On March 20, Foursquare officially unveiled Foursquare Analytics, which Foursquare describes as “Google Analytics, but for the real world.” Foursquare Analytics consists of a dashboard that businesses may use to better understand consumer behavior at brick-and-mortar locations. According to Mike Harkey, vice president of business development at Foursquare, the dashboard can help businesses ranging from retailers to restaurants improve their location marketing by getting insight such as why sales drop or increase in different locations and who their best customers are — all based on information that Foursquare collects from consumers’ smartphones as they check in and out of locations.
For example, Foursquare can tell TJ Maxx that 5 percent of the retailer’s shoppers visit TJ Maxx locations about every other week, and eight out of 10 shoppers visited TJ Maxx two times or more in the past 12 months. The high-frequency shoppers were responsible for 40 percent of TJ Maxx’s foot traffic in February, which represented a 30 percent increase over February 2016. Foursquare has been working with businesses such as Equinox, H&M, Taco Bell, and TGI Fridays to test the dashboard.
Our take: the rollout of Foursquare Analytics is not surprising. The only real surprise is that Foursquare didn’t launch the dashboard sooner. Foursquare has been actively mining its 93 million mapped locations to position itself as a location data powerhouse to businesses for the past few years. For example, in 2015, Foursquare launched Pinpoint, which uses consumers’ location data to help businesses create more targeted advertising to consumers. Among many other developments, Foursquare has also developed relationships with businesses such as OpenTable and Uber to make it easier for users of those apps to book rides and dinner reservations with businesses that are on Foursquare.
Foursquare is one of the “data amplifiers,” a term that SIM Partners coined to describe the data aggregators (such as Acxiom, Factual, Infogroup, and Neustar) and publishers (such as Apple, Bing, Foursquare, Google, and Yelp) that share a business’s location data across the digital world, where people conduct “near me” searches. As noted in a recent Search Engine Land column, data amplifiers are important to any business with a brick-and-mortar location because amplifiers wield a disproportionate amount of influence. When a data amplifier such as Foursquare possesses accurate location data for your business, you enjoy a ripple effect as Foursquare shares your data with more customers than a second-tier directory could ever reach.
Our advice to brands: invest your time and effort building relationships with data amplifiers instead of paying to have your location data directly managed on tier-two directories. Foursquare is one of those amplifiers. Clearly, its future is not about check-ins but about data. SIM Partners maintains relationships with all data amplifiers. We are in a position to help you publish data more efficiently on these platforms. Contact us to get started.