What are Canada SIC Codes? Why Should You Care?
The right marketing type is critical for a company’s success in any industry. Yet, only some types will assure you of direct access to target consumers. For this reason, Canadian businesses prefer direct mail marketing. It helps reach the right groups and ensures spending the marketing budget efficiently.
For example, your business might target executives in the oil and gas industry or financial managers in the finance sector. Discovering the target audience is the first crucial step for campaign success. Finding the ideal mailing list that fits your marketing needs is crucial: SIC codes and NAICS codes.
Do you Know About Canada SIC Codes?
Standard Industrial Classification Codes is the full form of the Canada SIC code. It was first developed in the 1930s to classify American businesses. However, the US government stopped updating these codes in 1987.
SIC codes were increasing inconsistencies from years of additions and revisions. Thus, NAICS came to replace the old SIC system. Yet, businesses can still use SIC codes to add numbers to the end of the original codes to update or expand the original classifications.
You can also use these codes to classify businesses and industries in Canada. Canada SIC codes help government agencies and organisations identify and analyse business activity data. Using SIC codes in Canada would make comparing data across different sectors, regions, and periods easier.
Many countries worldwide have adopted the SIC codes system. Statistics Canada is responsible for administering the Canada SIC codes system in Canada. It helps determine the type of products and services a business provides or produces.
Canada SIC Code System
We can organize Canada SIC codes into 20 major industry groups. These sectors can be further divided into 98 sub-groups and 469 industries. Each industry has a unique four-digit code that represents its main activity. For example, pharmaceutical and medicine manufacturing businesses have 3254 as the Canada SIC code.
Benefits of Canada SIC Code System
Canada SIC codes provide numerous benefits for government agencies, businesses, and other organizations in Canada. These are some benefits;
Standardized Classification
Canada SIC codes give a standardized method of classifying industries and businesses based on their main activities. Comparing data across different regions, sectors, and periods is much easier. It ensures you are classifying businesses consistently to improve the accuracy and reliability of data.
Improvement in Data Collection
Do you want to improve your data collection methods? Thankfully, Canada SIC codes can help you collect data in a very consistent and organized d way. You can use this data for various purposes, such as direct mail marketing, analyzing economic activity, employment trends, etc.
Improvement in Decision-Making
The SIC code system in Canada can help you make better decisions by providing reliable and accurate information. It would help you understand industry trends, region overview, and activities. For example, a bank can use Canada SIC codes to analyse the risk and profitability of an industry lending money.
Identification of Potential Customers and Vendors
You can implement Canada SIC codes to identify potential customers and vendors in your industry. They might be looking for your products or services.
Effective Resource Allocation
Canada SIC codes help businesses allocate resources more effectively by analysing industries and regions with growth potential. It can improve the productivity and profitability of your business.
Also Read: Canada Postal Code LookupHow Can You Use the Canada SIC Code System?
- Use the Canada SIC Code System to identify your existing and potential customers.
- You can classify companies for tax purposes.
- Finance companies can use SIC codes to identify companies’ industries when extending credit.
- You can use Canada SIC Code System to launch targeted marketing campaigns.
- Searching for similar companies can help you identify the competition in your industry or region.
- You can also use the Canada SIC code to identify government contracts.
Understanding the Numbers Present in a Canada SIC Code
The first two digits of a SIC code Canada help identify the major industry group, such as Healthcare or Transportation. Then, the third digit in the code identifies the industry group, such as Furniture under the manufacturing industry.
And if we cannot find the industry, we use the number ‘9’ in the third or fourth placement to show NEC (Not Elsewhere Classified Industries).
Who Needs a Canada SIC Code?
Every company has its own Canada SIC Code; there are over 1000 total SIC codes possible. Thus, every company operating in Canada needs to have a SIC code for business registrations, tax returns, etc. It also helps you identify competitors, analyze e industry trends, and develop marketing strategies.
SIC Code Canada Lookup
To look up the Canada SIC code for a particular business or industry, you can use the following example;
| SIC Codes | Industry | Sub Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
What is NAICS Code?
In 1997, the North American Industry Classification System replaced the old SIC system. US, Canada, and Mexico jointly developed the NAICS code. This new system helps in drawing comparisons between these three countries.
You can use NAICS to classify many new industries closely. The NAICS system focuses more on business processes instead of the end products. It overcomes the shortcomings of the old SIC system.
Difference Between NAICS and Canada SIC Code System
Government agencies and departments prefer using NAICS codes. At the same time, private organizations still prefer using the age-old Canada SIC Code System for their classification system. There’s little overlapping between the two systems, which makes both systems valuable for different purposes.
NAICS codes depend on consistent economic concepts, while SIC codes are not. These are some prominent differences between SIC and NAICS codes;
-
Structural: SIC codes comprise a four-digit system that organises s industries depending on their primary economic activity. In comparison, NAICS codes comprise a six-digit system that organises s Sectors based on their production processes and inputs.
-
Flexibility Differences: Businesses consider NAICS to be more flexible than SIC because it enables them to add new Sectors and changes to the existing industry classifications. At the same time, Canada SIC codes are no longer updated, and NAICS replaced them.
-
Details: You can expect more detailed information on businesses and industries with NAICS. For example, NAICS includes more categories for service fields. It can play a more important role in the North American economy.
Targeted Marketing with Canada SIC Codes
Targeted marketing could be effective if you want to reach your potential customers. You can use Canada SIC Codes or NAICS codes for specific businesses and industries interested in your products or services.
Business Listings
You might acquire targeted lists of companies based on their SIC or NAICS codes. It helps you send marketing messages to organisations most likely to show interest in your product or service.
Digital Marketing
According to their SIC or NAICS codes, you can target specific businesses and sectors with digital advertising platforms like Google Ads and LinkedIn Ads. It would help you display ads to potential customers more likely to convert.
Trade Shows and Events
You can focus on your attendance at trade shows and events relevant to specific businesses and industries, depending on their SIC or NAICS codes. It would help you to meet your potential customers face-to-face to showcase your products and services.
Direct Mail Marketing
It is one of the most effective forms of marketing that you can implement in your business strategy. Direct Mail with PostGrid gives you higher response rates, customizable campaigns, automation, and efficiency.
You can send direct mail pieces to businesses depending on their Canada SIC codes. It would help you to reach your target audience with personalized and targeted marketing.
Why Choose PostGrid for Address Verification in Canada?
PostGrid provides a trustworthy Address Verification API that helps businesses improve their data quality. Canada SIC codes can give you better insights and uncover new business opportunities.
What Can You Do With Our API?
- Smooth Address Verification: You can verify and correct addresses in real time according to Canadian postal standards.
- Effective Address Parsing: Our freeform address parsing service can help you clean poorly formatted addresses.
- Easy Address Autocomplete: You can autocomplete addresses with our address verification API at the entry point. It would help you ensure accurate data in the pipeline.
- Managing Bulk/Batch Verification: Rely on API to clean, verify, and standardize addresses in bulk according to your local postal standards. You can verify up to 200k addresses at once.
- Smooth Integrations: Are you using a dedicated software system for your business? No need to worry; our API can easily integrate with tech stacks, CRMs, and over 1600 tools.
Using PostGrid’s Address Verification API with SIC Codes in Canada
Validating Addresses by SIC Code
Businesses can use PostGrid’s API to validate postal addresses depending on a business’s industry at a location. It can help ensure your marketing materials and mailings reach the correct business locations.
Targeted Mailing Campaigns
You can use our API to validate and verify addresses for businesses that fail within specific Canada SIC codes. It would help you create targeted mailing campaigns focusing on specific types of businesses and sectors.
Accurate Data Capture
When gathering postal addresses for businesses, it’s critical to ensure that the address is complete and accurate. Use our address verification API to ensure that addresses are valid and properly formatted. It helps reduce errors and improve data quality.
Data Enrichment
By relying on PostGrid’s address verification API with Canada SIC codes, you can ensure your data by extracting additional information. You can learn about an industry or the primary activity of the businesses at a specific location.
It would help you better target your marketing efforts and improve your understanding of the target audience.
Signup now for SIC Code Canada Lookup
