Foursquare is now providing enterprises location intelligence and place insights that are said to be better and more accurate than its competitors. According to CEO Dennis Crowley, “We do this better than anybody else”, because the company has a larger dataset compared to other location-targeting platforms.
Pinpoint is the new advertising platform that will use Foursquare’s first-party data that has been collected for six years from over 50 million users worldwide. Powered by data from the world’s largest database and mapped according to the way mobile devices sees it, advertisers can use it to identify, reach, and measure their audiences based on where they actually go to in the real world.
It also offers easy audience segmentation. Using psychographic data combined with location data delivered by Foursquare, marketers can create scaled custom audiences.
Foursquare has an edge over other competitors of location intelligence platform because it has developed a couple of thousand audience segments that give marketers tools to target ads through exchanges, according to Crowley. The company’s varied ecosystem of exchanges, apps, and publishers also allow audience reach beyond users of Foursquare.
Ads are also provided with location/offline attribution even if they are shown on computers. 80% of location data seen from exchanges that are of poor quality, inaccurate, and unreliable are also discarded and disregarded. Foursquare also plans to partner with third parties to increase its existing location data set.
For years, many mobile marketing companies have difficulties sifting through highly populated business locations and acquiring accurate data on location intelligence. But Crowley asserts that their platform has the ability to help marketers quickly and precisely disambiguate business locations.
After all, the company has the advantage of first-party data, while other organisations are simply drafting off data from other sources. Most of them rely on data collected from ad calls that are often unreliable where accuracy is concerned.
Foursquare works directly with advertisers. Media buying is also done through exchanges, both on mobile and desktop, which is then later measured for offline actions after exposure of ads to target market. This platform is distinct from models used in selling ads to local bars and restaurants.
Some of the leading brands that are now using Pinpoint are AT&T, Coors Light, FedEx and Samsung.
Foursquare started as a social “check-in” app, then later became Yelp’s biggest competitor. The company is also monetising on location-data licensing, where data is based on visitations and movements in real world stores. Data is then sold to banks, commercial real-estate interests, or hedge funds, which is then used to determine a business’s credit-worthiness based on patterns of foot traffic.