The North American Industry Classification System (NAICS) aids businesses and governments to classify, compare and assess economic activity in the United States, Mexico, and Canada. It is a 6-digit code system to categorize business establishments into different industrial categories.
Adopted in 1997, NAICS codes groups the economy into 20 key sectors. These sectors undergo segmentation to form 99 three-digit subsectors which are then split to form 312 four-digit industry groups. The numbers are further broken to form 713 five-digit industries to provide in-depth information about the industry. Lastly, these divisions undergo partition to make 1066 6-digit sectors in the U.S. This system is used widely for high-level comparability between the businesses.
Benefits of NAICS Code
- Quickly gather the data for research
- Assess the risk factors
- Also, determine the size standards
- Find the right opportunities or markets
- Quickly identify the potential customers
- Improves the sales
How to Use NAICS Code to Boost Marketing Campaigns?
- First, use the code to determine your target market
- Next, collect detailed information about your target industries
- Later, identify relative verticals associated with the selected organizations
- Finally, plan the criteria for the most qualified leads