Last week, location-based social network Foursquare introduced its new advertising program called Promoted Updates. As detailed in an article from Mashable.com, “Foursquare Rolls Out First Ads,” the program is being rolled out with a handful of companies and will be available to all merchants “in the coming months.”

This paid service will provide businesses a new opportunity to reach potential customers in their local markets. Foursquare’s Promoted Updates will target users whose friends frequent your business, who have added your business to one of their Foursquare lists, or who visit similar places in your area.

Just two weeks ago, Foursquare introduced Local Updates, allowing business to send updates to their “best customers” when they are nearby. “Best customers” are those who check in frequently, and have possibly “Liked” the venue on Foursquare, according to Mashable. This service is a good option for enticing established customers with flash sales or product and service updates (and it’s free).

If you haven’t used Foursquare yet, it may be time to hop on the bandwagon!

Click here for more about Foursquare Promoted Updates on Mashable.com.

Click here for more about Foursquare Local Updates on Mashable.com.