Foursquare Introduces Business Analytics

Foursquare, a location-based social network, has recieved its share of crticism from Mobile Local Social in the past weeks due to security and privacy concerns. See:

• 8 Things Stalkers, Burglars and Psycho Ex’s Love about Social Media
• Please Rob Me – Location Based Social Networking Burglary 
• Now We Need to be Afraid to Use Geolocation Services????

However, one very valid benefit to businesses is to know who comes to your place of business and how frequently.  Up until now, this wasn’t an option for business owners.

Foursquare plans to distribute a free analytics tool and dashboard in the coming weeks that will give business owners access to a range of information and statistics about their business visitors.

Tristan Walker, director of business development at Foursquare, said that the latest features were intended to help local merchants run their stores by giving them more information about their customers.

“We’re trying to give businesses more retention with current customers and the ability to add new customers with specials,” said Mr. Walker.

With the new tool, businesses will be able to see a range of real-time data about Foursquare usage, including who has “checked in” to the place via Foursquare, when they arrived, the male-to-female customer ratio and which times of day are more active for certain customers. Business owners will also be able to offer instant promotions to try to engage new customers and keep current ones.

“If a restaurant can see one of its loyal customers has dropped off the map and is no longer checking in, the owner could offer them incentives to come back,” said Mr. Walker.

This is a great way for local businesses to take advantage of web 2.0 information on their clientèle, allowing them to offer strategic offers. With the influx of mobile smartphones, this is surely something to keep an eye on.

[Via NYT]