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It feels good to be mayor. We would know. We’ve officially declared ourselves the mayors of summer, and are holding a Foursquare Challenge to determine whether or not you can get an ROI from the application.

Not on Foursquare, yet? Chances are you will be soon. Foursquare gained 1 million users much faster than Twitter did, and is currently adding about 15,000 members a day. It is the latest (and some say greatest) location-based marketing application around. It allows users to explore their city, compete for badges and mayorships, and add tips and comments about venues.

Better yet, it allows businesses to market local customers, set up specials, and even steal customers from their competitors.

We have to be honest. Our house is divided. Some of the smartest people at SEO.com are saying that Foursquare needs businesses, while others say businesses need Foursquare.

This summer, we will find out. We have selected three different companies to participate in the foursquare challenge: a restaurant, a car wash and a large apartment company. Each has different levels of experience with online marketing and social media, and each represents a different industry. We are consulting with each to determine a Foursquare strategy, set up specials and then measure the ROI. In August, we will present the data to world.

Congratulations to the following companies for being selected:

Pounders Hawaiian Grill Who knew that the best Hawaiian food available is actually in Utah? Seriously. Our search geeks have become loyal connoisseurs and are happy to meet you there for lunch, dinner or a snack.

Cobblestone Auto Spa You need to wash your car. Cobblestone can make it shine again. They have 7 locations in Arizona. Stop by for great service and a sparkling car.

Carmel Apartments Want to love your apartment? Carmel Apartments are so beautiful your mother-in-law will be impressed. They have more than 60 communities across the country and can help you find a new home that makes you happy.

Want to listen to SEO.com’s Head Janitor talk about Foursquare? Click below to view the GoToMeeting webinars:

Can you get an ROI out of Foursquare?
Foursquare Webinar Reloaded