Foursquare is getting set to capitalize on an unprecedented understanding of the tribes that you run in. Tribes? Yes, tribes.
It was Sandy Pentland from MIT has first opened my eyes to the concept of tribes - people of various demographic backgrounds who move in and behave in similar manners. These tribes are not marked by your typical demographic factors like age, salary, marital status, etc. but are represented more clearly and honestly by who its participants interact with. His outstanding book,
Honest Signals, covered the work he and his teams did with sociometers, which are devices that his research team wore around their necks to record their interactions and conversations. Using them he was able to identify a number of powerful insights about how people really interact, who they really run with, who they are most closely related to by their actions and activities. These people were their tribe.
Now that smart phones are increasingly becoming packed with all the sensors you need to measure just about anything, you won't need a sociometer, you just need an iPhone. And now, Foursquare is providing some more information that can enable tracking of tribes:
Basically, Foursquare has just turned on a new layer to your location history data. And this layer is very interesting because it goes back in time to show you who you were with at a certain venue when you were there. Now, to be clear, it only shows you the friends you were with — not all Foursquare users. (But this means that they have that data as well.) Still, this data paints a clearer picture around your location history and potentially enriches your social graph. It’s one thing to say you’re “friends” with someone on a social network, but another to have checked-in to the same venue at the same time over and over again. Either you’re torturing yourself, or you really are good friends with that person.
Sure there's some great value here for you and helping you remember who you were with at certain events, but the real power is for Foursquare. With this functionality, Foursquare can identify one key portion of a tribe's behavior - traveling together.Not just who travels together, but also, when that tribe decides to take their business elsewhere by migrating. By harnessing check-in information, Foursquare should be able to know, perhaps even before a business owner does, when a business has started to lose it's popularity.
By monitoring who the tribe leaders are, Foursquare could get well ahead of that curve and provide a business insights that were never before known. If they detected a trend where a tribe leader was checking in at a competing laundry service, for example, they could provide this insight to the other laundry service as a heads up. "Dave has checked in with a competing laundry service 10 times. Because he is a leader in his tribe (i.e. once he finds a good thing he invites others to try that service with him/her) he may take some of your other customers with him if you don't win him back.
Just one example, but the power of tracking and following real behavior is a gold mine for marketing research, business intelligence and many other things that businesses are likely to find extremely valuable. So valuable they will likely pay handsomely for the benefit.