Arizona Hearing Center - June 2020

3 Platforms for Competing Online and Crushing Your Fitness Goals GAME ON!

RISK VS. REWARD How to Handle Loss Aversion in Your Business

Through smartphone apps like Words With Friends and 8 Ball Pool, you can compete against your loved ones from virtually anywhere, and creators in the fitness world have taken notice. Now, a number of virtual fitness programs offer the same level of friendly competition along with the satisfaction of completing your fitness goals. Below are three platforms to get you started!

We’re all afraid of loss: loss of revenue, income, customers. We could make an incredibly long list of the things we'd rather not lose. But it’s not just loss. We’re also afraid of the potential of loss, and that fear overrides our desire to gain something. This is loss aversion, a psychological and economic bias that suggests people would rather not lose something than gain something. It’s not uncommon to see traits of loss aversion among business owners and entrepreneurs. However, successful business owners don’t let the thought of loss aversion deter their success and growth; they’ve figured out how to limit it instead. According to Daniel Kahneman, a 2002 Nobel Prize winner for his work in economic sciences, the biggest thing standing between you and overcoming loss aversion is risk. You accept that every decision you make comes with a measure of risk. Sometimes it’s minor; sometimes it’s not. Your goal is to have confidence in your decision-making, which makes it easier to overcome loss aversion.

Virtual Run Events

With all the excitement of a footrace and no crowd to deal with, Virtual Run Events brings 1-mile, 5K, 10K, half-marathon, and full marathon races to you. Racers choose a distance to run around their neighborhood, on the treadmill, or at the park, and their friends and family compete in the very same races wherever they happen to be. As a bonus, proceeds from a number of these events also support nonprofit organizations. Visit VirtualRunEvents.com to sign up for a race and lace up your shoes wherever you are.

DietBet, StepBet, and RunBet

Looking for a little extra motivation to meet your health and fitness goals? Try involving money and a little friendly competition. DietBet, StepBet, and RunBet ask each user to place monetary bets on their ability to achieve various wellness goals. You can also challenge your friends and family to place bets and stay motivated together. All the money is placed into a pot, and when you complete your goal, you get your money back. Some users say they’ve even made a profit! Search for DietBet, StepBet, and RunBet in your app store and get started.

So how do you increase confidence and reduce your risk in any given decision? The answer is data.

Fitocracy

Let’s say you’re developing a new marketing campaign. It’s going to cost you $10,000 to run for a quarter, but you aren’t confident about how it will perform. Ideally, it brings in $100,000 worth of business, but you did minimal research. You just copied someone else’s campaign you read about online. Your first instinct may be to scrap it because you decide it’s not worth the risk. You aren’t confident in the campaign or the results, so it’s best to spend the $10,000 on a safer campaign or aspect of your business. But what if you ignore that first instinct and do your due diligence? You work together with your marketing expert or department to pull relevant data related to your campaign, like demographics, rate of interest, and deals your competitors are offering. Unless the data suggests otherwise, chances are you launch the campaign. It still comes with risk, but you understand the risk. You have data that shows your investment of $10,000 will bring in business. Confidence is key, and confidence comes from information.

Calling all gamers! This is the fitness platform just for you. Invented by gamers, Fitocracy tracks fitness achievements and rewards users as if they were playing a video game. With quests, badges, and multiplayer gaming options, you’ll be motivated to work hard for your goals. Connect with new online friends or invite your loved ones to join you on Fitocracy. It doesn’t get much better than dueling friends or family in a classic one-on- one wellness competition! Learn more at Fitocracy.com.

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