A social person, I like to dine out with friends to enjoy their company and coupled with great food, I could not ask for anything more satisfying. While meeting up with a good friend, he pulled out his iPhone 4 (I stared in envy because I have the iPhone 3Gs), he accessed one folder of applications and utilized Foursquare to check into the restaurant at which we met. As a result, we began to talk about the benefits of such a new social media and I began to think (scary, I know).
What is the future of this innovation? Currently, users can check into their destination, linking it to other social media networks such as Facebook and Twitter. A person can be appointed as the mayor of a location or be ousted from their mayoral position. Healthy competition is good, so this relatively new application has been gaining buzz. Yes, it is fun and good methods for free advertising in localized social networks, which can boost brand awareness – but can it do more?
My answer – YES. Companies that wish to gain brand loyalty can incorporate this technology into their rewards programs by awarding points to their customers for visiting their store or partnered businesses. This incentive could be more successful if Foursquare users decided to which program points would be sent.
Foursquare could also give companies demographic insight regarding consumer attitudes, purchase intentions, shopping preferences, etc. based on the types of places they check into. By gaining insight about consumer preferences, Foursquare could customize advertisements and suggestions to users that relate to previous check-ins. As a result, Foursquare could increase their portfolio by creating a Research and Development division to provide companies with consumer insight.
After dozing off for a second, I realized that my friend had not skipped a beat with our conversation. We continued to discuss the applications that we think will impact our society when it has come to fruition. I have to say, though I gazed off in thought a little, I DID enjoy the company of my friend and the amazing food.


