From metrics to meaning: A signalling–exchange framework for social media engagement in European small and medium-sized enterprises

Abstract

Social media engagement metrics such as likes, comments, and shares are widely used as indicators of communicative performance, yet their theoretical role in building durable stakeholder relationships remains insufficiently explained. This study addresses that gap by integrating signaling theory and social exchange theory to conceptualize engagement as a relational mechanism rather than a purely quantitative outcome. It develops and examines a framework in which three communication strategies, personalization, interactivity, and content consistency, influence stakeholder trust and perceived organizational legitimacy, with engagement rate serving as a mediating variable. Using a mixed-methods case-study design, the study combines longitudinal platform data and qualitative content analysis to examine engagement patterns in a Czech small and medium-sized enterprise (SME). The findings indicate that interactive and consistent communication are associated with higher engagement and stronger stakeholder trust, which in turn support legitimacy perceptions. By reframing engagement as a mechanism of relationship-building in the European SME context, the article contributes to interactive marketing and organizational legitimacy scholarship while offering practical guidance for SMEs seeking to strengthen stakeholder relationships through strategic social media communication.