When you set up goals in Google Analytics, you can assign it a goal value. A lot of people leave this out but unless your website has only one goal it’s important to set this.
Setting a goal value for each goal turns on things like:
- Goal Value / Session which is essentially a score for each session (the average of that session’s goal values). Seeting this metric for each marketing channel is a very easy way to compare their ROI.
- Page Value: how much does each pageview contribute to goal value?
- Goal value in attribution reporting which will let you see the value of each marketing channel under different attribution models.
We often see people unsure of what goal values to set though. Ideally you would work out how much each goal type is worth to your business. But sometimes you might not have this data, for example if you’re just starting out. For this we would recommend you set the goal value be equal to your maximum CPA. More on CPAs here but one benefit is that this makes it easy to see if your marketing has good ROI. If the total goal value is less than the marketing spend you know you’re hitting your CPA targets (even if you have multiple goals with different values).
If you’re not sure of your target CPA we recommend a guessing game we’ve developed below. If you don’t have much existing data it’s a subjective process, but at the very least you definitely have an intuitive feeling of what would be too much to pay for each conversion type. The guessing game will let you converge on this number:
What would you say to a CPA of $?
Your final CPA target/goal value for is $ZZZ. Click here for more info about setting/using CPAs.