If this question had a Facebook profile, it’s relationship status would be “it’s complicated”.
Reach only matters if you’re reaching the right audience. Because, quite frankly, what’s the point of reaching 10 million people if not a single one is even remotely interested in what you’re selling.
“Spray-and-pray” was the strategy of choice when the internet was still new and email was a novelty. These days, however, people are suffering from “content overload” and navigating the digital space has become a game of dodge-’ems not unlike trying to avoid the car guard as you leave the mall (every South African reading this article will understand this comparison).
Audiences are more discerning in 2021 than they were in 2001, and your approach needs to be more targeted and personalised than ever before. Engagement, when it happens, is great, but remember that your bank balance doesn’t care about “likes”. You need to focus your efforts on creating the right content and posting it on the correct platform based on the specific persona you’re targeting.
So, yes, reach matters. But it only counts if you’re reaching the right people.