Foursquare co-founder Dennis Crowley took the stage today at the Mashable Media Summit to discuss his company’s growth and future plans, with one interesting tidbit being the introduction of “badge rewards.”
In trying to solve the problem of so-called “badge fatigue,” Foursquare plans to experiment with ways to add value to badges by way of creating the equivalent to a modern day VIP program through the use of special-use badges. One example Crowley used on stage was Internet Week itself, whereby users who check-in at an Internet Week venue will unlock a special badge. That badge — when presented to bouncers — will guarantee users priority entrance into some Internet Week parties and events.
The initiative does two things- for starters it encourages the use of Foursquare in general, and second, it encourages seeking out venues who’ve partnered with Foursquare to add value to certain badges. The latter obviously opening doors to revenue potential down the road for Foursquare.
Speaking of revenue, Crowley said today the company is generating money and that it’s helped to offset expansion costs, but did make it a point to state that they are not profitable, and that profitability is not something Foursquare is focused on right now. Still, the company is obviously laying the groundwork for big plans in the future, and experimentation like badge rewards could provide enormous value to brands and user’s alike.