The ROI Revolution Blog
Getting the Full Value of Google Analytics: The Importance of Monetizing Your Goals
May 23, 2006
Google Analytics is so customizable it can sometimes be challenging to decide exactly what the best route to take for your situation would be. When you set up Google Analytics, the call on whether or not to monetize your goals can be one that is particularly baffling, but it doesn’t have to be.
I’ll spell it out: if you don’t have a straight-up e-commerce site, monetize your goals. You’ll be glad you did!
If you DO have e-commerce enabled, then there are a total of 81 reports available in Google Analytics, and 43 of those reports contain financial information. So 53% of the total number of reports offered use financial data to convey complete sets of data. Plus, this is data you really want – - what the return on investment is on a certain campaign or your revenue from that transaction, etc.
Ok, so far everybody out there is nodding their heads saying, “Yeah, that’s common sense for an e-commerce site! Tell me something I don’t know”.
Well, the part that might not be immediately apparent is that for NON e-commerce sites there are a total of 60 reports available in Google Analytics [everything minus the e-commerce section at the very bottom], and 23 of those reports contain financial information. That’s 38% of the total reports offered!
So if you have a non e-commerce site and don’t monetize your goals, then you are not getting the full value from 38% of your reports within Google Analytics.
Hopefully (my fingers are crossed) most of you are now ready to run off and monetize your goals right this second. There’s only one little problem… how exactly do you do that?!
Rest easy! It’s very simple. Assume that an average successful sale is worth $500 to you, and you know that about 1 in 10 submitted leads become a paying customer. Just divide the average sale by the total submitted leads, and you get the goal value: $50. See? That wasn’t too bad!