What Does Assigning a Value to a Google Analytics Goal Enable?

Google Analytics is a powerful tool for understanding website traffic and goal conversion rates. But what does assigning a value to a Google Analytics goal enable? In this blog post, we’ll explore the types of goals, and the benefits of assigning them values. Read on!
What Does Assigning a Value to a Google Analytics Goal Enable

About Google Analytics Goal Types

There are three types of goals you can set up in Google Analytics: Smart Goals, custom goals, and goals from a template. Smart Goals are machine-learned conversions that are estimated by Google Analytics. Custom goals are created by you, and can be based on any action you want your visitors to take on your website. Goals from a template are pre-configured goals that you can select and customize to fit your needs. 

  • Smart Goals are useful if you want to get an idea of how well your website is performing without having to set up any goal tracking yourself. However, Smart Goals only work if you have a sufficient amount of traffic to your website. If you don’t have enough traffic, you won’t be able to generate accurate Smart Goals. 
  • Custom goals give you more control over what kind of actions you track as conversions. You can create custom goals for things like newsletter signups, contact form submissions, and downloads. 
  • Goals from a template are useful if you’re not sure what kind of goal you want to track, or if you want to use a goal that’s already been created by someone else. There are many different templates available, covering a wide range of common website objectives. 

No matter which type of goal you choose, setting up goals in Google Analytics is essential for understanding how your website is performing and what areas need improvement. By tracking your goals, you can ensure that your website is driving the results you want it to.

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What Does Assigning a Value to a Google Analytics Goal Enable?

What does assigning a value to a Google Analytics goal enable? When you assign a monetary value to a goal in Google Analytics, you enable the tool to track and report on goal conversions in terms of that value. This can be helpful in a number of ways. However, you are not able to assign a goal value to Smart Goals.

Assigning a value allows you to see the monetary impact of your goals – that is, how much revenue they are generating for your business. Second, it provides valuable data that can be used to inform your marketing and advertising strategies. By understanding which goals are most valuable to your business, you can focus your efforts on driving conversions for those goals. Ultimately, assigning a monetary value to your goals can help you better understand the performance of your website, monetize your site, and make more informed decisions about where to allocate your resources.

How to Assign a Goal Value

Now that we know the answer to “What does assigning a value to a Google Analytics goal enable?”, let’s see how to do it!

To assign a value, first go to the “Admin” section and click on “Goals.” Then, click “Create Goal.” Under “Goal Details,” enable the value (“on”) and enter the amount of money you want to track. You can also set up multiple goals with different values. For example, you could have one goal for sales made through your website and another goal for sales made through your brick-and-mortar store. By tracking these values, you can see which sales channels are performing the best.

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Assigning Values and Ecommerce Tracking Goals

If you’re running an ecommerce store, you’re probably already tracking goals in Google Analytics. But what about assigning a monetary value to those goals? In general, it’s not recommended to assign a monetary value to goals with ecommerce tracking. The reason is that the goal conversion rate can be skewed if the value of a goal is too high or too low. In addition to that, the value of the transaction (along with funnel steps, and goal completion) will appear in the goal report anyway, and it’s going to be way more precise. 

So, what does assigning a value to a Google Analytics goal enable? For sure, it enables you to track your progress! It’s a really useful option, and we recommend giving it a try. Thanks for reading! 

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