Conversion tracking is the starting point of conversion rate optimization. It’s a non-negotiable, must have to begin improving your conversion rate. All of your website’s conversions goals should be tracked with precision across every digital channel. Google Analytics is the most popular way to track all your website statistic and conversions. The 5 key conversion actions that can be tracked with Google Analytics are:
1.Form Submissions. Whether you have a simple email capture for newsletters or multiple complex forms with dozens of fields, all form completions can be tracked using a page destination or event goal type in Google Analytics.
2.Phone Calls. For many businesses, phone calls are the primary way they get new leads and business. Call tracking & recording software can be easily integrated with Google Analytics to capture phone calls as conversions.
3.Ecommerce Purchases. Conversion tracking for ecommerce is the most straight forward. Simply pass each purchase and its value from your shopping cart directly into Google Analytics using the ecommerce settings section.
4.Website Events. A variety of website events can be tracked as conversions such as: button clicks, videos watched, social shares, time spent on website (duration), pages per session, sections opened or other website events and interactions. These types of goals / conversions can be more challenging to quantify, so be thoughtful when adding them as conversions and/or giving them a goal value.
5.Smart Goals. Smart goals are an alternative to tracking conversions. This Google Analytics goal setting allows you to measure the most engaged visits to your website and automatically turn those visits into goals / conversions. Google states: “…if you aren’t yet measuring conversions, Smart Goals is an easy way to use your best sessions as conversions. You can then use Smart Goals to optimize your Google Ads performance.”
Smart Goals are configured at the view level. Smart Goals use machine learning to examine dozens of signals about your website sessions to determine which of those are most likely to result in conversions. Each session is assigned a score, with the “best” sessions being translated into Smart Goals. Some examples of the signals included in the Smart Goals model are Session duration, Pages per session, Location, Device and Browser. (Remarketing Smart Lists use a similar machine learning model to identify your best users.)
To determine the best sessions, Smart Goals establishes a threshold by selecting approximately the top 5% of the traffic to your site coming from Google Ads. Once that threshold is set, Smart Goals applies it to all your website sessions, including traffic from channels other than Google Ads. After enabling Smart Goals in Analytics, they can be imported into Google Ads.
Setting Goal Values
Setting goal values is an important part of thorough conversion tracking and conversion rate optimization. Setting values to your goals and conversions is particularly important when calculating the ROI across all your digital channels that feed your website.
When you set up a goal, you have the option of assigning a monetary amount to the conversion. Each time the goal is completed by a user, this amount is recorded and then added together and seen in your reports as the Goal Value.
Every action a user takes can be translated into a dollar amount. One way to help determine what a goal value should be is to evaluate how often the users who complete the goal become customers. For example, if your sales team can close 10% of people who sign up for a newsletter, and your average transaction is $500, you might assign $50 (i.e. 10% of $500) to your newsletter sign-up goal—a goal that users complete when they reach the final newsletter sign-up page. In contrast, if only 1% of signups result in a sale, you might only assign $5 to your newsletter sign-up goal.