Survey’s demographics results helpful for small business
BY TOM GARRITY
When New Mexico’s stay-athome order was issued in March 2020, essential and nonessential industries were impacted — arguably none more than small business.
In times of crisis and uncertainty, we lean on the opinions of the people we trust and the industries we favor, both of which are tested in the Garrity Perception Survey.
According to the data source USAFacts (January 2020), 54% of New Mexico’s overall employment can be found in small business. New Mexico is in an elite group, among the top 10 states with a workforce made up of small businesses.
While the Small Business Administration determines a small business to be those with fewer than 500 employees, firms with fewer than 100 employees have the largest share of New Mexico’s small business employment. Catron, Colfax, Harding, Lincoln, San Miguel, Santa Fe, Torrance and Taos counties have some of the highest percentage of self-employed New Mexico residents.
A lot of attention has been afforded to small businesses, specifically retail and restaurants, in the midst and wake of the COVID-19 crisis.
In the spirit of “one beggar
showing another beggar where to get food,” I want to share key GPS 2020 insights to empower small business owners to engage relevant advocates. After all, if we know more about our target audience, we have focused communications.
Women are more favorable of small business than men; this is a substantial shift over the past nine years.
The target age demographics of New Mexico residents who have a favorable opinion of small businesses (starting first with the most favorable) are the 18- to 34-year-old age group, 65 years and older, 50-64 years and 35-49 years of age.
Household income is also a determining factor when identifying target audiences. Interestingly, favorability of small business consistently declines as income increases, with residents who have the most favorable opinion of small business earning less than $20,000 annually.
College graduates as well as residents with some college or an associate degree have a favorable opinion of small business.
One of the big swings in disparity seen in the 2020 survey results is favorability based on length of residency. Newer residents, those living in New Mexico less than eight years, have a higher favorability (85%) than those who have lived here eight to 20 years (76%) and people who have been here for more than 20 years (79%).
The biggest statement of support for small business was made by those who are politically independent. Ninety percent of independents have a favorable opinion of small business, compared to 75% of Democrats and 73% of Republicans.
Geography also plays a role in favorability. Residents living in the Northwest and Eastern parts of New Mexico have the highest opinion of small business, when compared to residents living in other parts of the state.
If small business owners were to identify characteristics of their target audience, it would include these demographic groups: female, 18 to 34 years old, incomes up to $79,999, residents who have had some college (or an associate degree) and/or are a college graduate, relatively new residents and those who are politically moderate.
Tom Garrity is president of The Garrity Group Public Relations, based in Albuquerque. The 2020 Garrity Perception Survey is a scientific survey of New Mexico residents conducted by Research & Polling Inc. The survey has a 95% level of confidence. The executive’s desk is a guest column providing advice or information about resources available to the business community in New Mexico.