Setting a Goal Value in Google Analytics

How Important is Setting Goal Value in Google Analytics?

Are you a sport fan? Do you play sports of any kind? Can you imagine if there were no nets in hockey or soccer. How about playing a game of basketball with no nets or baseball with no home run distance? I hope you are beginning to see my point with website analytics. Let me answer this question with a question… “What are your earnings in your day job or business after expenses?” I mean after all is said and done how much did you profit? What was your ROI (return on investment). By taking the time figuring out the goal value in Google Analytics the most important question is answered; ROI.

What is a Website Goal?

It is a specific end action that we want a user to complete. This often includes acquiring an email address and name. A thank you page is a good example of a simple website goal. Is your website a Lead generation site? You may have a form or white paper that you follow up by phone. When that lead comes in and is actionable, hooray you scored a goal! You have also scored a goal by selling products. But are you logging these amazing accomplishments on the scoreboard?

What are the Specific Pages a User goes Through?

How does a visitor get to the success page on your website. This process can be compared to a race that has a start and finish line. This thinking goes on to become a sales funnel in Google Analytics. How valuable is each lead? Think in terms of averages.

Here are 4 highly Recommended Steps in Website Goal Setting:

1. Set End Goal- The finish line (e.g. thankyou.html).
2. Describe the Name of the Goal- Named properly so all parties involved in analysis can relate easily.
3. Create a Funnel- Expected pathway (10 steps maximum). Watch how visitors walk in and out of the pathways.
4. How to Calculate the Value of a Goal- Requires doing a little homework but is well worth it and very simple to calculate. For a simple lead form it goes like this… The total revenue generated by form submissions divided by the number of submissions. Example: 1000 form submissions resulted in $100 in sales. In this case the goal value is $10.

Ecom Goal Value in Google Analytics

Most of the time the goal page is the receipt page (acknowledges payment). The goal value in the case of E-com remains blank. The transaction data will replace this value. Here we will name the goal. Instead of using “head match” we will use simple expressions and exact match. The reason for this is receipt pages often include unique ordering perimeters. E.g. thankyou.php?orderid=12345. This method of tracking can be a little tricky to set up, but once you do it will report data from variables that are placed in the form. If it is done correctly the variables are replaced by ecommerce data. A test account is recommended for this function. One of the most overlooked features in Google Analytics is setting a realistic goal value. Most of the time it is because of laziness or lack of understanding. Now that you know how to do it there is no excuse to exclude one the most important website analysis elements. The goal value in Google Analytics is a critical part of your bottom line. Without it, calculating ROI is virtually impossible. It is simple to install this feature and even easier to take action based on conclusive data. Get in the game today by setting goal value in Google Analytics.