The system for classifying UK companies – SIC codes – has been in existence since the late 1940s.
It’s the same age as the President of the United States and as outdated as most of his opinions. It’s of no relevance to the digital economy or modern ways of doing business.
SIC codes work by asking the owner of every company to choose the code that best resembles what it does. There’s no penalty for choosing the wrong code – or for not choosing one at all. Nor is there any requirement or incentive to change your SIC code if your company changes what it does at any point in its lifetime.
It’s been ten years since SIC codes were last updated. Technology has moved a long, long way in that time. Businesses have thrived in sectors that would have been hard to even imagine in 2007. As a result, up to one third of all UK businesses have an SIC classification of ‘Other’, while many more are misclassified.
To marketers, these businesses might as well be invisible. And if you can’t see a business, how are you supposed to sell to it?
The answer? Stop segmenting by SIC code and follow our three steps to curing this 20th Century data hangover:
- Uncover the true size of your market
- Understand your targets’ buying signals
- Prioritise your prospects
To discover how, download our free ebook – ‘Your 20th Century Data Hangover and the Cure’.