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Market Research

This guide will assist you in finding the sources you need to conduct Market Research.

SIC and NAICS Codes

The Standard Industrial Classification (SIC) and North American Industry Classification System (NAICS) are numerical classification systems that are used to group and classify business establishments into industries. These codes are used to collect and analyze data related to the business economy of the U.S. The SIC system was originally developed in the 1930s and was last updated in 1987. NAICS was introduced by the Office of Management and Budget (OMB) in 1997 to replace the old SIC system. 

While NAICS has "officially" replaced SIC, many business directories and databases still use one or both of the systems.  Therefore, it is important to know about both SIC and NAICS.

  • The Standard Industrial Classification (SIC) consists of four digit numbers that apply to a company based on the type of products or services it produces.
  • The North American Industry Classification System (NAICS) employs six digits to allow for a more detailed system of industry classification. 

It is very helpful to know what your industry code is before starting your marketing research. When trying to figure out what codes you will use ask yourself: Where does my product or service fit? and What kind of purpose does it serve?

Research Tip: If you are having trouble determining the best NAICS code for your business, you can search for a similar company and look at what code they are using.