By goals, I don’t mean kicking a ball between two posts (as we already know this is extremely difficult for England). In this case I am referring to Goals set within Analytics and Adwords (as well as other 3rd party programmes), which are triggered when someone carries out a specific action within a website. This can be a visit to a key page, a newsletter sign-up, account registration, completing a transaction or even visiting a specific product/service page. Each and every one of these actions (or Goals) has a specific set of statistics, conversion rates, click through rates, bounce rates and ultimately monetary value to the advertiser.
It is essential that we identify these goals and structure our advertising campaigns around these goals accordingly. For example, a website that sells electrical appliances may have the following main Goals within its website:
|3-Enquiry From Enquiry|
|4-Phone Call Enquiry|
|5-Live Chat Enquiry|
|6-Visits to High Street Store|
Each of the above goals will generate a different number of enquiries, sales and ultimately revenue. Below is an example of how this might actually look in real life:
|3-Enquiry From Enquiry||800||176||22.00%|
|4-Phone Call Enquiry||1100||216||19.64%|
|5-Live Chat Enquiry||970||201||20.72%|
|6-Visits to High Street Store||600||88||14.67%|
If we are able to assign an average order value to each one of these converted goals, as well as the average amount it costs to generate each converted goal, we can allocate values to these goals, as follows:
|Goal||Enquiries||Enquiry/Conv. Rate||Avg. Value Per Conversion||Avg. Cost Per Conversion||Total Goal Value||Total Cost (Of All Enquiries)|
|3-Enquiry From Enquiry||800||176||22.00%||£340.00||£17.00||£59,840.00||£13,600.00|
|4-Phone Call Enquiry||1100||216||19.64%||£600.00||£7.80||£129,600.00||£8,580.00|
|5-Live Chat Enquiry||970||201||20.72%||£420.00||£7.90||£84,420.00||£7,663.00|
|6-Visits to High Street Store||600||88||14.67%||£800.00||£6.00||£70,400.00||£3,600.00|
If we then apply a simple ROI calculation (Revenue/Cost) to the “Total Goal Value” and “Total Cost (Of All Enquiries)” we can allocate a ROI value to each goal, as follows:
|Goal||Enquiries||Enquiry/Conv. Rate||Avg. Value Per Conversion||Avg. Cost Per Conversion||Total Goal Value||Total Cost (Of All Enquiries)||ROI|
|3-Enquiry From Enquiry||800||176||22.00%||£340.00||£17.00||£59,840.00||£13,600.00||4.40|
|4-Phone Call Enquiry||1100||216||19.64%||£600.00||£7.80||£129,600.00||£8,580.00||15.10|
|5-Live Chat Enquiry||970||201||20.72%||£420.00||£7.90||£84,420.00||£7,663.00||11.02|
|6-Visits to High Street Store||600||88||14.67%||£800.00||£6.00||£70,400.00||£3,600.00||19.56|
From the above graph we can immediately identify that:
-The “Goal” that generated the most revenue is “4-Phone Call Enquiry”. This may be due to an excellent sales team who deal with all phone enquiries, and customers feeling more confident when speaking to a professional sales person by telephone.
-The “Goal” that generated the highest ROI (Return-On-Investment) is “6-Visits to High Street Store”, which may be due to customers feeling more satisfied when visiting the nearest bricks and mortar store and seeing the products in real life.
-The “Goal” that had the highest cost and lowest ROI is “3-Enquiry From Enquiry”, which may be due to the enquiry form being too brief or generic.
Google has now made it easier than ever to track and monitor different Goals, you can read more information on this here.
At MediaVision we like Goals, and we know how to score them! So please feel free to contact us for more information on how we can make your team perform to the very best of their ability and beat the competition!