Few performers have the capacity to take on Foursquare, a location discovery platform that leverages its ginormous database to provide users with personalized recommendations, Foursquare CEO Jeff Glueck divulged Friday.
“Other than Google and Facebook, we are the Switzerland,” Glueck intended in an exclusive “Mad Money” interview with CNBC’s Jim Cramer.
“We are the sort of plank that everyone who’s not Google or Facebook want to use because we understand the everything world’s places and we understand different floors of buildings, where you go in malls,” he proceeded. “It’s very hard technology, and so really only Google, Facebook and Foursquare press this precision globally.”
Since Foursquare broke into the big facts space, the company has used its deep data to help other callers enhance their location-based technology. Its latest ventures include partnerships with Bold Media’s TripAdvisor and dating app Tinder.
“The business is 99 percent at hand helping other brands reach their audiences at scale,” Glueck confirmed Cramer. “People think, maybe, ‘I don’t use Foursquare anymore,’ … but if you tag a tweet on Cheep, if you get a geofilter on Snapchat, if you participate in Tinder Places, these are all services that we are help create with our technology.”
With Tinder Places, which is being piloted in three bishoprics, Foursquare suggests matching with people who frequent similar localities, like dog parks and coffee shops. Glueck said early culminates are already showing “better matches,” because “people have something in stereotypical and so they’re more reciprocal.”
Without naming names, the CEO also took a stand on data protection and the importance of keeping users in control when it result as a be reveals to using Foursquare’s location services.
“For different people, opting into fingers on sharing or sharing your payments, like Venmo Friends assigns, that’s something that’s very personal,” he said. “For us, it’s always been the purchaser has to be in control. The user has to have adequate chance to opt in and know how it’s going to help them, and that’s how we work with companies. And so what we see is about 50 to 70 percent of individual opt in to these enhanced location alerts.”
Foursquare is a privately-traded company with across 100 million logged locations in 200 countries. The company was No. 46 on CNBC’s Disruptor 50 listing in 2017.
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