Once you have set your campaign and revenue goals, the next step in your ‘Marketing process’ is adding goals in Analytics.
1) Go to Analytics Settings-> Click Edit Profile
2) Click Add Goal
3) You can set upto 20 Goals for a Single Profile (Website) – 4 sets of 5 goals each
There are three types of Goals
a) URL Destination: Most web portals that focus on lead generation use this Goal. Let us say that we want to measure the number of people who have signed up for the Newsletter. Create a unique URL that would be shown to the users once they sign up for the newsletter.
In the below example the unique url is /thankyou.html
With this goal you can get a clear picture on the value of traffic from various distribution channels – Search Engines, Partner sites and Social Media. By analyzing the data for 3-6 months, you can make a decision to suspend, initiate or intensify marketing efforts in each of your distribution channels.
b) Time on Site: Time on site is an indication that the visitors to your website are actually reading the information being presented to them. An engaged reader will spend more than 3 minutes on your site. It again depends on the recency and loyality of the visitor. If the visitor is a regular reader, then he might visit the site to access certain information like to get the date of an upcoming conference or event. In that case, he might spend less than 3 minutes on your website.
c) Pages/Visit: The pages per visit is another factor that allows webmasters to measure user engagement. You can find out low value visitors based on the number of pages that they visit. Again, understanding the context is important. Regular visitors to your website might not browse through many pages as they would be familiar with the navigation and would only like to read the latest news releases and blogs.
Next we have to understand the value of visitors. This can be done by measuring the Goal value of each conversion.
Example: Let us take the following scenario
Number of Newsletter sign ups = 100
Cost of single unit of your product = $500
Number of people who buys your product = 10
Revenue = 500 x 10 = $5000
Value of each Newsletter sign ups = (Revenue/ Number of Newsletter sign ups) = (5000/100) = $50
You can enter the value in the Goal Details section.
To get the initial Goal value it would take anywhere between 10-50 transactions (conversion). Once you have set the benchmark on the per visitor value, you can notice the Goal per visit in every report.
You have to understand that Goal Value cannot be purely judged by the Transactional value. For example early evangelist for your product/services might sign up for the Newsletter. They might not perform any transaction but they enable the distribution of your marketing messages to a wider network. In such cases, the Goal Value will depend on the network value of the early evangelist.
The Goal name that you provide will be shown throughout the report. Also you can access the Goals from your left sidebar "below content".