SIC code and NAICS code is crucial to fit an organization in the segmented industry list. There are various companies which have to be differentiated based on their business, and these codes help in segmenting the organizations as per the category.
Let’s start with the North American Industry Classification System; this code covers all the major North American countries such as the United States, Canada, and Mexico. The primary code of this system significantly indicates the primary LOB (line of business) of an organization. It has a hierarchical process where the broader range of industries stay at the top of the system, and more specific industries get listed down. The Standard Industrial Classification, the four-digit codes, are used for the identification of the primary business. The two digits at first define the sector, the latter two further refines the classification of that sector. All these codes have been created to facilitate the collection, analysis, and presentation of the data. The companies coming under the same industry are assigned the same code.
So, now how does it help in the marketing process?
The codes can help in identifying specific buyers. For example, there are words which are closely related to tools like scientific tools, mechanical tools, software tools, etc. These codes help in deciphering the specific tool.
A company whose target market is mechanical tools, will not directly market its services to any tool manufacturing company. They will see the list in the SIC code and scrutinize the companies as per the category. With the complete search on each of the industry target codes, they can find the absolute details of the companies in the segmented list. In the later process, they can refine the target through the complete information of the offered services of the company, blogs, and contact details. The entire process helps in generating qualified leads for convertible customers.
In the NAICS site one can find the list of details of that company:
1) Address and phone number of that company
2) Name and designation of the person to be contacted
3) Number of employees and the sales numbers
4) Line of business and the codes
You can even find the list of the competitors with the location search and the code.
The codes help in refining the leads after identifying the appropriate targets. One can utilize the data for deciding the qualified inbound leads for the follow-up process. As the business grows, the industry classification codes turn as a useful technique for guiding prospects and clients to vital content. The potential customers will be able to choose the applicable industry on the landing page and immediately see the data of the product.
The code is useful in analytics and data-driven reporting. It is necessary to have actionable analytics and reporting of the outcomes in any of the marketing campaign. The best way to achieve impressive marketing results is to empower the data, and it can be done through this analytic procedure. Further, these codes help in gathering the attributes of your customers and compare the company details such as customer reviews, company size, employee numbers, industry details. Proper filtering of the data builds up the accurate data for the organization to be used for the marketing process.
What are its different applications?
1) It identifies the business and determines the eligibility of the government contracts
2) Is used to complete the relevant applications and forms
3) A clean way for collecting, analyzing and reporting the metrics
4) Segmenting the markets for identifying the competitors for the public and private markets
Conclusion: The codes make the entire marketing process easier and seamless; you can target the exact company with the advertising message. The whole process now takes less time, as you now know from where you can get accurate information. As a marketer, targeting the right customer at the right time is your primary mission, and these codes facilitate your approach in the right direction for narrowing down the target.