Foursquare has launched Pinpoint, a new advertising platform that takes advantage of its 7 billion check-ins and 55 million worldwide users to pull together its data. Yes, Foursquare is about to start making some big (advertising) money.
Also Read: Foursquare Will Help Twitter Pinpoint Your Location
When Foursquare imploded into 2 apps – giving all the check-in action to Swarm – many users thought this was a strange and annoying decision. Down the line, it seems Foursquare already knew data was the right direction to monetise its platform.
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And when it comes to data, Foursquare is BIG: 7 billion check-ins, 70 million tips, 65 million places and 55 million users. Plus, with Foursquare, it is all about making sense of the data. The company is able to build strong relationships between people and places, looking into values such as recency, frequency, loyalty, affinity or lifestyle for example. For brands that means they can target much more than just simple demographics.
So what is Pinpoint really about?
In simple words, Pinpoint is a platform to help advertisers target users based on “the precise places that their audience goes to in the real world.” And it’s not only limited to Foursquare’s apps. They have developed a “verified ecosystem of apps, exchanges and publishers” that advertisers will be able to reach – i.e. it allows advertisers to target all consumers, not only Foursquare users.
Foursquare has already partnered with several brands, including Samsung, AT&T and FedEx, to provide some deep insights on consumers.
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To make it more “visual”, they have released this futuristic video that shows how data is compiled for Starbucks in Mall of America:
So, what do you think? Is that Foursquare’s BIG break?
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