Report: Inaccurate Local Listings = Lost Sales

Though the consumer journey is more variable and complex than ever, it’s clear that shoppers conduct online research before almost every offline purchase. The data confirms this. LSA research shows 70% of adults do internet research “every time” or “almost every time” before buying.

During this process, consumers expect to find the accurate local business information. And when the business fails to provide correct, up to date information, it can cost them – big time.

A new report from LSA (commissioned by Neustar) highlights the cost of bad listings in terms of consumer frustration and potential lost revenue. The report also highlights third party data, which investigates what consumers will do if they run across bad local data online.

According a BrightLocal survey, 15% would go to an alternative business, 14% would look for a different business and 12% would abandon their search for the business entirely.

A similar LSA survey found 14% of consumers would look for another merchant and 22% wouldn’t trust the source again. In the aggregate, this represents billions of dollars in potential lost revenue to the businesses with the inaccurate listings.

The problem is costly, the solution is (conceptually) simple. But the process of correcting local business listings is far from a “set it and forget it.” It requires ongoing monitoring and effort.

This data comes from the LSA report Local Listings Management. To access the graphic above, click here.

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