There are three reasons why this post last week on Medium, introducing Foursquare Analytics, is terrific:
- Foursquare can offer something with location-based analytics that few others can,
- really great examples are shared,
- Jeff Glueck, CEO of Foursquare, is the author and we get insight into what he values most in the offering.
Foursquare Analytics allows brick-and-mortar retailers and restaurant chains to understand how their own company and an entire category are performing based on actual, measurable, real-world visits — and much more quickly than any option out there. [...] Built on top of Foursquare’s industry-leading location technology, which includes an always-updating map of 93M locations worldwide, Foursquare Analytics accurately measures visits to thousands of retail brands each month.
So, that answers what it is, but then Jeff lays out the value so clearly:
Where are the areas of opportunity?
T.J. Maxx has a robust customer base spread across Millennials, Gen X and Boomers. The chain has historically been particularly strong with Boomers but recent growth has been driven by younger generations. Meanwhile, Target has taken some of the Boomer market share from T.J. Maxx. If Target is able to continue its conquest of T.J. Maxx’s loyal, high-frequency shoppers, it’ll have an outsize impact.
...using city filters and category comparisons in the Foursquare Analytics dashboard, we notice that in Los Angeles, Target is gaining category visit share where T.J. Maxx and Kohl’s are both lagging. As our data shows that Los Angeles is the biggest market for the category overall, there is tremendous growth potential for T.J. Maxx, perhaps with a combination of improved product assortment and regional campaigns.
This is a great example of how CEOs should talk about their products.