Whether you run a real-world business or you’re a consumer on the lookout for new vendors within your area, you may already be aware of the existence of a handy little mobile application called Foursquare. The social networking app is designed to work with GPS mapping features to offer consumers a bird’s-eye view of whatever types of businesses they happen to be looking for in proximity to their current location, be it restaurants, gas stations, grocery stores, or entertainment venues, just for example. In a clever twist, though, the app also has a “check in” feature that lets users virtually check in to any location they’re at. Even better, businesses on Foursquare can provide rewards to users that check in the most, including dubbing the most frequent visitor as the Mayor of their establishment (which often comes with benefits like a dedicated parking spot, ongoing discounts, and the like). In short, the app is designed to connect consumers and businesses, offering benefits and incentives to both parties.

But it seems that Foursquare is looking to update their system so that they can offer new features to members while monetizing their service. Up until recently, both businesses and consumers could utilize Foursquare for free. Like most app developers, they probably did this in an effort to build up a following while they worked out the kinks in the system. But now that the app has been around for a while they want to start earning some money. So as of last July, the company started offering businesses the option to use a paid service called Promoted Updates, which allowed them to push notifications to local users detailing events, specials, deals, and so on. Previously, such updates were simply attached to their location, so that only users in proximity would be made aware of promotions offered via the app. However, it seems that Foursquare has taken their efforts a step further.

They’ve now introduced Foursquare For Business, an expansion of their popular application that offers professional users not only the ability to manage their own promotions, but also the opportunity to access analytical data that can help them to see the results of their efforts and potentially give them the data needed to tailor their efforts to their local audience. This latest update comes on the heels of reported earnings for last year; apparently the company pulled in just $2 million in revenues, which is pretty slim considering how long their app has been out there. Clearly they’re hoping to see a little more profit this year, and their latest push could pay off in a big way.

There’s no denying that the Foursquare app is addictive. Once users start checking, it’s definitely hard to stop, especially considering some of the perks that come with being the Mayor at participating locations. Even beyond that, it’s fun to compete with your friends. If you’ve ever turned a friend’s home into a Foursquare location and then become the Mayor of their house, you know what I’m talking about. But businesses that want to take advantage of the massive user base in order to bring in more customers are sure to appreciate the new features offered by Foursquare For Business, especially considering the new tracking abilities provided.

Managing an online image can take many forms, such as releasing positive messaging and squashing negative press (through Spokeo removal, for example). But unless you can track your online efforts and see how consumers are responding you’re going to have trouble finding and fixing the flaws in your system. Foursquare is offering one more tool for your business arsenal — you’ll just have to pay for it.