Everyone likes money. This is a universal hard-to-argue truth so we won’t. Now imagine there was a way to optimize your budget so you earn even more money without much investment?
There is, and it includes assigning a monetary value to your Google Analytics goals. In this article, we’ll examine which features and advantages does that process present.
Let’s take a look:
Benefit №1: Precise monetary calculations
Okay, so here’s the deal: every time an app or a desktop visitor performs an action you have previously identified as a goal, Google Analytics displays it as a new conversion. Collected conversion data further can be seen in 4 types of reports: Duration, Destination, Event and Pages/Screens per session.
So which advantages does assigning a value to a Google Analytics goal enable? Well, first of all, it helps you determine where exactly your revenue originates from. What is the per-visit value of each traffic source you obtain? What percentage of customers comes from organic search and what arrives from your ad campaigns? What is your precise revenue by keyword, campaign and referral?
All of these questions can be easily answered by assigning value to goals, which on its own serves as a tremendous benefit for those in need of profound insights. Furthermore, assigning a monetary value to Google Analytics goals allows you to evaluate and monetize your conversions, which are then conveniently displayed in your revenue reports.
Benefit №2: Free product tryout
We’ll be honest and straightforward right from the get-go — if you have your Google Analytics ecommerce tracking set up, you should skip assigning value to goals altogether. Your automatically generated ecommerce reports already provide you with extensive product and transaction insights, which goal values will not enrich.
But, on the other hand, if you are a startup, a single product website, or simply have not set up your ecommerce tracking yet, utilizing this option is a great opportunity for you. Take the price of your single product and assign it as the goal value to see if the item you’re selling is catching on. This way you’ll save money on long and costly installation and get the data you need without much painstaking work.
Benefit №3: Company’s progress tracking
This one sounds weird and unexpected but stay with us. Almost each and every business type goes through seasonality. Economic ups and downs are also a factor. This means your user actions and business metrics will mutate and differ as time goes by.
For your business to receive revenue calculations that are accurate, it’s essential to update your Google Analytics goals and the values you assign to them systematically. If you fail to do so, the data you’ll collect will not correctly reflect your invested efforts and will slowly mislead you. To avoid this scenario, revisit your goals at least every three months. It does magic, we promise 😉
Since you are clearly into data and reporting staff, check out our awesome blog and some of its informative and hands-on Google Analytics articles: