If Twitter was the social media platform of 2009, Foursquare may very well be the social media platform of 2010. It hasn’t quite hit its tipping point yet, but I’m predicting that 2010 is going to be the year of geo-targeted social media.

What is geo-targeted social media?

When you use this new type of social media, it factors your current location into a social media platform. As with other platforms, you develop a network of friends, but in this situation, your location plays a large part in your interaction. The probable leader in this field, Foursquare, is primarily used on the iPhone or other smart phone device. Foursquare notes your current location, and then displays nearby businesses. You can then “check in” to those businesses, earning points and badges, especially if your friends have recently visited those locations as well.

You can use geo-targeted social media to develop a large network of friends who enjoy the same sort of location and activities. When you walk into a coffee shop, for instance, you can see which of your friends have been to this coffee shop recently. You can find out which visitors frequent the shop, even if they aren’t your friends — yet. You may learn that someone likes the same coffee shops, clubs, bars, etc., and request to become friends. If you are in a new city, you can look up nearby places recommended by your friends. You can even play games, such as treasure hunts, by going to different locations that your friends have marked or suggested. All and all, the concept is to utilize your location in your social interactions.

How does this relate to your business?

Using geo-targeted social media, businesses can set up different rewards or incentives for customers to come to their locations. Consider this scenario:  A Foursquare user checks their account on their phone, and sees that your business is nearby. Then they notice that you’ve given them a special incentive to visit, be it an in-store discount or a badge on Foursquare or other geo-targeted platform.  You’ve just plugged into their social life, and most likely gained a visitor. It’s exciting and fun for the user, and a great opportunity for businesses to interact directly with potential customers nearby!

Social media can be a valuable tool for your small business, if you make sure to develop a value proposition for your customer. People lead busy lives. Spending time on your business Facebook page is the last thing on their mind—unless they get some sort of value out of their interaction. If customers see that what you offer has real value, they will not only spend time on your site, but they will pass on your information to their friends.

Include Exclusive Offers

The most common and effective way to utilize social media is to provide valuable content, or to present special and exclusive offers to followers and fans. The more exclusive and immediate the offer, the more powerful! “Facebook fans can get a free coffee today only by mentioning this offer!” is a much stronger incentive than “We have a special running this month.” Your offer should immediately drive people to your store, be it your website or physical location, and encourage them to regularly check your updates on the social media platforms.

Provide Valuable Information

A second common tactic is the distribution of valuable information. For example, a home improvement store might regularly post “how to” and “do-it-yourself” tips. Globe Runner’s Twitter account frequently includes posts about technology news, as well as links to informative blog posts and videos that Globe Runner followers may find interesting. Providing valuable “insider” information can help to make you an authority on certain topics, especially in a specialty field, and can be very effective in generating referral business.

Organize Local Events

A third technique: If your business has a physical location, (i.e. a restaurant, coffee shop, bar, or even a retail store,) you can use social media profiles to organize live events, meet ups, or special happy hours. You can coordinate local events, as well as sponsor existing social media organizations or fan groups who are interested in your business’ subject matter. This can create loyalty among your existing customers, and serve as an incentive for them to mention your business or service to others.

These strategies can sometimes be used in conjunction with one another: you might organize a special event where there will be an exclusive offer, for example. The key to a successful social media campaign is to ensure that visitors to your site or social media page can clearly see the value you offer.