It’s a tool that Google provides to business owners to help them promote their business on their search engine results pages (SERPs).
Business owners are encouraged to claim their business listing and use it to convey important information about the business, for example their opening hours. This information is then displayed on their SERPs in either a Knowledge Panel, the Local Pack or Local Finder results or on Google Maps.
Evidence suggests that populating all fields of a Business Profile and keeping the information accurate and up-to-date has a positive influence on the chances of a business listing being returned on the organic results for searches relevant to them.
Business owners have the opportunity to update their listing regularly by adding photos and/or videos and Google Posts. They can also unlock the messaging feature and reply to questions & answers about their business, which are displayed in their Knowledge Panel. They can also add information about their Products and Services.
Google provide Profile owners with insights through their reporting about how people interact with the Profile, which includes detail about how often people click through to their website or call them as a result of seeing their listing.
They also provide an App which business owners can use to manage their Profiles.