Do you know what goal values are, and how they can help to determine page value? If that question made no sense at all, then fear not. I’m here to tell you more about what goal values are and the important role they can play in helping you generate more leads.
What are goal values?
First of all, let’s talk about goals. You should already know what goals in Google Analytics are, but in case you need a reminder, goals are a conversion that can be completed on your website.
For eCommerce sites, this could be a purchase, and for a lead generation site, it could be completing an enquiry form or joining a mailing list. By tracking conversions using goals, we’re able to know how many people converted and at what rate, giving us a clearer idea of how our website is performing.
Each goal can have a monetary value assigned to it, giving it a goal value. Every time a user completes a goal, the value is recorded.
Goal values & lead gen websites.
But goal values aren’t just useful for eCommerce websites. They’re also incredibly valuable for lead generation sites too.
For example, you might have three conversion points on your website: an enquiry form, a newsletter signup form and a job alerts form. You know that your most important goal is your enquiry form, as this is the goal that is more likely to impact your bottom line.
Your newsletter signup form is still important, but it’s a “softer” conversion point and it’s better suited for nurturing leads.
The job alerts form is less important, but it helps you find and recruit skilled employees to help grow your business.
The best way to assign these goals a value is to rank them from £1 to £10, with £1 being the least significant goal and £10 being the most. In this example, you might choose to rank your goals as such:
Most likely to acquire new customers and have an impact on revenue.
Has the potential to generate a conversion later down the line, but is less significant than enquiry.
No impact on the bottom line but helpful for recruitment and growing the business.
But remember, if you choose to add in more goals at a later point, make sure to assign a different value than the ones you’ve already used. In order to view this data correctly, the same value can’t be used across more than one goal.
Goal values & page value.
Now you know what goal values are and how to use them, let’s talk a bit about page value. Page value is probably one of my favourite Google Analytics metrics because it tells us a lot about the pages users are visiting. Google defines page value as being “the average value for a page that a user visited before landing on the goal page or completing an Ecommerce transaction (or both)”.
Basically, page value helps us understand which pages contributed to getting a user to convert.
The calculation Google uses to determine page value is the eCommerce revenue plus total goal value, divided by the number of unique pageviews for a given page. You can view page value in Google Analytics by visiting Behaviour > Site Content > All Pages (as shown below).
The example above shows page value in USD but this will be shown in GBP depending on your currency settings.
From here, we are now able to see which pages on the website can be attributed to driving conversions. Have a look at your website’s page value and see what the data tells you. If you notice that a number of your popular pages have a low page value, you might want to look at ways that you can include more links through to your key conversion point.
Are goal values for you?
Goal values are important for every kind of website, especially lead generation. Yes, of course, they’re important for eCommerce websites as they can tell you more about which of your product pages is contributing most to increasing revenue, but they’re invaluable for lead generation too.
They help you better understand which pages are most significant when converting sessions into leads, ultimately allowing you to optimise your website in order to generate even more leads.