$10 Billion Dollars Lost – Bad Online Data
A friend recently returned from vacation, and we were discussing the good times she had. Since we are both in the digital space – the talk eventually led in that direction and how digital impacted her vacation. One of her comments: “I couldn’t help but remember how much inaccurate online data I came across while my family and I were looking for something to do, eat, shop, or visit while we were away.”
Every day, people like my friend are traveling and searching online for businesses that they are ready to visit right then, only to be failed by their local search experience.
The address is wrong, the phone number’s not there, or they can’t find the business at all. The listing is not claimed, the hours are not stated, the website is wrong… The list goes on. For businesses, this disconnection means lost foot traffic and a lost opportunity for new customers to discover their location and become future clients.
Local presence management is critical to ensuring that businesses are visible, especially to travelers. We have become so dependent on our phones telling us what to do and where to go that it is imperative today to get online information right.
Believe me when I say – I know that inaccurate location data can undoubtedly frustrate your potential customers, as well as spread and corrupt a brand’s online presence in more ways than you can count…
According to a study completed by Andrew Shotland and Gregg Sterling, bad data cost over 10 billion dollars per year.
- When it comes to insurance companies and agents, it’s even worse. As many as 30% of insurance listings fail to list the correct number when customers look for a new policy. 18% of listings had a missing or incorrect phone number.
- 43% of listings 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 worsen.
- A complete 14% of business listings were missing completely across industries. Although there are many ways that inaccurate information prevents customer visits, the research team looked deeply at how much their lack of digital listings was contributing to the problem.
- Businesses who have missing listings and are not present online suffer a cost of $10.3B a year. This number was calculated by looking at how many more consumers now have as they purchase offline and how digital is changing the game for local businesses.
The new digital world we live in has created this problem of inaccurate or missing listings. The online data available to consumers is often.
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