KPI

Total goal value

Total goal value is one of the essential metrics in digital marketing using the google analytics tool. It is one of the KPIs that actually gives business owners an indication of the dollar value of their conversions. This article will outline why it matters, how it’s calculated, and how to improve your own total goal value metrics.

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What is goal value in Google Analytics?

Goal value represents the dollar amount made from goal completions in Google analytics. Essentially, it is a monetary version of goal conversion and allows you to make sure that you are optimizing your google analytics goals from a business perspective, because if achieving your goals is not contributing to improving your bottom line, why is this goal a priority? For example, if one of your goals is to drive more people to the product page of your eCommerce site, the total goal value would be indicative of the monetary value of this action.

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How to calculate goal value

The goal value is calculated on the admin side of Google Analytics. It converts every action that users take into a dollar amount, showing the true financial conversion rate of your Pageviews, web analytics, and SEO metrics. For example, if your average transaction is $10, and your goal is to get 10% of visitors to sign up for your eCommerce newsletter through a contact form, the goal value of that goal may be equivalent to $1. This is a metric that google analytics and eCommerce websites can calculate for you in your goal details.

Goal value formula

 

Goal value is calculated by multiplying the percentage number that represents your goal, times the monetary value of that transaction. So, from the example above it is 10% of visitors * $10 = $1.

 

What is a good goal value?

There is no universal answer to this question, as every website and business has different price ranges and varying total revenue, lead generation, number of page views, and eCommerce transactions. The important thing to keep in mind is to ensure that the efforts and focuses of your marketing campaigns are directed at the place with the most monetary value and that the efforts and strategies are paying off in a worthwhile quantity for your business. Thankfully, these values can be tracked with an automated report, even as you add new goals.

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What is a bad goal value?

Similarly, there is no objectively bad goal value. However, it is just important not to be seeing massive financial losses in your marketing campaigns, social media strategy, or google ads campaigns.

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Goal value KPI examples & templates

Your goal value can be added to multiple different types of reports. Here are some of them:

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Google analytics report template Google analytics report template

A report with all the most important Google analytics metrics. Track all your web analytics, from single-page metrics, page load time, organic searches, total number of sessions, and more. 

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Digital marketing report template Digital marketing report template

From SEO to social media and PPC, this report gives you a good view of all online performance metrics. Get insights on user experience and figure out your digital marketing next steps.

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Ecommerce report template Ecommerce report template

A report with all the most important metrics for your eCommerce website, like bounce rate, shopping cart abandonment, and total revenue. Optimize your product pages to get better results in your report!

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Goal value best practices

Factoring in financial outcomes when you are reflecting on goals is helpful to get priorities aligned. If you are not seeing the growth you need, consider the following strategies.

Goal conversion rate best practices

step 1 icon Reset your goals if needed

Reassess your goals and their values to be sure they are accurately representing their worth. Make sure that every page value and attribution is prioritized according to accurate metrics.

step 2 icon Keep your eCommerce tracking separate

Don’t forget that the analysis of sales and item behavior is important and valuable, it provides crucial business insights. Keep this separate from goal value tracking.

step 3 icon Adjust your site content so that it is easier to hit goals

If you are seeing low goal values, you may have a homepage that makes it hard for visitors to access the part of your site that drives conversions. Make sure your site works from a UI perspective.

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