Survey results presented at last week’s SMX Advanced Seattle during the “Location Services: The New Local Search?” session revealed that while more advertisers using foursquare believe doing so helps grow their business than not, only 10% of advertisers surveyed said they would actually pay to use foursquare.  Is this cause for alarm for foursquare?

Maybe.  But let’s consider the rest of the survey results.  The survey, which was conducted in May among 127 non-chain businesses (mostly restaurants and retailers) across the U.S., also revealed that the majority of advertisers have been on foursquare for less than six months.  And while, yes, more advertisers believe foursquare helps grow their business than not, the majority said they were unsure if using foursquare has helped grow their business.

However, despite being unsure of its value and unwilling to pay to use it, a large majority of the advertisers surveyed do keep track of their customers that check-in via foursquare.

The bottom line is that advertisers like to keep tabs on their foursquare customers.  My guess is that once they’ve had more than just six months of foursquare data under their belts, they’d be willing to pony up some advertising budget to be able to keep doing so.