Vanity Metrics - Followers vs Customers

Do you ever find yourself looking at other businesses social media follower numbers with a sense of envy or questioning how the heck did they get so many followers? I certainly have!

I used to think that the number of social media followers was a direct reflection of how successful a business was but I now understand that those numbers can simply be a vanity metric. Followers doesn't necessarily mean paying customers.

The number of likes on your posts is like getting paid with virtual applause, flattering for the ego but doesn't pay the bills.

If we break it down to understand social media followers are individuals or businesses that have chosen to follow a particular account on a social media platform. These followers may engage with the account's content, such as liking or commenting on posts, but they are not necessarily paying customers.

Paying customers, on the other hand, are individuals or businesses that have made a financial transaction in exchange for a product or service. The number of paying customers IS a key metric for measuring the success of a business. Paying customers equals business revenue which in turn means your income.

I know businesses that have turned over their first $1M annually with less than 5,000 followers on IG.

Having a large number of social media followers can be beneficial for a business, as it can help to increase brand awareness and drive website traffic. However, it is important to remember that not all followers will convert into paying customers. It's important to have a clear strategy to convert followers into customers and make it easy for them to buy from you.

Rather than chasing the vanity metric of followers on social media, ensure what you are sharing on your profile speaks to your ideal customer.