Having passed a major milestone, I thought it wise to mention the success of Foursquare. It has now passed the 10 million user mark. That’s 1000% annual growth. Geolocation is the new buzzword in the Social Media world, and Foursquare is leading the charge.
Geolocation is taking advantage of the recent rise in mobile communication and the popularity of the Smartphone. The technology allows you to update your location and see where your friends are hanging out. Foursquare is the most popular application of this technology where the user can locate their friends, track merchandisers in their area and take advantage of deals as they happen in real time. The incentive for using Foursquare to the consumer is that when you check-in to places, you earn points and those points can be used for discounts and also to become the Mayor ( most popular user). Businesses love this application as it allows them to advertise to relevant and local customers and create a hype about their activities.
Foursquare’s success is all the more remarkable when you consider that it had only 100,000 users in 2009 and one million in August 2010. This is a year on year growth of 1000%. There are many reasons for Foursquare’s success such as the social nature of the app, easy accessibility on smartphones and tablets, the rise of the smartphone market itself and the increasing local business involvement in geolocation marketing. While it’s likely that the geolocation market will saturate in the coming months, it is envisioned that Foursquare is positioning itself to become the new Facebook or Twitter of geolocation.