Do you ever Google your favourite brand from your desktop, tablet, or smartphone to find their location data, only to be frustrated by a closed store, a bad phone number, or inaccurate hours of operation? Customers use 5 sources when shopping locally so businesses have a 20% chance of conversion. Bad location data is a very real problem for both brands and their customers alike, but to quantify that merchants in the US lose $10 Billion in lost sales due to missing or inaccurate listings.
My friends Andrew Shotland and Greg Sterling looked at local listings for more than 40,000 businesses and came up with the following infographic for the Yext Quarterly. It’s honestly fascinating and really validates the need for more work in the Enterprise Local Search Optimization space.
From the Yext Blog:
The team found missing and incorrect information across industries – from Retail and Restaurants to Insurance and Banking. Some of the findings were:
- 18% of listings of listings have a missing or incorrect phone number. For Insurance companies and agents, it’s even worse – with 30% of listings not having the correct number available when customers are looking for a new policy.
- 43% had missing or incorrect addresses. As people get more mobile with their devices, the impact of this problem – spanning from maps and navigation to local search engines – will only get worse.
- A full 14% of listings of businesses were missing across industries. Although there are many ways that inaccurate information are preventing visits, the team looked deeply at the cost of missing listings (where it is sure that customers will not find them digitally) to calculate just a part of the problem.
- Just for missing listings, the cost is $10.3B a year for the businesses who are not present. This number was calculated looking at how much more choice consumers now have as they purchase offline and how digital is changing the game for local businesses.
Here’s a link to the full PDF.