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Transcript of Foursquare
Users "check-in" at venues and selecting from a list of venues that the application locates nearby
Each check-in awards the user points and sometimes "badges"
A question remains... Why would businesses buy into this site? What is their business model? Foursquare is principally funded by Union Square Ventures, Andreessen Horowitz, and O’Reilly AlphaTech Ventures. The company raised $1.35 million in its Series A and $20 million in its Series B round. But how will they sustain themselves?? "There are a lot of ideas we’re working on," says Dennis Crowley, Foursquare Founder. "We could work with local merchants, get them involved with couponing, or loyalty programs. We’re trying to get advertisers to think the way we do. ‘Hey, liquor sponsor. Why not give users 20 tasks to complete, then some kind of reward? Why not build ad campaigns around [user] experiences?’ We’re also thinking about making our development tools available to brands for monthly fees." What draws customers to ‘check-in’? Foursquare let’s customers "check-in" to a business with their mobile device. Then their location is shared with their friends on Foursquare, Facebook and Twitter. One visitor can introduce hundreds of their friends to your business instantly – and that’s what’s great about Foursquare! After claiming your listing, specials can be added to your location. Specials can consist of anything from gift certificates, free coffee, free t-shirts, gift cards, etc. Businesses can determine how many check-ins are required before the special is offered. Logged Into Site With 8.5 million users,
35,000 new users added per day,
and over 250,000 using the merchant platform... It is a force to be reckoned with. As the location based social networking race heats up, Foursquare will have to innovate and continue to adapt to the marketplace and its demands.