It is important to track goals as that helps to measure the progress of the different goals for the different parameters of single or multiple projects. The progress can be further analyzed in a better way after stacking the results against the predefined goals or KPIs. But, what data is Google Analytics Goals unable to track?
Well, KPI is Key Performance Indicator and that is the most important factor for figuring out the success or failure of the business sector of any organization. Google Analytics Goals can monitor the following four types of parameters – Revenue, Acquisition, Inquiry, and Engagement.
Importance of Tracking Goals
Revenue helps the owner to track the total number of purchases and the amount of money obtained and which products are the most favorite. Acquisition parameter is crucial for monitoring account creations or sign-ups on the website which helps to know about the total number of users. The inquiry parameter talks about the tracking of visitors who have an interest in your site and products. Engagement helps to track interactions on the site and this parameter also leads to the recording of the number of potential to-be customers. With these four major parameters, any organization can craft a successful business story after catering to the most revenue-producing group of customers and the most revenue-producing products.
In a way, the KPIs help to monitor and record the transition of a visitor toward becoming a customer. After becoming a customer, that customer is now the most important factor for that business. In the meantime, tracking the record can take place on different levels, such as Clicking links, Calling, Video Calling, or Sending queries.
If you can figure out the steps in the journey of the customer, then that helps to figure out better goals. And after figuring out those more effective goals, then you can collect data regarding those parameters. Most of the parameters can be easily recorded via Google Analytics.
So, why do people provide such time for recording and analyzing data? Because the KPIs help us find the most likable sectors leading to tremendous growth, and also the sectors with the lowest customer turnover or growth. This data analysis will help you develop your organization better.
About Google Analytics Features and Relation Among Types of Data
Google Analytics is a popular website that is very useful in collecting data and analyzing those data, especially related to your website traffic & content. When you develop your website, you want to develop it accordingly. For that development, it is important to maintain the traffic and increase the traffic as well.
After using the Google Analytics software on your website, you get many important statistics. Like, as how much traffic your website is generating, which content has more views, which content is generally well-liked or hated, etc. All of that relevant information can be obtained from the Google Analytics goal completion report. Another relevant simple example is the usage of subscriptions.
Whenever someone subscribes to your website or content via email or other login details, you get a notification showing details about the customers. In the Google Analytics report, the following elements such as destination, duration, number of visits per page, & events. These kinds of details are recorded via many websites nowadays. Those websites then use different kinds of data to improve the quality of their content.
Google Analytics’s goal features help you to track many application activities. These include making purchases, visiting the sign-up page, contact us page, etc. But customer lifetime value is a different parameter from the rest of the parameters. The reason is that this parameter is not about interaction, and this parameter cannot be put into exact numbers. There is no single number to show us the customer’s lifetime value. As of this moment, there is no such algorithm or software to track the lifetime value of a particular customer for a particular business or organization.
Google Analytics needs suitable data to calculate any particular parameter value. So, be sure to collect as much data as possible.
The customer’s lifetime value is the customer’s lifetime performance, and this is a complete metric. Moreover, this parameter value is not findable on a website or app. This is why Google Analytics Goals cannot track it. So, we get to learn about what data is Google Analytics goals unable to track. And we also realize the importance of this parameter.
Therefore, although the CLV would be very crucial for an organization, it is not yet possible. But we hope, soon, there will be an algorithm and software to track and calculate the lifetime value of the customer.