What is a SIC code append?
A SIC code append is when a business database or business list is matched against a full and accurate database of business data. SIC codes are then populated to the company records of the business data or business list. This allows you to identify the industries that your customers or clients operate in.
There are many beneficial uses for this information including:
- Identifying exactly what type of companies you work well with.
- Discovering the industries that you have the most customers in.
- Knowing the industries to pursue to grow your business.
Q: What type of accuracy can I expect with a SIC code append?
This depends on the accuracy of your current data and the match logic confidence used for the append. If you have current information and you can supply the company name, full mailing address, and a phone number for the append, you should expect match results near the 70% range. However, if your information is dated, a typical match rate is in the 40%-70% range.
Match logic confidence is the match setting used for the match. If tight settings are applied (matching on all 3 (address, phone, company name)), the accuracy of the SIC code append will be very strong. However, this may decrease the total amount of records matched because it will only match the strong matches. If loose settings are applied, the match rate may be high but the accuracy of the match may be low. We recommend using only strong match settings for the most accurate results.
A client had a SIC code append performed and the data match was 55%, but the client would like to have a match rate of 70% or higher.
If the match settings are loosened, one problem can arise. The append team could use address-only matching, but there is some room for error doing it this way. If there were company records that were missing a suite number and it was a multi-tenant location, then the append would match the first record at that location which may or may not be the company on the client file.
If you have any additional questions or would like expert advice, please make a request at: SIC Code Data Append