Is web traffic a vanity metric? Not if you’re a publisher

Rand Fishkin recently sparked debate with his SparkToro blog post, “In a Zero-Click World, Traffic is a Terrible Goal.” 

He pointed to a HubSpot survey where 60% of marketers said their top website priority is “increasing traffic,” and 59% listed “overall traffic growth” as their primary key performance indicator (KPI).

Then, Fishkin delivered the digital marketing equivalent of a mic drop: “Traffic is a vanity metric.”

For B2B companies and ecommerce sites, he’s mostly right. But for media companies that monetize via advertising, he’s mostly wrong. 

This debate reminds me of Miracle Max from “The Princess Bride,” who famously said, “There’s a big difference between mostly dead and all dead.”

So, I emailed Fishkin, saying: 

• “Traffic is a vanity metric for ecommerce or lead-gen sites. But publishers can monetize traffic with ads. Many focus on generating traffic to avoid more newsroom layoffs.”

He agreed, noting:

• “For ad-monetized publishers, traffic is extremely well-correlated with revenue.” 

He added a warning: 

• “Monetizing that way is risky. Publishers should pursue subscriptions, events, sponsorships, ecommerce, and other non-traffic revenue streams.”

That warning is central to what this article explores.

Welcome to the zero-click world

Zero-click searches are those in which users get what they need directly on the search engine results page (SERP) without ever clicking a link. 

These include featured snippets, knowledge panels, definitions, weather forecasts, sports scores, and more.

Search engines, especially Google, aim to keep users on their platforms. 

As search algorithms improve and more answers surface directly on SERPs, users become less likely to click through to a website.

More than half of all Google searches end without a click, according to data from SparkToro and SimilarWeb.

This presents a fundamental challenge for search marketers who have long relied on website traffic as a key indicator of campaign performance. 

If users get the answers they need without clicking, then what happens to those traffic numbers?

It forces us to ask: Are we measuring the right thing?

Dig deeper: Zero-click searches rise, organic clicks dip: Report

Traffic: Metric or mirage?

In many contexts, traffic has become a vanity metric – it looks impressive but doesn’t necessarily equate to value. 

For B2B marketers, thousands of visitors mean little if none become leads. 

For ecommerce, high traffic is meaningless without conversions.

This is why smarter businesses are focusing more on:

• Conversion rates.
• Qualified leads.
• Customer acquisition costs.
• Customer lifetime value.

But the situation is different for media companies.

When traffic does matter

For publishers that monetize with advertising, more traffic usually means more revenue. 

The more people visit a site, the more ad impressions are served, and the more clicks or views advertisers can buy. 

In this business model, traffic is the product.

• BuzzFeed is a prime example. It drives massive traffic through social sharing and viral content, then monetizes through native ads and sponsored posts. 
• The Huffington Post combines traffic-driven content with affiliate marketing. 
• Vox Media relies on high-quality journalism and programmatic advertising to reach niche audiences.

In each case, traffic is not a vanity metric – it’s a business objective.

That said, even media companies are not immune to market shifts. 

Ad blockers, changes in privacy regulations, and increased competition have made ad revenue less reliable. 

Which leads us to the next point.

The risks of a traffic-only strategy

Relying solely on traffic is risky, even for media organizations. 

• Digital advertising rates fluctuate. 
• Algorithm updates can decimate referral traffic overnight. 
• Audiences now split their attention across platforms, apps, and social media feeds.

For non-publishing businesses, the risks are even more acute. 

Traffic may spike from viral content or aggressive SEO, but if it doesn’t convert into engagement or revenue, what’s the point?

That’s why many businesses are moving toward more meaningful metrics:

• Engagement: How long are users staying? What are they clicking?
• Conversion: Are visitors becoming leads, customers, or subscribers?
• Retention: Are users coming back?

These metrics provide a clearer picture of performance and long-term value.

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Diversifying revenue streams

Fishkin’s advice to media companies is prescient: diversify your revenue. Ads shouldn’t be the only source of income.

Alternative models include:

• Subscriptions: Create gated content or membership programs for loyal readers.
• Events: Host virtual or in-person gatherings, from webinars to conferences.
• Sponsorships: Partner with brands on co-branded content, series, or segments.
• Ecommerce: Sell branded merchandise or launch affiliate programs.

These approaches not only protect against ad market volatility but also deepen audience engagement and brand loyalty.

A great example is The New York Times, which has successfully grown its digital subscription base while exploring other ventures, such as cooking apps and branded products.

Dig deeper: How to diversify your traffic sources

Building a smarter SEO KPI strategy

So, what should search marketers and media companies do?

Start by rethinking your performance indicators. Traffic can still be valuable – but only if placed in the right context.

A balanced KPI strategy includes:

• Traffic to gauge interest.
• Conversion rates to measure effectiveness.
• Engagement metrics (e.g., time on site, scroll depth) to assess quality.
• Revenue per visitor to tie traffic to outcomes.
• Churn and retention to understand user loyalty.

Integrating tools like Google Analytics 4, HubSpot, and customer data platforms can help connect the dots. 

Dashboards that visualize traffic alongside conversions and revenue provide the best insights.

It’s also critical to segment traffic by source. 

Where are high-converting users coming from? Organic search? Email? Social? 

Focus your efforts where they matter most.

Dig deeper: SEO KPIs to track and measure success in the age of AI

Beyond the click

The digital landscape has changed.

• Zero-click searches are here to stay.
• Users want fast answers. 
• Platforms want to keep their users on-platform.

Search marketers must adapt.

For some businesses, traffic is still essential. For others, it’s a hollow number without conversions or revenue.

The real key is balance. 

• Combine traffic data with deeper performance insights.
• Diversify your business model.
• Measure what matters.