What Is NAICS And How Is It Used?
The North American Industry Classification System (NAICS) is a widely recognized standard used by Federal statistical agencies to classify business establishments in the United States. It provides a consistent framework for collecting, tabulating, presenting, and analyzing statistical data related to various sectors of the U.S. economy. By using a standardized system, NAICS ensures that statistical data is presented in a uniform and comparable manner, enabling accurate analysis and meaningful comparisons across industries.
NAICS assigns a unique 6-digit code to each business establishment based on its primary economic activity. This classification system covers a wide range of industries, including manufacturing, retail trade, healthcare, finance, and many others. The first two digits of the code represent the sector, the third digit represents the subsector, the fourth digit represents the industry group, and the fifth and sixth digits represent the specific industry.
One of the key benefits of NAICS is its usefulness in target marketing. Businesses can utilize NAICS codes to identify and target specific industries or sectors that align with their products or services. This allows for more effective marketing campaigns and the ability to reach a relevant audience.
Moreover, NAICS codes are also valuable in building business lists. Companies can compile lists of businesses within a particular industry or sector by using the corresponding NAICS codes. This information can be used for various purposes, such as market research, lead generation, and business development.
It is important to note that NAICS is not limited to the United States alone. It is also used in Canada and Mexico, making it a comprehensive classification system for North America. This cross-border compatibility allows for better comparison and analysis of economic data across the region.
Helpful NAICS Code Links:
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