Foursquare announced a new product called Attribution Powered by Foursquare to measure the conversion of media spend into visits to brick and mortar locations. The tool is designed to utilize Foursquare's location data to measure how much advertising leads people to go to stores and restaurants.
According to the company, it can be easily integrated with "nearly any" digital ad campaign, and can be used to measure "nearly any" digital media buy. This includes display, video, native, and cross-device.
Foursquare President Steven Rosenblatt, who is known for launching iAd for Apple, writes in a Medium post, "In the past few months, we’ve successfully run about a dozen pilot tests with marketers, agencies, publishers, and programmatic partners, and we’re proud to launch with TGI Fridays, Brown-Forman, Flipboard, Drawbridge, and Adelphic."
"In an initial test campaign, Flipboard used Attribution powered by Foursquare to measure the performance of an ad campaign that it ran for a major retail brand," he adds. "Through this test, Flipboard was able to demonstrate that the brand’s ads drove 12% incremental lift in visits to retail locations within a week."
Foursquare is now making Attribution available to more brands, agencies, and other partners.
Foursquare announced last month that co-founder Dennis Crowley was handing over the CEO role to Jeff Glueck while becoming Executive Chairman of the company. Rosenblatt took the President role at the same time after four years with the company. As mentioned at the time, he would oversee Foursquare's B2B offerings, which obviously includes this launch.
Rosenblatt has plenty more to say about how Attribution works here.
You can request a demo from the Attribution site.
Images via Foursquare