Part game, part friend finder, part place recommendation service, Foursquare is one location-based application generating all kinds of buzz. And should a partnership with New York City-based 8coupons succeed over the next week, it may kick off the mobile coupon revolution and find a business model at the same time.
In celebration of its second birthday, 8coupons is offering OCHO LOCO Deals, or discounts at popular NYC nightclubs, bars and restaurants. The fact that so many Foursquare users check in at these establishments gives 8coupons a popular piggyback from which to promote its growing coupon service.
It works like this: anytime a Foursquare player is within a 3 block radius of a discounted hotspot, a mobile coupon will automatically be pushed to their mobile phone. Not only will they have the incentive of a discount, but once at the discounted place they can check in, accumulating Foursquare points and advancing their status. Kind of a money and power combination.
The promotion only runs until August 15 and isn’t available outside of New York City. And while the financial details of the collaboration haven’t been disclosed, all parties involved will likely split the proceeds.
I’d love to get my hands on the numbers and statistics after August 15. I’m guessing this promo is going to be a hit, and hopefully the buzz it generates will give hyperlocal couponing a boost as a monetization option for not only Foursquare, but other location-based services and applications as well.
Oh, and if you’re wondering where the name 8coupons came from…all of the discounted prices end in an 8!