The CEO of dwinQ Patrick Sweeney published an article in Forbes magazine in which he predicts the imminent bankruptcy of Foursquare social network. According to the western expert, Foursquare, which conducted multi-million rounds of investment, is far behind its competitors: Facebook, Yelp and Google.
Foursquare was launched in 2009 and quickly gained popularity. Facebook, Yelp and Google introduced their own versions of check-ins in 2011. According to Patrick Sweeney, the check-ins is very useful and necessary function, but it is most useful when users are able to share the information about places they visited with their friends. And that is what major social platforms gained from: they managed to attract a large number of users, and the idea of check-ins was simply copied.
Therefore Sweeney predicts the creator of check-ins the bankruptcy: Foursquare does not have enough money for more than a year of existence at the current state of affairs.
Patrick Sweeney sees the main error of Foursquare management in ignoring the principles of maneuver marketing - OODA (Observation, Orientation, Decision, Act).
Patrick also mentioned failed ideas of monetization: the ads for users who logged in the social network to check-in when in the bar was not profitable. The idea of paid posts was also unsuccessful and led to a large number of negative reviews.
Patrick believes the best option for Foursquare is to be sold to a big player who is interested to strengthen its position in the check-ins market. Otherwise, the social network will not be able to compete with the Internet giants.