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Actually it can be good and bad,
mispelled words/phrases can be good converting terms PROVIDED you handle it properly. Contrary to popular belief the people who find your page through a misspelling often don't know they have misspelt it, so you are not looking unprofessional to them, you have answered their exact query.
Yes you have to look professional to the people who do spell the word correctly, BUT you also need to be able to address the searchers needs who might well be guessing at the spelling of something.
One site I looked after 5 or 6 years ago had a genuine customer review entry, where the customer had misspelled the manufacturers name, which was a watch designer. That one page got a lot of traffic for the misspelling and had an incredible 70% + conversion rate.
Ever since then I have been a great believer in using misspellings where ever possible.
Forget about the rankings, get the traffic and sales potential.
set up a "did you mean" system and / or a page of common misspelling with a explanation of why they have arrived there and where to buy (on your site) what you think they are looking. It's far from being unprofessional IMO, it's offering the (potential) customer a service.
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