Geolocation check-in service Foursquare is preparing to launch a coupon service built into their apps. Foursquare has hired Steven Rosenblatt as their chief revenue officer last week to prepare for the new business model. Rosenblatt was an SVP of Advertising Sales at Quattro Wireless when Apple bought them out. Rosenblatt became director of ad sales and strategy of Apple’s iAd service after the acquisition.
Foursquare is preparing the launch of their paid media platform in mid-summer. The product will allow merchants to easily promote their deals through Foursquare. When users are looking for local specials, they will see offers through paid ads and promoted placements will be targeted based on the same algorithms that power the “Explore” functions in the app. Establishments are recommended based on a person’s check-in history and check-ins from friends.
“I think what we’re most excited about is helping create new products and building new tools for our merchant partners to be able to reach new customers,” stated Rosenblatt in an interview with AdAge. “A special is one tactic that could be used by a merchant, but there’s lots of other ways to drive loyalty between merchants and consumers, and that’s what our goal is.”