Foursquare: 150,296 Australian Check-ins in the last year
Today I used Foursquare to check-in to buy my lunch and was wondering how was Foursquare being used in Australia.....and more importantly what is the value (Benefit-Cost) to Business. How should business be leveraging Foursquare?
Before I position that for the unconverted how would Foursquare fit into the Social Technology realms?
The diagram shows the popularity of Foursquare and the quote below in simplistic terms positions Twitter, Facebook, Foursquare and Qu0ra (spelling mistake accepted @ikepigott).
Twitter = I need to pee. Facebook = I peed! Foursquare = I'm peeing here. Quara = Why am I peeing?(via @ikepigott)
Let's level set and provide the Foursquare facts:
- 175 Million Tweets in Australia in the last year according to our previous post
- 150,296 Check-ins in the last year within Australia with 67.8 Million Twitter Impressions - that isn't even 1% of the Tweets in Australia
- Over the last month:
- 14,855 Check-ins in the last month within Australia with 6.1 Million Twitter Impressions
- The Word Mayor (the coveted prize) has occurred 2,244 times over the last month
- The normal Tweet ration is 97.8% of Foursquare check-ins which means that ReTweets aren't occurring. Basically means that "Locations" or in most cases BUSINESS isn't engaging and amplifying the messages.
- 57.9% of Twitters have used Foursquare once in the last year
So then why should business bother with Foursquare as it has a relatively low take-up?
Let me provide a few arguments based on examples:
Over the last year there where 3,514 Foursquare Checkins that mentioned "Coffee" with a 97% Regular Tweet ratio. So that tells me they were authentically drinking coffee, I know where they were drinking coffee and I know how often they drink coffee (assuming they check in every time (highly unlikely). Starbucks have done some work with Klout to examine the authority of these Coffee ambassadors to engage & convert not only them, but their followers too.
Financially this is what it is worth to engage these coffee drinkers per year:
- $ 730, 912: 3,514 Individuals x 1 coffee a week x $4
- $2,923,648: (3,514 Individuals Referrals x 40 Twitter Impressions x 1 coffee a week x $4)/10% of referrals result in a coffee sale
Note: there were 517,100 Tweets with the word coffee mentioned in Australia in the last year of which only 46% were Regular Tweets. That defines a market of $49.5 million (517,100 x 46% x 52 weeks x 1 coffee x$4)! However, I don't know where they are, when they drink coffee, how often they do so?
Over the last year there where 5,366 Foursquare Checkins that mentioned "Hotel" with a 97% Regular Tweet ratio.
The economies are:
- $ 1,609,800: 5,366 Hotel rooms at $300 per night - assuming just one night!
- $77,270,400: (5,366 Individuals Referrals x 40 Twitter Impressions x 1 coffee a month x $300)/10% of referrals result in a room sale
3) Other Examples
A few further examples of the insights provided by Foursquare:
- 8,791 mentions of the word "Dinner or Lunch"
- 2,493 mentions of "Airport"
- 1,165 mentions of "Westfield"
Foursquare provides a business insight to your key customers (and also your competitors key customers) for your business to engage and build referrals!
Where the power of Social Media and Social Technologies comes to play is in the AMPLIFICATION of these referrals! @iGo2 we utilize Models that include a social media assessment model, a strategy framework, a social media planning framework, an amplification strategy model within a set of eight methodologies.