What is National Decision Systems (NDS)?
National Decision Systems (NDS), now operating under the name Claritas, is a company that offers a wealth of data relevant to demographics, psychographics, and market segmentation. These datasets are used extensively for geographic segmentation, market analysis, and strategy development, especially in the real estate, retail, and financial services sectors.
Services Provided
- Demographic Data: Includes information on age, income, education, and other demographic factors.
- Geographic Segmentation: Divides broader markets into distinct customer segments.
- Psychographic Data: Provides insights into customers’ lifestyles, interests, and behaviors.
- Market Analysis Tools: Helps in assessing market potential and customer targeting.
Examples
- Retail Store Placement: A retail chain used data from NDS to determine the best locations for their new stores by analyzing demographic and purchasing data.
- Real Estate Development: Developers utilize NDS data to identify emerging neighborhoods that are ripe for new residential or commercial developments.
- Financial Services: Banks use NDS geographic and psychographic data to better understand the needs of different market areas, helping in deciding where to offer new services.
Frequently Asked Questions (FAQs)
What is Claritas?
Claritas, formerly known as National Decision Systems, is a premier provider of consumer segmentation and demographic data. They help businesses identify, understand, and target their best customers.
How does NDS data help in real estate decisions?
NDS data assists in real estate by providing insights into neighborhood demographics, potential buyer behaviors, and market trends. This helps in making informed decisions about property investments and developments.
Who typically uses NDS/Claritas services?
Businesses in real estate, retail, banking, and marketing often use NDS/Claritas services for customer segmentation and market analysis.
Is NDS data updated regularly?
Yes, NDS/Claritas ensures that their data is current, frequently updating their datasets to provide the most recent and relevant information.
Can small businesses benefit from NDS data?
Absolutely. Small businesses can leverage NDS’s detailed market insights to better understand their local markets and tailor their strategies accordingly.
Related Terms
Demographic Data
Information about the composition of a population, such as age, income, education levels, and ethnicity.
Geographic Segmentation
Dividing a market into different geographical units, such as nations, states, regions, cities, or neighborhoods.
Psychographic Data
Details about customers’ lifestyles, interests, and activities, often used for more precise target marketing.
Market Analysis
The systematic study of market conditions to identify opportunities and challenges, and aid in strategic decision-making.
Online Resources
- Claritas: The official website for the current company providing NDS’s services.
- U.S. Census Bureau: Source of public demographic data that can be used in conjunction with NDS data.
- Esri Demographics: Provides alternative demographic data solutions.
References
- Claritas Inc. “About Us.” Accessed October 2023. link
- U.S. Census Bureau. “Population Data.” Accessed October 2023. link
- Esri. “Demographic Data Solutions.” Accessed October 2023. link
Suggested Books for Further Studies
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“Principles of Marketing” by Philip Kotler and Gary Armstrong
- Offers comprehensive insights into the principles of marketing, including market segmentation and analysis using demographic and psychographic data.
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“The Manager’s Guide to Competitive Marketing Strategies” by Norton Paley
- It covers competitive strategies in market segmentation and the use of data in decision-making.
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“Real Estate Market Analysis: Methods and Case Studies” by Deborah L. Brett and Adrienne Schmitz
- Specifically focused on real estate, detailing the methods for market analysis using data from sources like NDS.
