The Marketing mix of Foursquare analyses the 7Ps of Foursquare, which includes the Product, Price, Place, Promotion, People, Physical Evidence, and Process of Foursquare. Foursquare is a social networking portal associated with checks in the media and entertainment business sector. It is the first mobile phone app created in 2008 but was launched in the market in 2009 by its founders, Naveen Selvadurai and Dennis Crowley.
The company has targeted a growing breed of internet users as its target audience of customers interested in networking websites, events, and platforms. By the end of 2013, registered users of the free Foursquare app were nearly forty-five million, with fifty percent of users living outside the United States. Some of its main competitors are as follows-
- Type: Public Company
- Industry: Location intelligence
- Founded: March 11, 2009
- Founder: Dennis Crowley and Naveen Selvadurai
- Headquarters: New York, U.S.
- Area served: Worldwide
- Key people: Naveen Selvadurai, Chairman and CEO
- Number of employees: 550+
Table of Contents
Foursquare Product Strategy
Foursquare is projected as a location-based search and social website that offers access to specific locations through free mobile applications. The search-and-discovery service was built to detect the person’s location and the user.
This technology company has, for many businesses, been building business solutions and consumer experiences using location intelligence. It has two mobile apps for this purpose, Swarm and Foursquare, and advertising and enterprise tools. Some of its vital features are as follows-
- Foursquare 8.0 was launched in 2014 for Android and iOS devices. It has changed its previous focus to become a local tool of discovery and search.
- It has “Pilgrim,” a proprietary technology for detecting the user’s location with the help of cellular signal strength, cell-tower triangulation, and present GPS signal.
- An important feature is the “Here” tab, which displays the current location and a “Check-in-Button.”
- The app helps its users search the surrounding areas for places of interest like shops, nightlife spots, and restaurants. One has to enter the location’s name if searching for other areas. Personalized recommendations are displayed on the app based on various factors like place and time.
- Foursquare encourages writing short messages called “Tips” about a location. Tips have a maximum of two hundred characters and can incorporate URLs and photos. It expires after a particular time or on a set date. Users can like or save Tips.
- Foursquare City Guide: This is a mobile app that provides location-based recommendations and reviews for restaurants, bars, shops, and other businesses. Users can explore cities, discover new places, and leave reviews and tips.
- Swarm: Swarm is another mobile app developed by Foursquare. It focuses on social check-ins and location sharing, allowing users to let friends know where they are and earn rewards for their check-ins.
- Foursquare for Business: Foursquare offers location-based marketing and analytics tools for businesses. This product helps companies leverage location data for advertising, customer engagement, and understanding consumer behavior.
- Pilgrim SDK: Foursquare’s Pilgrim SDK is a software development kit that allows developers to integrate location-based features into their mobile apps. It provides geofencing, venue detection, and other location services.
- Foursquare Places API: The Places API provides access to Foursquare’s vast database of location information, allowing developers to incorporate location-based data into their applications and services.
- Foursquare Analytics: Foursquare offers location analytics and insights to businesses, helping them understand foot traffic patterns, customer demographics, and other location-related data.
Foursquare Pricing Strategy
Foursquare is funded by several investors like Silver Lake Waterman, SMALLCAP World Fund, O’Reilly Alpha Tech Ventures, DFJ Growth, Spark Capital, Morgan Stanley, and Union Square Ventures. The company also offers advantageous deals like “mystery shopper” for additional savings. It deals with several companies that reward loyalty and check-in special employee tips and call-ins through Foursquare.
The company recently launched and wanted to increase awareness and make further inroads; hence, it adopted a penetration and reasonable pricing policy to increase awareness and make its products pocket-friendly.
Here’s an analysis of Foursquare’s price strategy:
- Tiered Pricing: Foursquare adopts a tiered pricing approach, providing various subscription levels to businesses based on their size, location needs, and specific marketing objectives. This tiered structure ensures scalability and customization, allowing businesses to choose the plan that aligns with their budget and goals.
- Value-Based Pricing: Foursquare’s pricing is closely tied to its business value. The more comprehensive the services and insights provided, the higher the price. This approach justifies the cost by emphasizing the actionable location intelligence and marketing benefits delivered to clients.
- Custom Solutions: For larger enterprises and organizations with unique needs, Foursquare may offer custom pricing packages. This flexibility allows Foursquare to accommodate the individual requirements of significant clients and establish long-term partnerships.
- Free Access with Upsell Opportunities: Foursquare often provides free access to its platform with limited features, allowing businesses to experience its value before committing to a paid plan. This freemium model encourages user adoption and upsells by showcasing the potential benefits of premium features.
- Data Monetization: Foursquare also monetizes its location data by licensing it to various industries, including real estate, advertising, and urban planning. This additional revenue stream enables Foursquare to diversify its income sources while offering valuable location insights to a broader range of sectors.
