Google Analytics is a versatile tool. With its many tools, it can be very beneficial for any business, large and small alike.
All that is required to be done is to attach a code to the back of any website. This will allow you to track everything that counts for a lot. Like, what kind of audience is using your website to what each page of your website is generating, and more. It also tracks trends and makes sound assessments and predictions about future advertising decisions.
Google Analytics is a tool that tracks visitors’ movement on websites, blogs, or social networks. This allows the website owners to
- Understand audience’s thought process when they’re on your website or blog or social network.
- Obtain detailed reports that are customized, and predetermined. They will contain data about the traffic who have visited your website. The data will be organized as per audience category; audience behavior; acquisition and conversions.
When compared to other tools, Google Analytics
- Offers quality data and metrics that cannot be measured by other tools.
- Combines with all other tools offered by Google. Analytic work can be combined with AdWords or Blogger or YouTube or any other tool which count visits and traffic.
GOOGLE ANALYTICS GOALS
Likewise, GOALS in Google Analytics are metrics related to your website that’s set-up by you and then tracked. They help website owners like you to measure certain aspects (like what actions visitors take when on your website and what they don’t) that can help them to realize their goals.
A goal is said to be completed and over when a site visitor takes a specific action that is being tracked. Like for instance, a visitor makes a purchase by adding the item to cart; the purchase made is an action and adding product to the cart is completion of the action. When completed, the goal process becomes a conversion that is vital for the success of your business.
Now, the question here is – which data in Google Analytics does GOALS cannot track?
This is question that has often left many web masters perplexed.
When compared to other search engines, Google can break down analytics and understand the traffic that is coming to your website.
Google Analytics can track the data of all types of GOALS barring the customer’s lifetime value.
The reason why it cannot be tracked is Google Analytics does not consider it to be a goal. Nor is it considered as an interaction.
Hence, Google cannot record the data but can gather enough data. This will help website owners like you to estimate the value of the customer and ascertain their lifetime value.
CUSTOMER’S LIFETIME VALUE
A customer’s lifetime value refers to the amount of revenue a customer generates for your business over his/her entire relationship with your business.
It takes place when someone clicks on a ‘Buy Now’ button. This cannot be tracked but its data for one session can be recorded in Google Analytics reports.
Tracking how much the customer will give your business overtime matters a lot because it helps to
· Enhance your business’ profitability.
· Determine your product’s quality.
· Evaluate customer’s loyalty.
All of the above helps your business to manage your marketing techniques better.
HOW TO TRACK CUSTOMER’S LIFETIME VALUE?
Customer’s lifetime value can be tracked with the help of a few methods.
One of them is the Survey Method; & another one is Cohort Analysis.
Under Survey Method, you can send surveys to customers’ asking
- Their purchase history with your business.
- The amount they paid for each purchase.
On the other hand, under Cohort Analysis, customers’ are divided into groups based on when their first purchase from your business took place. This will tell you
- Behavior of groups of people over time; OR
- How a population changes based on certain events that occurs to them during their lifetimes.
This way your business will get to know which of the group possess a higher retention rate. That is, whether it’s one month group or six months group after sign-up. One month group comprises of any person who purchased or signed-up for your product within the last month. Similarly, six months group comprises of people who purchased or signed-up between one and six months ago.
An analysis of customer’s lifetime value will give your business an indication of the market’s economic feasibility. The data gathered will help your business to
· Locate short-term as well as long-term marketing programs with a solid understanding of ROI.
· Understand the need to spend less money and time to attract customers’ into its fold.
The only data that Google Analytics Goals cannot track is Customer’s Lifetime Value.
This happens when someone clicks on a ‘Buy Now’ button. NOR can it measure the same person who does it. The DATA otherwise will help you to understand your new products’ profitability before launch.
But then Google Analytics can only record DATA for one session in its reports.