Foursquare has been living in the social media spotlight. Sure, it is fun for users; you virtually check-in at certain venues across your city and receive digital badges and accolades for frequenting select spots. But, what do businesses have to gain from Foursquare? What business model will this new chosen one of social media show us in 2010 that will solidify it as a digital tool and not just a trending topic?
Among the best recent news out of 4sq headquarters is the announcement of global domination. Though the game was once restricted to specific cities with numerous venues within each, you can now check-in from any location across the world, and any venue in any location is fair game. This global awakening is just the first step in providing access to millions of businesses’ who couldn’t reach users before.
No venues? No problem! In 2009, 4sq partnered with Motorola for its CLIQ and DROID parties. When the party elite arrived at New York City's Morimoto restaurant and pulled out their gadget of choice to check-in, they were greeted with a Foursquare surprise! Upon check-in, they received a special message encouraging them to tweet with a suggested hashtag and giving a few lines of info on the party. Though Foursquare has made it's rounds encouraging venues to offer incentives and deals, in terms of temporary events, this was a first. And, by enabling this check-in, Foursquare made it easy for bloggers and microbloggers to share information from this event.
Also on the horizon for the GPS based app, don't be surprised if you see Facebook-like fan or business profiles. Though every Foursquare user is provided with a profile, A venue could potentially work with the company to create branded top user and mayor lists, incentives clubs, and daily specials. Brooklyn Museum, for example, is one of the first company's to use this model by providing a great to-do list for museum go-ers and locals interested in arts and culture. The online savvy hot-spot lists staff picks in the area and links to a mobile site where users can find out more about the art on display.Effectively, you would check-in upon arrival to the museum, via Foursquare, click over to the mobile site to browse the galleries, and click back over to the staff picks list when it's time to head to dinner. Pretty effective planning on the part of the museum.
With the many incentives Foursquare can create to draw new business, locate where patrons visit the most, and entice frequent trips, this start up has definitely proven its worth in terms of a steady business plan. Though they are closely related, and often thought of as a predecessor of Twitter, I wouldn't expect a Twitter-like wait for this business model to become mainstream. Though some of these initiatives are still in beta or early form, they are paving a path for future business models, as well
