Estimate the value of on-site conversions
Estimate the value of on-site conversions
1. Gather all of your known customer data from first interaction to purchase.
Data may include form fills, PDF downloads, phone calls, email clicks, sales team reports, demo requests, or estimates by executives.
2. Organize this data into an idealized customer journey, a sequence that includes all touchpoints, micro-, and macro-conversions.
For example, See Google Ad > Visit the website > Order a sample > Review Samples > Receive drip email marketing campaign > Make a purchase.
3. Configure the micro- and macro-conversions from the customer journey you created as goals in Google Analytics.
4. Join the customer data with Google Analytics data using Google BigQuery, Snowplow, Hull, etc. to have all micro-conversions, macro-conversions and purchase data in a single place.
If you don’t have a sizable analytics budget or an in-house team of developers to manage multiple connections, use a snapshot of your post-conversion data to adjust Goal Values in Google Analytics.
5. Determine a goal value for each relevant goal-divide goal completions (micro- and macro-conversions) by the revenue associated with those completions.
For example, if your website generates a total of 100 phone calls per month and those phone calls generate a total of $1,000 in sales, then assign each phone call a goal value of $10 (100 phone calls divided by $1,000 in sales).
6. Calculate the relative value of online touchpoints if quantitative data on lead conversion rates or order value isn’t available.
For example, if a phone call is perceived to be 10 times more valuable than a form fill, assign the phone call a goal value of $100 and the form fill a value with $10.
7. Use the page value metric in Google Analytics to provide an estimate of revenue and a weighted estimate of importance for pages in the conversion process.
The Page Value metric provides URL-by-URL valuations of every page. That URL-by-URL view can break down further into: Mediums (Organic vs. direct visits to the same page or group of pages) Website sections (Case-studies vs. whitepapers) Anything else you can think to add as a secondary dimension.