Industry Research Step-By-Step

Industry research can provide valuable insights and information that can help your business identify new opportunities, and stay competitive in an ever-changing marketplace.  

You will be using the North American Industry Classification System (NAICS) codes to research the industry you want to learn more about. NAICS is the standard used by Federal statistical agencies in classifying entity establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. 

Here is an example of research for the “Seafood Wholesalers” industry. 

Industry Research Step by Step with Example: “Seafood Wholesalers” 

1. Go to the US government NAICS database – https://www.census.gov/naics/ 
2. Search for the category you are looking for “seafood” – https://www.census.gov/naics/?input=seafood&year=2022 
3. Review the list and choose a few that you think match what you are looking for: https://www.census.gov/naics/?input=seafood&year=2022&details=424460 
   1. Fish (except canned, packaged frozen) merchant wholesalers 424460 
   2. Fresh fish merchant wholesalers 424460 
   3. Fresh seafood merchant wholesalers 424460 
4. Review the description to confirm that these are the types of organizations you want. 
5. Go to an industry research firm site like IBIS World: https://www.ibisworld.com/ 
6. Search for the NAICS code to see if they have a report – “424460” https://www.ibisworld.com/united-states/market-research-reports/fish-seafood-wholesaling-industry/ 
7. Consider buying an industry report from a company like IBIS (mentioned in step 5) 
8. Ensure the NAICS code(s) and the initial list of companies are correct 
9. Research the companies and their employees.

Download the example HERE