As advertisers, it’s our job to know the latest techniques and mediums to reach audiences. Part of this requires us to know some of the latest technological advancements and whether they are related to advertising or not.

You may have heard the terms “Augmented Reality” recently. Augmented reality (AR) is defined as an artificial environment created through the combination of real-world and computer-generated data. In simpler terms, imagine you are taking a photo or video with your phone. As you pan across the scenery in front of you, overplayed images or markers can pop-up on the screen, thereby augmenting the reality.

So what practical use does augmented reality have? For one it’d be a great tool while driving. No, not augmenting via phone while you drive, but having the windshield of your car augment reality. To get a better idea of what this would entail check out the video below.

As you can see, augmented reality is an advanced, yet precise, technology. You might be a little apprehensive to trust sensors when driving your car. However, AR is being used in other ways that are not so monumental. For instance, various mobile games are being released that use the world in front of you to create the landscape for the game.

Now for the tricky part. How can advertisers take advantage of such a useful technology? One area that sticks out is real estate (the housing market could really use a break right now). The video below shows one of the first apps based on AR that was developed for the consumer market. Basically it uses both AR and GPS to allow you to pan across the landscape and discover available housing. While initially its uses may be minimal, as AR develops we’ll probably see more and more areas where it’s applicable.

Augmented Reality might just be the best thing that has ever happened to Plain Old Regular Reality.

What is it? I’m sure by now you’ve seen Google Earth. You were probably amazed by how you can browse different parts of the globe and see detailed information simply by clicking on icons in it’s 3D topographical view. Augmented Reality uses that same principle, but applies it to the real world by using the camera on your Android Phone (coming soon to iPhone) as a lens — live in real time. An application called World Browser from a small company called Wikitude overlays information on available points of interest or landmarks simply by pointing the camera at it. Your smartphone becomes a realtime docent, a guide, Rick Steves in the palm of your hand.

If that isn’t cool enough Wikitude’s World Browser can also display live 3D renderings of things that aren’t there. For example, the World Trade Centers (video below). Philipp Breuss-Schneeweis, founder and CEO at Mobilizy, an Austrian tech firm, was in New York on 9/11 and feels a personal connection to the Towers. In remembrance, Mobilizy has created ghostly towers that rise up from the real Ground Zero in New York. Here it’s used as a haunting virtual memorial, but I’m sure you can imagine how this technology would help builders, architects, city officials and others view what a building or structure would look like in a specific space. The possibilities are endless. From incorporating social network data, geo-tagging, gaming and more.