(Time to read this Blog is about 3 minutes)

Before we get to the main topic, here are a few things to get you thinking or smiling:

1. My Biz Quote of the week:
   “Your hobby can become a business…but your business should never, ever, become your hobby.”          
   …Donald Cooper.
    
2. Quick Biz Tip:
   A quick tip to improve customer retention:  
   Whatever product or service your sell, always be there for them with a product, a service, or a recommendation.
     
   Here’s an example to illustrate the point. If you’re an HVAC (Heating & Air Conditioning) Contractor in an area like Canada where most homes have ducted air movement systems, keeping those ducts clean is important to the efficiency of the system and the health of the building’s occupants.
    
   Your choices as an HVAC Contractor would be to include Duct Cleaning in your service offering…or to search out, check out and recommend 2 or 3 top-notch Duct Cleaners that your customers can trust.
    
   In general, Duct Cleaners are one of the least trusted service providers.  We constantly get telephone solicitations from these folks…and many of them are scammers.  So, as home-owners, or commercial building owners, we’re stressed and confused.  This is a huge  opportunity for my trusted HVAC contractor to offer the service, or coach me on who can be trusted.  This is how lasting relationships are built.
    
   What are your target customers stressed or confused about and how will you build relationships and grow your bottom line by being there for them with a product, a service…or a recommendation?
    
3. Canada’s ‘Happiness Score’.  In a recent global study of the world’s happiest people, ranked by country, Canada scored 15^th  Finland was #1 – The USA was #23 and Afghanistan came in dead last.
    
   But, when we look at the Canadian numbers in more detail, we see a shocking difference between age groups.  Canadians over the age of 60 scored 8^th globally on the ‘Happiness List’, while Canadians under 30 scored way down the list at #58.  I don’t know why there’s such a difference.  If you have any thoughts, I’d love to hear them.
4. Fun fact. 75% of the earth’s population has no postal address.

Now, to this week’s important topic:

A few thoughts about AI from a guy who knows very little about AI:

I’ve been told that I should write an article about AI and Chat GPT, or I’ll look old and irrelevant.  The problem is that I know squat about this stuff, other than it’s very important and will change how we do most things in our business and our lives.  There are many experts on this topic who are much more qualified, relevant and helpful than I could ever be about the specifics of AI. 

It’s always useful to start with a definition so that we’re all talking about the same thing.  Artificial Intelligence is technology that enables computers and machines to simulate human intelligence and problem-solving capabilities but with the major advantage that AI can process large amounts of data very quickly in ways that humans cannot. 

My one big observation about AI from ‘the sidelines’ is that when most people talk about AI, they talk about Chat GPT’s ability to write articles, ads or stories and generate graphic art and music that will greatly affect journalists, advertising people, artists and musicians.  And, of course there’s the very real concern that AI is being used to create deep fakes and outright frauds.  It will become more and more difficult to know what the truth actually is.  I fear that we’re approaching a time in our society when ‘the truth’ will become whatever is the most frequently and convincingly told lie.  

AI will revolutionize how research and the creative process are done; how products are designed, manufactured and used; how inventory is managed and how logistics and transportation function; how we teach and learn; how health care is delivered; how banking and investing are done; how every process and administrative job is done and how every Brand responds to and interacts with its target customers. 

But AI is not a cure-all. For example, Amazon is dropping its ‘Just Walk Out’ no-contact check-out AI system at its Amazon Fresh grocery stores in the USA.  The system was supposed to let users scan their credit cards as they enter, grab the items they want and simply walk out of the store without having to wait for a cashier.  The charge would then show up on their next Credit Card billing.

Amazon’s system never worked quite as well as it was supposed to.  70% of ‘Just Walk Out’ transactions required assistance from a team of about 1,000 off-site human assistants in India, showing just how much behind-the-scenes manpower can go into ‘automated’ systems.

However, I suggest that you make it a top priority for 2024 to learn more about how Artificial Intelligence will affect every aspect of your industry and your business…because it will.  Who will be your AI expert / hero? 

That’s it for this week…

Stay safe…live brilliantly!       

Donald Cooper 

Donald Cooper speaks and coaches internationally on management, marketing, and profitability.  He can be reached by email at donald@donaldcooper.com in Toronto, Canada.