Despite the fact that only about 5% of adults use check-in services, Foursquare has high hopes for its future. With the pending updates for promotional specials, the check-in giant hopes to add followers and help merchants and their customers connect in a more profitable way. Mashable has an update:
Foursquare is planning a new way to make money from its 20-milllion strong, location-sharing network.
The company will launch a redesigned app in July that allows merchants to buy placement for their promotions, Foursquare cofounder and CEO Dennis Crowley told The Wall Street Journal in an interview.
Foursquare already allows businesses to use the platform to promote specials on their own venue pages. What Crowley has in mind is a bit different.
“We’ll essentially be offering promoted placement of specials within our redesigned app, targeted using the same technology that powers Explore, and some other premium features,” a Foursquare spokesperson tells Mashable.
To redeem the specials, users will still need to check in.
“We’re getting really good at connecting people with places, and connecting those places with people,” Crowley said in the interview. “Instead of serving up places we think you might be interested in, we can do the same things for businesses, and [tell them] these are the folks that are most likely to come here, based upon their check-in habits, based upon the places they’ve been to and their friends have been.”
Crowley also described a new product that will guide users to places that they or their friends have been to once they arrive in a city.