I am not sure how I personally feel about Location Based Networking such as FB Places and Foursquare, but in terms of marketing, advertising and reaching consumers I believe in it completely. There is enough general interest and action for it to become a way to continue customer service efforts as well as increased visibility due to discounts. Basically, you are giving your audience a reason to mention, talk, express to their micro-audience feelings and thoughts about your brand for very little expense.
Great article on some creative ways to harness location based features: http://mashable.com/2011/01/10/facebook-places-campaigns/
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