This is really debatable and every entrepreneur might have had a different experience on the success of their business, well atleast with regards to successfully concluded sales that originated from their social media page.
In my case, I havent even reached 2k of followers, however I have contently thrived. This is because, I “personally” concluded, not everyone who follows you is interested in your product (I know this because I usually do it. At times i follow a page because I wanna reference something to it at a later stage. If IG had a bookmark button, I would otherwise do so) .
Just because you have, say 100 followers and your competitor has 10k followers, your business is any less than it is. Maximise on the clients that make repetitive sales and excel on your service….Like your service must be ON FLEEK. ..From that “Hi, is this available” message to you providing a trace number, make sure you wow your clients. Be kind on your conversations with them and where possible ring them so you can get feedback on the sales process.
I must emphasize though, social media is a very important instrument to get your message across. Use it as best as possible. Your goal should be to score successful sales from your posts, not followers, although any new follower is a potential buyer. So acknowledge them and thank them for following you. That way they will know that you appreciate them and you have took note of them.