Foursquare Place Strategy
Foursquare serves a worldwide area and headquarters in New York City in the United States. Foursquare is a mobile app for discovering new places and works on the recommendation of a trusted community. It is available for Windows Phone, Android Devices, and iOS. Several other local updates and mobile app updates are available local updates for applications like Windows 8, Blackberry, PlayStation Vita, Bada, Windows Phone, Maemo, WebOS, MeeGo, Series 40, and Symbian.
Users can use mobile browsers to access Foursquare, but users of feature phones must manually search instead of using GPS. At its onset, Foursquare was available in one hundred metro cities worldwide. Still, by the following business year, it had changed its business model to make the search and check-in possible from any global location.
Here are five key aspects of Foursquare’s place strategy:
- Global Digital Reach: Foursquare’s core platforms, City Guide and Swarm, are accessible globally via mobile apps. This ensures that users worldwide can access location-based recommendations and social check-in features.
- Partnerships with Businesses: Foursquare collaborates with businesses to offer location-based marketing solutions and analytics, enabling companies to optimize their physical locations and engage with customers effectively.
- Developer Integration: Foursquare’s Pilgrim SDK and Places API allow developers to integrate Foursquare’s location intelligence into their applications, extending the reach of Foursquare’s services to a wide range of third-party apps and platforms.
- Local Business Engagement: Foursquare actively engages with local businesses, encouraging them to claim their listings, respond to user reviews, and use Foursquare’s tools for promoting their establishments and understanding customer foot traffic.
- Data Insights: Foursquare’s location data and analytics services provide businesses with valuable insights into consumer behavior and trends, helping them make informed decisions about their physical locations and marketing strategies.
Foursquare Promotion Strategy
Foursquare realizes the advantages of a serious business owner and a good marketing policy. It has adopted several tools to create a mark on social media and networking sites. In 2010, a commercial partnership deal was formed with the New York Times, Conde Nast, and Bravo to offer helpful tips and new badges to its users. In 2011, it made a promotional deal with American Express that provided direct discounts to account holders of American Express cards by simply checking in with sharing vendors.
President Barrack Obama of the United States joined Foursquare in 2011 on August 8, and it was a vast promotional booster for the company’s business app. Foursquare made a deal with the London Olympics 2012 and allowed users to check in to many locations and events in and around the Olympics venue.
Foursquare’s promotion strategy focuses on:
- Digital Marketing: Leveraging digital channels and social media platforms to engage with users and showcase the value of its location-based services.
- Business Partnerships: Collaborating with businesses to promote location-based marketing solutions, highlighting case studies and success stories to attract new clients.
- Thought Leadership: Establishing itself as a thought leader in location intelligence by publishing industry insights research reports and participating in relevant conferences and events to enhance brand credibility and visibility.
Some Recent Video ads and Print ads of Foursquare are:
Foursquare People Strategy
In the context of Foursquare’s service marketing mix, “People” refers to both the internal and external human elements that contribute to the delivery and perception of the service. For Foursquare, a technology company known for its location data and intelligence platform, “People” encompasses various roles and interactions. Here are several key points regarding the “People” aspect of Foursquare:
- Highly Skilled Workforce: Foursquare’s success relies on the expertise and skills of its workforce, including software engineers, data scientists, product designers, and marketers. These professionals work together to develop and enhance Foursquare’s offerings, ensuring they remain innovative and competitive.
- Customer Support and Success Teams: These are crucial to maintaining customer satisfaction and loyalty. They support and guide users and businesses leveraging Foursquare’s platforms, resolving issues and optimizing their experience.
- Sales and Business Development Teams: These teams are essential for establishing partnerships and securing deals with businesses and advertisers. Their ability to understand and communicate the value of Foursquare’s data and marketing solutions is critical for the company’s revenue growth.
- User Community: The active engagement of Foursquare’s user community, including both individual users and businesses, is fundamental to the service’s value. Users contribute by adding and updating location information, writing reviews, and engaging with the platform, enhancing overall data quality and service utility.
- Leadership and Vision: The strategic direction and vision provided by Foursquare’s leadership team, including its founders, CEO, and executive board, guide the company’s growth and adaptation to market changes. Their decisions impact the development of products, company culture, and stakeholder relationships.
- Training and Development: Ongoing employee training and professional development opportunities ensure that the team remains at the forefront of technology and service trends. This investment in human capital enhances the innovation and effectiveness of Foursquare’s offerings.
- Company Culture and Values: The culture within Foursquare, shaped by its values and practices, influences employee engagement, collaboration, and innovation. A positive and inclusive workplace environment contributes to higher productivity and employee retention, impacting the quality of service delivered to users and clients.
- Engagement with Developers and Tech Community: Through APIs, developer tools, and open forums, Foursquare engages with the broader technology community. This collaboration can lead to innovative uses of Foursquare’s data and platforms, expanding its applications and utility.
