They're important, but they're not going to be a panacea for bad content or poor on-page optimization or backlinks. Google I find still puts more value on backlinks. You can take a competitive search term and check each listing through a social signal checker and you'll see the one with the...
You should also check your social signals to see whether people are sharing your content and whether your site is set up for link sharing (e.g., social sharing icons added on your site, and placed prominently).
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