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One of my clients this week has an online sales funnel in which the user needs to agree to a $7 charge being made to their account each time they do a particular action (click a submit button). This is a perfect scenario for a “value” being added to a Google Analytics goal and so this is what I’m going to discuss today.
WHY should you care about adding a value to a Google Analytics goal?
When you add a value to a Google Analytics goal it comes through to the Page Value metric, so you can see which pages are driving the most money into your pocket. This Page Value works as follows – every time an event occurs on your website that leads to a value being assigned, every page that the user looks at during that session has the value applied to it. Then as people use the website, the average value will be calculated for each page. So for example if you have a value per submission of $100 and 1000 people looked at the page and 100 of the people clicked, that page will have a value of $10 ($100 x 100 / 1000). If the person arrived at that page from one of two other pages, they will get a page value as well. Perhaps 30 of the 100 people came from one page and 70 of the people came from another page. You will now have one page with value $10, one with value $3 and one with value $7 You can compare values of different pages leading up to an event to see which are working the best. Ordering by page value shows you the true sales funnel of your purchasers.
If you have ecommerce set up, page value will come from your ecommerce results, but if you do not have ecommerce setup you need to set it manually through goals.
If you have more than one sales funnel on your website and each one has its own value when the user completes it, Google Analytics will automatically aggregate all the different values to come up with an average page value that encompasses all sales funnels across your website.
WHO should add values to Google Analytics goals?
You should add values to Google Analytics goals if you sell products but do not have ecommerce setup in your Google Analytics.
You should add values to Google Analytics if you sell tickets to some kind of event, booking, or productized service.
You should add values to Google Analytics if you collect leads on your website and you have some idea of your expected lead to sale ratio and therefore how much a lead is worth to you.
You should add values to Google Analytics if you have a lot of pages for the purpose of SEO and so you have people looking at lots of different pages on your website and you don’t know which pages are leading to the sales outcome.
WHERE and HOW do you add values to Google Analytics goals?
If you’re keen to know the answer to this question then please alert me to create a step-by-step tutorial!