Location-based social sharing platform Foursquare has introduced its new advertising targeting service, Pinpoint.
Continuing its check-in service through the Swarm app and repositioning itself as a venue discovery tool, Foursquare is now looking to monetize its vast database of location data. Following its recent agreement with Twitter to display location information, Foursquare’s Pinpoint service offers marketers significant opportunities for targeted advertising.
Foursquare’s database contains approximately 5 billion check-ins, 55 million users, and 65 million venues since its inception. By analyzing this data, insights such as users’ frequently visited locations can be derived. With the Pinpoint service, Foursquare aims to provide marketers with the ability to target their advertisements based on these insights.
Currently in its trial phase, Pinpoint’s launch partners include major brands such as Google, AT&T, FedEx, Jaguar, Land Rover, and Samsung Galaxy.
On Foursquare’s Pinpoint page, a simple video explains how the platform interprets data. For instance, it shows weekly customer movements at venues like J.Crew and Starbucks within the Mall of America shopping center.