Admittedly, I stole the first 3 R’s from Nataly Kogan from Where who said they have been using ‘Reach, Relevancy and Redemption’ as the key to location based services for quite a while now.  But, after hearing from the panelists at GeoM2 yesterday I found ‘Retention’ to be a perfect addition.  The majority of the discussion at GeoM2  focused on the last two R’s because they will be what pushes LBS into the mainstream, or kills them. Most of the discussion around redemption focused on the ease of use, or lack thereof.  All the panelists agreed that the most important change that needs to be made with LBS is that check-ins and deal redemption have to be more passive because it can be difficult to do for users and retailers.  Mobile wallets will be a huge step in making this a possibility, as well as the development of trust in these. If the redemption process can be streamlined for users and retailers, there will be an increase in use with the mainstream, as well as retention among those who try it.

A highlight of the event was when Nitzan Shaer (who was moderating) got a surprise guest in the form of a college student who delivered 4 cold beers to him and the panel.  It turns out he had put a posting on Zaarly before the panel that he would pay someone to deliver 4 beers at 3:30.  It was a great demonstration of the power of LBS, and the real life applications that are more than just deals. Along with the future of LBS, the panelists also talked about some of their kick-ass companies like:

Forecast – A fun and simple way for friends to share where they are going.

MomentFeed – Brands can monitor and manage customer engagement data for hundreds or thousands of locations from multiple LBS sources in one place.

LoKast: A mobile app for digitally enabling your physical life — to better connect with the people there with you, to better experience the physical settings, and to help you accomplish the stuff that you do there better.

Where: Developed a range of location-based services, including mobile advertising as well as search and recommendation services.

Untappd: A new way to socially share your favorite beers, as well a where you’re enjoying it, with your friends.

Zaarly: Helps you buy and sell with people around you. Get what you want fro, your local community – goods, services or a way to earn cash

  See a full list of the panelists here.   What dot you see as the future of LBS?  Let us know your thoughts in the comment section below