Does changing from a hard business to a service based business affect rankings for those terms ?

tremblay

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I am working on local search SEO and, for a while, had my business ranking high in the maps listing. The problem was that we were listed as a complex business instead of a service area, which is more what we do. (we are an event company.) After changing it, I noticed we dropped on many of those terms. Does changing from a brick-and-mortar store to a service-based business affect rankings for those terms? Do I have to rebuild relevancy? Is it just a waiting game?