Foursquare and other location-based marketing tools alike must be shaking in their boots today, while they un-eagerly await the big boy (Facebook) on the playground that’s about to show up in the sandbox that is location-based marketing.

Although rumors have been circulating the industry since May, Facebook is holding a large meeting at their central headquarters later this afternoon to officially release their plan for their location-based marketing tool.

When looking at current location-based marketing tools Foursquare is leading the way with over one million users. Well, when Facebook releases their program, it will instantly be available to 500 million users. (Yes, your math is correct, that’s 500 times the leader in the industry) With their whopping amount of users, it’s almost hard for anyone else to even compete.
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You’ve probably all heard the latest buzz on Foursquare, the location-based marketing game that has recently been blowing up the headlines.  With over 1.4 million registered users, Foursquare is a mobile application and website that allows you to check in on your phone where you are currently located and announce it to friends and share on sites like Facebook and Twitter. Foursquare also allows businesses to award those who check in frequently with discounts and incentives.

This week, Loopt, the first of the location-based marketing applications, with over 3.4 million registered users, announced a new mobile app, LooptStar, that will compete more heavily with Foursquare and Gowalla, but with more of a loyalty program incentive. Gone are the days of those little punch hole cards that I always seem to lose in my purse! Welcome are the days where your loyalty cards are right on your phone!

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When you think of foursquare, the first thing that might come to mind is a game you played at recess when you were in elementary school. Well, times are changing, and the next time you hear someone talking about foursquare, they’re probably talking about the ever-growing location-based social media tool.

How it works for users:

Foursquare is a social media tool that allows people to post their location from GPS based smart phones, or via text from a regular cell phone. This is called “checking in,” and the more you check in, the more “rewards” you can earn. There are two different types of rewards: badges and mayor-ships.
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