As Foursquare has pointed out through its partnership with Twitter, the company has a treasure trove of location data. Now it’s time to make more lucrative use of that.
Foursquare announced today the launch of Pinpoint, a cross-platform, location-based ad targeting technology. Launch partners include Google, Turn and Drawbridge, as well as top brands such as AT&T, Coors Light, Wild Turkey, FedEx, Jaguar Land Rover, Samsung Galaxy and Choice Hotels.
Through Pinpoint, advertisers can use Foursquare data to target ads on desktop, mobile and tablet.
Steven Rosenblatt, Foursquare’s chief revenue officer, talked with SocialTimes parent publication Adweek about what Pinpoint could do:
"I think this has massive potential. One thing we’ve always been asked is, ‘How do we take what you have built and apply it for hundreds of millions of people?’ That’s a massive opportunity. If you think about where mobile advertising is going, the Holy Grail is driven by location. The problem is, while there’s been a lot of noise around location, there’s a lot of bad location data out there."
Foursquare points out on the landing page for Pinpoint that the company has data from six years of user activity: more than 7 billion check-ins, 90 million tastes added, 70 million tips, 65 million places, 85,000 developers and 55 million people.
The launch partners are excited. Jeff Malmad, the mobile lead of Mindshare North America, shared his thoughts with Adweek. Mindshare North America will use Pinpoint for one of their clients, Jaguar Land Rover. He talked about what this technology will allow the brand to do, such as allowing Land Rover to reach consumers who have visited other auto dealerships:
"The geo-patterns will allow us to reach our core consumer at scale. From a big-ticket, automotive perspective, it’s really imperative to target people based on where they have been. The places people go are the best indicator of who they are."
Readers: What do you think of Pinpoint?