Location check-in app Foursquare just introduced Pinpoint. It’s an ad platform that targets consumers based on where they actually go and builds user profiles with the data it gathers. Foursquare co-founder and CEO Dennis Crowley said, “We want to help solve the problem of how to connect users from the digital to the physical store.”
The Pinpoint website describes the newly launched platform as a “full-service advertising solution powered by the world’s most accurate location intelligence available.” Pinpoint utilizes Foursquare’s first-party location intelligence as well as third-party GPS information from other apps and publishers. By slicing and dicing raw data Pinpoint identifies consumer behaviors. This adds context and clarity to the mass of data.
“Foursquare helps you find places you’ll love, anywhere in the world,” as the tagline goes. Forty-five million registered users seem to agree and swear by this check-in app. Foursquare also helps digital advertisers zero in on (or, pinpoint) location, the Holy Grail of mobile advertising. Using the Pinpoint platform advertisers target Foursquare and non-Foursquare users based on where they have been. The service is not limited to Foursquare apps alone, an important point.
Foursquare should soon be able to sell ads across “a verified ecosystem of apps, exchanges and publishers”, according to a company statement. This means that in all likelihood the local search app will partner with third parties, augmenting what is already an enviable location database.
Advertisers go to Foursquare for decision-grade data based on real-time user check-ins and movement. This is bound to add more impact to online advertising and drive more in-store sales. Advertisers can identify the best neighborhoods that have the best customers for specific products or services and accurately target digital advertising in those particular neighborhoods to drive higher demand, conversions and a better return on advertising spends.
At Position2 we call this business intelligence powered by decision-grade marketing and sales data.