A key pillar of your Analytics reporting process should be using goals to track how well your site is performing. It’s important, however, to make sure that you have set up the right goals so that you’re getting the fullest picture of how your site is working.
Macro and Micro Goals
Your ‘Macro’ goal is the key purpose of your website. If you’re the owner of an ecommerce site your macro goal will be to sell products. You should already be tracking your macro conversions through conversion rate.
Obsessing over your conversion rate, however, won't grow your business. It’s too broad a goal and so doesn’t help you make decisions about what to optimise. Tracking ‘micro’ goals will help you break the customer journey down into manageable chunks that you can optimise.
Email Sign Up
Micro goals are goals that don’t have revenue attached but are good indicators of business growth.
The best example is email newsletter sign-up. Email marketing is one of the most dependable revenue generators and so more email addresses means more revenue. Tracking email sign-ups, therefore, is an good indicator of future revenue.
Aside: If there is no ‘Thank You’ page for email sign-up you will have to set up Event Tracking in Google Analytics. We can help you with Analytics Implementation or you can see more here.
Once you can track sign-up rate you can optimise your sign-up process and design and see the results. Until you are tracking this, you are flying blind with one of your key performance indicators.
Attaching a Cost to Goals
Without attaching a value to individual goals you can’t truly assess what impact the different elements of your sites are making.
To find out the value of an email address, for example, use the following sum:
(Revenue from Email per year) / (Number of Active Subscribers) = Value of Active Subsciber
If each subscriber is worth £50 you know that if you can increase your email list by 100 people you stand to make £5,000 more a year.
Other Micro Goals
Other goals you should start tracking this year include Contact Us Form, Add To Basket, Request A Catalogue.
Other ways to split up your macro conversions is to segment by source. For example you might concentrate on just your email conversion rate as a way to increase your overall conversion rate.