When it comes to virtual connecting and networking we are back at the playground my friends. Ferociously bbm'in' down the street you bump into an older man and nearly knock him over. You scan your watch again wishing you had left 15 minutes earlier and now at the last minute you realize...where am I going? Ahh, what email had the directions? Should you just ask for directions? No friends are messaging back. Foursquare is here to help. Suddenly you look down at your palm, there is a map and your three friends have arrived. With the Foursquare app on iPhone or Blackberry or even using a basic texting version on any cell phone you have the bar location, you know who's there, what they are drinking, thinking and what the scene is like (assuming your friends have checked in). So what are Four Square's other objectives? Is this a 'jacked' version of Twitter?
At the end of March, Foursquare inked a deal with MTV and VH1 to promote their shows and cast members. Foursquare already struck a deal with Bravo TV. Warner Bros, Marc Jacobs, Zagat, Conde Nast are on board as well, they have a dream team of clients. Celebrities may share their location with their inner circle or their entire fan base. Are these deals supposed to really entice users? Definitely, the power of suggestion well is powerful and CEO Dennis Crowley is moving early for market share. In less than a year since inception Foursquare has managed to get major company attention and sign on 300,000 users. It is incredible, the power of plugging in to the right networks. The Foursquare team is a master of the original game. MTV and VH1 may realize Foursquare does more to damage their up and coming shows as everyone will be too busy to watch as they are out shopping dining, and bar hopping, celebs included.
Apart from helping hip Music Channels turned mega brands, celebs, local spots, and even common folks what's in it for Foursquare? The company's answer to everyone's burning question is YES, we are generating revenue! No profits yet but in its first year revs are positive, positive is good. Some of the established corporate deals had dollar figures attached while others are more experimental in nature. Foursquare seems focused on product delivery initially but already is building a tiered service plan appealing at one level to small businesses, another level aimed at retail chains and a third targeting large marketers. With deals in place Foursquare would look to offer packages to clients including web ads, clicks, and searches. As for users a small check-in cost could be the future.
The team at Foursquare as noted is a fastidious one, but what seems more powerful is the world's receptiveness to them, especially with respect to brand recognition and participation. The companies that have already have agreements with Foursquare are industry leaders and this is why. The companies are proactively searching for new revenue streams and ways to strengthen and develop relationships with customers by at the very least KNOWING where their customers frequent. The companies are tuned in and not afraid to try new things and move first.
Foursquare vs Twitter. Foursquare has added bonuses of GPS, business promotion and backing on all levels, and don't forget the self-titles, does this mean the end of Twitter? When people begin asking the difference between two services it means a showdown and the one with more allies will probably win.
My final question...where are Ashton and Demi?? They have been fearless, market leaders Tweeting to death but do they have the stomach for a GPS app? Will they mind arriving on the scene where there is already a Mayor?
1 comment:
Wow... you are a gifted writer! Seriously, I spent a great time reading your post. You could have been more specific on how "some of the agreements had dollars attached", but in any case, your analysis is very good and your communication skills are superb! Great job!
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