The location-based application has managed to strip the fat out of other location-aware mobile ideas, find just the right formula for encouraging check-ins, and hit at the right time. Now, they're sitting pretty with funding and a trajectory that resembles Twitter's rise to glory.
Foursquare, however, isn't wasting any time on monetizing and has just beat Twitter to the business services market. Today marks the launch of their beta advertising platform — Foursquare for Businesses — designed to provide retailers with an opportunity to highlight specials to Foursquare users who check-in nearby and get data based on the location-based campaigns.
It's absolutely genius and here's why. Say you're out and about grabbing your morning coffee. You check-in to get your points and Foursquare shows you one of several possible deals: a special mayor offer for the location you're at, a special mayor offer for a location nearby, or nearby check-in discounts. As is the case with Tasti D-Lite, a check-in will net you a pretty nice discount that other customers aren't privy to.
In return, businesses like Tasti D-Lite will be able to gain insight into total check-ins, deals redeemed, who's visiting, how often, where they're coming from, and where they're going next. In fact, BJ Emerson, Director of Information and Social Technologies for Tasti D-Lite, is a big fan of the beta program and believes "the potential for us to engage in this way is huge. I believe the potential analytics related to this could make for the most effective localized campaign creation."