Foursquare Process Strategy
The “Process” element of the service marketing mix refers to the methods and procedures a company uses to deliver its services efficiently and effectively to customers. For Foursquare, which specializes in location data and intelligence services, the process aspect is crucial for maintaining the quality of its offerings and ensuring customer satisfaction. Here are several key points regarding Foursquare’s process:
- Data Collection and Management: Foursquare’s process involves sophisticated data collection techniques, including crowdsourcing and partnerships, to gather extensive location data. This data is then managed and analyzed using advanced algorithms to ensure accuracy and relevancy for users and businesses.
- User Experience Design: The design and development of Foursquare’s applications and platforms focus on user experience, ensuring ease of use, engaging interfaces, and seamless navigation. This involves continuous user testing and feedback incorporation into the development cycle.
- Privacy and Security Measures: Foursquare implements strict privacy policies and security measures to protect user data. The process includes data encryption, anonymization techniques, and compliance with data protection regulations, ensuring users’ privacy and building trust.
- Service Customization and Personalization: Foursquare uses algorithms to personalize user experiences, offering tailored recommendations and location insights based on individual preferences and behavior. This process enhances user engagement and satisfaction.
- Quality Assurance and Continuous Improvement: Regular monitoring and testing of the services ensure high-quality and reliable offerings. Foursquare’s process includes gathering user feedback, monitoring performance metrics, and implementing improvements based on data analysis.
- Integration and API Management: Foursquare offers APIs that allow businesses and developers to integrate their location data and services into their applications. The process involves providing comprehensive documentation, tools for easy integration, and support for developers.
- Partnership Development and Management: Establishing and maintaining partnerships with businesses, app developers, and advertisers is part of Foursquare’s process. This includes negotiation, collaboration, and ongoing management of partnerships to expand its service offerings and reach.
- Marketing and Communication Strategy: Foursquare’s process includes targeted marketing and communication strategies to reach potential users and businesses. This involves content marketing, social media engagement, and personalized email campaigns to educate and attract customers.
- Customer Support and Relationship Management: Providing timely and effective customer support is a critical process for Foursquare. This includes multi-channel support systems (e.g., email, chat, social media) and a knowledge base for self-service, ensuring customer issues and inquiries are addressed promptly.
- Innovation and Research: Foursquare invests in research and development to innovate and continuously improve its services. The process involves exploring new technologies, conducting market research, and developing new features and services to meet evolving user needs.
Foursquare Physical Evidence Strategy
Physical evidence in the service marketing mix refers to the tangible and intangible elements that help customers evaluate and experience the service. For Foursquare, a digital platform specializing in location intelligence and data services, physical evidence may be content creation that does not involve traditional physical assets but includes various elements contributing to its perceived value and credibility. Here are several key points regarding the physical evidence of Foursquare:
- Website and Mobile Applications: The design, usability, and functionality of Foursquare’s website and mobile apps serve as primary physical evidence. Their appearance, ease of navigation, and the quality of the user interface directly influence user perceptions and satisfaction.
- Brand Identity: Foursquare’s logo, color scheme, and overall brand design across its digital assets and marketing materials create a recognizable identity. This visual branding helps to establish trust and recall value among users and clients.
- User Testimonials and Reviews: Testimonials, case studies, and reviews from users and businesses benefiting from Foursquare’s services are evidence of its effectiveness and value. These are often featured on the company’s website and promotional materials.
- Data Visualization and Reports: The way Foursquare presents data analytics, insights, and reports to users and clients—through dashboards, maps, and graphs—serves as physical evidence of the service’s sophistication and the actionable intelligence it provides.
- Marketing Materials: Brochures, presentations, whitepapers, and case studies that detail Foursquare’s services, success stories, and data capabilities act as physical evidence. They help to communicate the brand’s value proposition and expertise in location intelligence.
- Social Media Presence: Foursquare’s activity on social media platforms, including content sharing, engagement with users, and the community built around its brand, serves as tangible proof of its relevance, customer service quality, and community engagement.
- Partnerships and Collaborations: Collaborations with well-known brands, businesses, and platforms can be physical evidence of Foursquare’s industry standing and credibility. These partnerships often lead to co-branded experiences and integrations visible to users.
- Office Locations and Work Environment: Although not directly experienced by most users, Foursquare’s office spaces and work culture, showcased through media and recruitment channels, contribute to the company’s image as an innovative and desirable place to work.
- Awards and Recognitions: Foursquare’s awards from industry organizations and technology forums provide physical evidence of its excellence, innovation, and leadership in location intelligence.
- Security and Privacy Certifications: Certifications and badges related to data security, privacy practices, and compliance with regulations (e.g., GDPR compliance) are physical evidence of Foursquare’s commitment to protecting user data and privacy.
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