

Furthermore, this technology also can transform a map.

It does this by enabling 3D view.

Users can search for routes they want.

In fact, augmented reality can do wonders.

It can point out bus stations.

Also, it can highlight where they can stop.

In a nutshell, as the world’s transit system.

Becomes bigger.

Augmented technology can play a role.

Ultimately, it will help make.

The system more efficient.

And safer.