According to chief executive Dennis Crowley, since the launch of Places, Foursquare saw its “biggest day ever in terms of new signups.”

Both are available as mobile handset applications, which make use of a phone’s built-in GPS chip. Foursquare, currently the most successful has a rewards system in place with local businesses.

Both services allow users to ‘check in’ bars, restaurants or local attractions. Users can become ‘mayors’ of select locations, and be reward them with free or discount goods.

Facebook Places does not currently have a rewards system in place with local businesses.

At present, Facebook Places only functions as a tool to let other friends within a social network know where to find you.

In addition, Places has only infiltrated specific areas of the United States, Foursquare is available in locations worldwide.

However, as the Places feature matures, the web world could be faced with yet another David v Goliath battle, as the 150 millioon mobile users of Facebook, dwarf the number of subscribers to the Foursquare service.

In the meantime owners of pubs, clubs and hotels should take note and sign up to this new phenominon that is set to only get bigger, now Facebook is getting its act together.

Social Media is just one of the keys however, albeit a big one. Our predictions are based on current experience in the field – and we recognise that cross media optimisation plays a key part ‘Google offer advertisers 30+ free tools to optimise campaigns. Most advertisers have difficulty managing just a few. For maximum returns, advertisers will need to combine SEM with SEO, EMail, Video, Mobile and Social Media – Expert and extensive experience in digital marketing will be a key requirement for suppliers.’

Our top tip has to be for companies and individuals who want to make their mark whether in business or for charity to employ Social Media to their advantage – it is easy to do and effective.

Read the article in full: Weboptimiser 2009 predictions here.