Foursquare for Business
Want to redefine what loyalty means as a retailer or merchant?
According to John Coe, author of, The Fundamentals of Business-to-Business Sales & Marketing"68% of long-term customers stop buying because they just don't feel loved." The average American business loses 50% of its customer base every 5 years. – (HBR) An existing customer spends an average of 67% more than new customers. –(HBR)
As long as businesses have been around, loyalty has been the key to keeping customers. If you're a restaurant or a coffee shop and you remember you're a customer's favorite meal on the menu and how they like there coffee, they're much more likely to come back. And in the social media, many consumers view businesses in this regard: if you're not on social networks like I am, perhaps you’re not interested in me as a consumer. There is is an old business saying: be everywhere your consumers are. But why does retaining a customer matter so much? It can cost anywhere between five and nine times as much to find a new customer as it does to keep your existing customers.
With emergence of Foursquare, Which had 381,576,300 individual user check-ins, 6 million users alone in 2010. It's safe to say that location-based services are no longer a social media fad. A resource is Foursquare. With millions of people checking in every day, foursquare allow you to find new customers and form deeper connections with your best ones. Whether you’re a restaurant, bookstore, bar, concert hall, food truck, department store, coffee shop, or anywhere else people check in, this is the place for you. We built a bunch of free tools for your business: from offering Specials to learning about your customers to keeping your foursquare listing updated.
The best thing about Foursquare for Business is that it is a completely free service. So how does the new offering change what Foursquare can do for small business?
Here are some Helpful tips
1) Start Encouraging Foursquare Users to Check in and Post Reviews about Your Business Foursquare allows its users to view where their friends have been within a few hours of an update. This could have huge potential for your business, which makes foursquare great for local marketing.
2) Have contests and reward customer loyalty: Give users of Foursquare or any social media site a discount on their bill for a favorable tip or update.
3) Utilize the “Mayor” Status as a Perk: The user that checks in the most at a certain location will gain the status of becoming “mayor” of your location. If you offered special perks to the mayor of your business, it will encourage users to visit your business more often.