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Foursquare Research

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Submitted By g91720
Words 854
Pages 4
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Purpose
The partnership hopes to engage viewers long after they turn off the television, close their laptops and stop watching Bravo’s TV shows.

How they do it
Bravo would start creating on-air TV promotions telling viewers how to play the Bravo-enhanced features of Foursquare.

Bravo will begin offering Foursquare players “badges” and special prizes when viewers visit more than 500 Bravo locations. The locations will be picked by Bravo to correspond with select Bravo shows including “The Real Housewives,” “The Millionaire Matchmaker,” “Top Chef,” “Kell on Earth,” “Top Chef Masters” and “Shear Genius.”

Zagat deal is interesting in that it goes beyond simply offering food and restaurant recommendations. The service plans to have a weekly web video series entitled “Meet The Mayor” in which they interview the Foursquare “mayor” of a restaurant in their guide. Example: The Foursquare page for the movie Valentine’s Day, those promoting the movie have added 50 “Romantic Tips” around the cities that the movie takes place in.

The new HBO show, How To Make It In America, meanwhile, has four special badges that you can unlock: Culture, Living, Cocktails, and Nightlife. Each of these is obtained by visiting venues from the show.
Another deal that Foursquare recently signed was with Harvard. And Foursquare is also partnering with Conde Nast’s Lucky Magazine to encourage users to check into select stores during New York’s Fashion Week.

Second slide

Crowley: We’re trying to create things that reward people for being more adventurous than they would be. And of course make money.
Work with local merchants; get them involved with couponing, or loyalty programs. They’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.

(1) We’re all about helping you find new ways to explore the city.
(2) We’ll help you meet up with your friends and let you earn points and unlock badges for discovering new places, doing new things and meeting new people.
(3) If you own a bar or restaurant, foursquare can help you find new ways to connect with your customers.

Reward
Foursquare also employs two reward systems for its users. The first group are system-generated rewards such as badges and naming someone "Mayor" of the venue. The badges are awarded based on a certain combination of check-ins. A user becomes a Mayor after accumulating the most check-ins at a venue.

Customer relationship

Customers first come to fulfill a need or a want, but they come back for the service. Sometimes, though, it takes more than just a smile and gratitude. It takes knowing what their customers wants as soon as - or even before - they walk in the door.
The way to do that is with foursquare, which is a relatively new way for people to interact with their peers in today's mobile and socially active environment.
What foursquare does is give the small business owner the ability to read a customer's mind by seeing what they're saying about your business, your competitors, and where they are checking in.

Foursquare is a system that allows users to tell their friends when they've arrived someplace, a venue in foursquare parlance. It can be a grocery store, nightclub, bus stop, or a one-time event, like Raleigh Wide Open 5. Foursquare users can then choose to send the information to their socially linked friends on foursquare itself as well as Facebook and Twitter.
Where it matters for small businesses is when users leave "Tips" or "To-Dos" about the businesses. A "Tip" might be to visit during off-peak times, and a "To-Do" would be to order the spicy dipping sauce with the fried pickles.

As of October 2010, foursquare had over 4 million users worldwide.

Third Slide

How Foursquare make money
Crowley: Well, after the hype cooled down, we went to about 30 VC firms. They all said, “We like what you’re doing, go find a lead investor.” [Several months later in August, Union Square Ventures, O’Reilly AlphaTech and angel investors provided Foursquare with $1.35 million.] At the end of the funding round, they gathered $20M by end of June 2010.
The company plans on making money off of advertisements and revenue sharing arrangements from the businesses that benefit from the service.

Companies
Foursquare does charge for creating a branded landing page and customised badges.

Costs
Employees : 15 people
Including Lead server engineer, product manager, Systems engineer, General manager, director of client services, business development, mobile & partnership, product officer

Equipment: Server, Computers, Internet

Citation http://www.crunchbase.com/company/foursquare http://techcrunch.com/2010/02/08/foursquare-mainstream-deals/ http://techcrunch.com/2010/06/29/foursquare-20-million/ http://www.businessinsider.com/foursquare-plots-its-business-model-2010-2
http://blogs.wsj.com/digits/2009/12/02/foursquare-looks-to-capitalize-on-mobile-social-buzz/?mod=rss_WSJBlog

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