What’s not to love about Foursquare?

What Is Foursquare?
It is one of many new apps based on Location Based Services (LBS). LBS can detect your whereabouts through the GPS function on your mobile device. Foursquare is a location-based social network where users “check in” and share locations with friends.

So What’s To Love About Foursquare?
Fun & games. Gaming always creates good incentives for engagement.
In Foursquare players are rewarded for their “check ins” by acquiring badges and earning status ranks. If a player “checks in” at one locale more often than anyone else, they become its Mayor. Players then can broadcast their status to various social networks like Facebook and Twitter.

How Does It Benefit My Business or Brand?
1. It is a great tool for generating buzz. Imagine creating a network of brand ambassadors to help increase foot traffic.
2. Creates a wider audience base from actual customers sharing “check ins” with their network of friends and followers.

How Do You Start with Your Business?
1. Register your business on Foursquare.
2. Promote your participation through all channels and most important your digital ones like your website, blog and social networks.
3. Engage the users. Show appreciation to the users who visit your business. A simple thanks is a great start.
4. If you have resources you can engage further with creating loyal fans by mentioning the Mayor each month in your other channels like your website, email newsletter, Fan Page etc. You may also consider adding special offers to incentivizes people to visit your business like check in 4 times a month and get a free coffee.
5. Ideas are endless. It is like a loyalty program but without cards and a lot more flexible and viral. Create a scavenger hunt where users check in at different locations and all participants enter to win a sweepstakes. Event planners and promoters could use it to get people to come out to the big event, check in and be in a drawing to win a prize at the end of the night.

Foursquare seems to be leading in locations (cities) but Gowalla is equally good and gaining very quickly. Foursquare also has recently closed a few deals and partnerships that positition them as a potential powerhouse.

Other Location Based Services (LBS) worth checking out:
Gowalla
Whrrl
Brightkite
Loopt