Friday, 27 January 2017

All About SIC Codes and NAICS Codes

Let's go back to the core of SIC Codes and NAICS Codes.

Back in 1937 was the time when SIC codes were established. The system's foundation was very strong and was updated a lot of times until the year 1987. A new approach emerged for classification of member countries- the USA, Mexico, Canada called NAFTS, a free trade economic community. For more specific needs, SIC codes were updated all over again. Finally, in the need of the member countries, NAICS emerged in the year 1997.

The SIC system is still the most popular classification of industries as it's been active from the past 40 years. Marketing companies have been entrenched firmly by the SIC system. Which is why, email appending companies with SIC, NAICS coding are still popular! Although the NAICS system is pretty old, the classification hasn't caught on entirely. However, businesses rising above and are targeting email appending companies with NAICS coding.

The use today- Yes, the USA government has stopped updating SIC codes since 1987. However, several private organizations have continually been updating the SIC system to specific classifications, a lot more specific than NAICS code append. This, however, has changed with the ever-changing marketplaces, innovations in technologies, expert analysis of trends and so on. 
Over 10,000 SIC codes which are being used today are continuously updated. Whereas, only 1,066 NAICS codes are being updated continuously. 

When it comes to marketing the targeted businesses, SIC system wins it!

Currently, NAICS is being used more often with the USA government. At the State and Federal levels, NAICS and Sic are being used but, it varied from one department to another. Which is why email appending companies with SIC coding is as important as email appending companies with NAICS coding. In the private sector, SIC codes are commonly used for industry classification. SIC is extremely popular in private business databases. NACIS Code appending has been doing very well because of it's capability to classify way better than SIC codes.

Differences between NAICS and SIC codes

NAICS: Developed with the USA, Canada, and Mexico Governments
SIC: Developed only by the USA Government
SIC and NAICS have very different numbering systems
SIC Codes: Establishments are based on demand or production of groups
NAICS: Groups establish such that similar or same processes fall together
NAICS: Used for official governmental statistical purposes
SIC codes: Used mostly to target businesses belonging in the private sector

It's very essential for email appending services to come in and append SIC and NAICS codes to be updated to improving marketing ROI. Else, it's going to cost your company as a whole and lead to less profits for you and your company!