Assigning a value to a Google Analytics goal enable website owners to measure the success of their website and marketing efforts in monetary terms. When a value is assigned to a goal, website owners can track the revenue generated by specific website actions, such as a purchase or a form submission. This information can help website owners make data-driven decisions about their website and marketing strategy, and ultimately improve their return on investment (ROI).
Key benefits of assigning a value to a Google Analytics goal
Measure ROI
By assigning a value to a goal, website owners can measure the ROI of their website and marketing efforts. For example, if a website owner assigns a value of $50 to a purchase goal, they can see how much revenue that goal has generated and calculate the ROI of their marketing campaigns.
Identify High-Value Actions
Assigning a value to a goal can help website owners identify the most valuable actions on their website. For example, a website owner may assign a higher value to a purchase goal than a form submission goal, indicating that purchases are more valuable to their business.
Optimize Marketing Campaigns
With a better understanding of the value of specific website actions, website owners can optimize their marketing campaigns to drive more of those actions. For example, if a website owner sees that purchases are more valuable than form submissions, they may focus their marketing efforts on driving more purchases.
Measure Micro Conversions
Assigning a value to a goal can help website owners measure micro conversions, which are smaller website actions that lead to a macro conversion (such as a purchase). For example, a website owner may assign a value to a goal for adding an item to the shopping cart, as this action may lead to a purchase.
Compare Channels
By assigning a value to a goal, website owners can compare the performance of different marketing channels in terms of revenue generated. For example, a website owner may see that their social media marketing campaigns are driving more revenue per visit than their email marketing campaigns, indicating that they should invest more resources in social media.
Set Targets
By assigning a value to a goal, website owners can set targets for their website and marketing performance. For example, a website owner may set a goal to generate $10,000 in revenue from purchases in a given month and use Google Analytics to track progress towards that goal.
Conclusion
Overall, assigning a value to a Google Analytics goal is a powerful way for website owners to measure the success of their website and marketing efforts in monetary terms. By tracking the revenue generated by specific website actions, website owners can make data-driven decisions about their website and marketing strategy, and ultimately improve their ROI.