The term FinTech, a combination of “financial” and “technology”, has been around for quite some time, with the first recorded use of the term all the way back in the 1990s.
That said, with the rise of the likes of Transferwise, Stripe, Square (and even DueDil!) it has only been officially recognised by Merriam-Webster in the past week.
As such, when it comes to surfacing these types of businesses for the purposes of market mapping & sizing, research, and broader analyses of the UK&I economy, it becomes very hard to segment based on unofficial terminology. This is just one of the ways, through our Industry Keywords, that DueDil is ahead of the curve.
Keywords came about as a result of the problem that outdated Standard Industrial Classification codes cause businesses, when looking to ascertain a better understanding of the economy.
Having been last updated all the way back in 2007, SIC codes are used by government bodies such as Companies House and the Office for National Statistics to provide a way to systematically classify what a business does. However, using DueDil, we can see that today there are 923,726 businesses (accounting for over 30% of the UK’s economy) that have registered their activities under “Other Business Support Service Activities Not Elsewhere Classified”. When even the likes of Google incorporate in such a way, it becomes notoriously difficult for Sales and Marketing teams to capture their entire addressable market and feel confident that they’re maximising their potential within the region.
To counter this, our Keywords scan company websites, blogs, product descriptions and Wikipedia pages to capture the terminology a business uses to describe its own activities. Ultimately, helping to surface entities through their own terminology, and enable teams to build a holistic view of the UK&I economy, and the relevant companies within it.
If you would like to learn more about how Keywords can help you build a targeted list of prospects, contact us so we can discuss your requirements and share how we've helped other businesses identify their ideal customer profiles.