In commerce 101 our class talk about how many companies are jumping on the social media bandwagon to promote and sell their products. Companies are using everything from Facebook and twitter to viral advertising campaigns on YouTube to create interest and hype for the company. While social media has it’s obvious benefits it also has it’s drawbacks and is extremely difficult to tell how effective their online marketing is. That was the case up until recently when the company Foursquare developed a new kind of Social Media
Foursquare is an application for handheld devices that allows you to see what places your friends are visiting and see tips and reviews about that place from other users. When you arrive you use your phone to “check in” and are rewarded with badges, points or mayor-ship for your location. Foursquare recognizes where you are from your phones GPS whether it’s a park, mall restaurant or bar. This is a valuable tool and many companies are starting to offer foursquare discounts and special offers to people who check in multiple times. Many big name companies such as Pepsi and Safeway are making “check in” marketing campaigns to reward customer loyalty and monitor consumer behaviour. This is extremely beneficial as it will show direct correlation between social media advertising and the resulting sales.
In the upcoming years I think we can expect social media like Foursquare to continue to grow and become a valuable marketing tool.
For more info check out Foursquares site