Continuing its transformation into a data company, this week Foursquare announced Foursquare Analytics, “a dynamic foot traffic dashboard for brands.” The company said that its beta partners for the product included Taco Bell, TGI Fridays, H&M and Lowe’s.
The product is a benchmarking and audience measurement tool to enable retailers, QSR chains and others with physical locations to understand trends in same-store visits and across chains. The data can also be used for competitive intelligence, to explore “share of visits” in particular markets or categories and to identify demographic visitation patterns:
It’s a dashboard for insights on chain-level foot-traffic performance that can be easily compared to a competitive set and to the broader industry. It provides unprecedented metrics that measure loyalty, reveal demographic insights, and uncover sources of acquisition and loss. It allows analysts to have a precise understanding of changing store visit patterns and share of visits from a competitive set. Like every product within the Foursquare suite, Foursquare Analytics is powered by our industry-leading location intelligence.
The same methodology that allows Foursquare to deliver this information to customers is used to determine online-to-offline attribution and to create audience segments based on real-world behavior. It’s essentially another “productizing” of what Foursquare has been doing with location intelligence since its pivot.
[Read the full article on Marketing Land.]
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