Did you miss my last post on GA Multi-Channel Funnels?Â Check it out before moving on to Part 2 about path length and time lag.Â Or maybe two weeks is too long and you need a refresher?Â Hereâ€™s a quick re-cap:
Not long ago, Google rolled out a new toy in Analytics called Multi-Channel Funnels.Â You can find it in the â€śnew versionâ€ť interface in your Google Analytics account.Â The feature applies to all of your previously set-up goals and funnels, and sheds light on how all of your traffic sources work together to affect a particular goal you have set up for your site.
The main navigation will drop you on the Multi-Channel Funnels Overview Report.Â In our first post, we dished out a link to some GA materials on that report, and a training video for it, but didnâ€™t spend a lot of time covering that report because a lot has already been written about it.Â Instead, we focused on the Assisted Conversions Report and First Interaction Analysis, and the Top Conversion Paths Report.Â Hereâ€™s the bottom line on each of those:
Assisted Conversions Report and First Interaction Analysis â€“ shows you which marketing efforts are most effective getting visitors into your funnel and final conversion, and attributes a dollar value to them.
Top Conversion Paths Report â€“ helps you drill into a deeper analysis of the variety of ways your visitors eventually convert, so you can visual the thinking behind their decisions.
If thatâ€™s not enough to jog your memory, you can read part 1 of GA Multi-channel funnels before you continue reading the second two “technical” sections – Path Length Report & Time Lag Report.
What (it is): This report shows how many conversions resulted from conversion paths of a specific ageâ€¦ for example, 0, 1, 2, etc days long. This will give you a better sense for how involved your visitors get with the buying process for your product, service, etc. Â That information could be handy regardless of whether youâ€™re trying to put together a sending strategy for your e-mail campaign, or just looking for awareness about what kind of investment your product is for your converters.
Where (to find it): A useful feature of the time lag report is to choose ‘timelag > 1 day” under the advanced segments at the upper right hand corner of the report. This will help you to visualize the differences in time lag much more easily by taking out the commonly overwhelming outlier of people who convert in less than a day. You will also be able to see the percentage of converters who do take a longer time to convert and what the dollar value of those converters is.
How (it works): The time lag report loks at when your converters first enter your marketing funnel, through any identifiable vector, search, social media, directly to your site, and keeps track of that time in a cookie until you complete a conversion. The different in conversion time and first interaction time will gives you the time lag. The confusing thing about this report is that it is a time “lag” report. So, if your converters take less than 24 hours to convert, they are given the value of “0.” I find this is intuitively a bit more involved because if they are given a value of 4, that means it has taken them 5 days to convert. This is just something to be aware of.
Why (itâ€™s valuable): If you find that most of your conversions are immediate, it could be an indicator that you have a lot of late stage (ready to buy now) visitors, or personas that make split (quick) decisionsâ€¦ and that your site is already doing a good job of speaking to those groups of people. Â If you find that you have a lot of visitors taking days, weeks, or longer to convert, youâ€™ll need to think more about the valuable information that will reassure these people at each stage of their buying process, and help move them along from early, to middle, to ready to buy.Â Remember that youâ€™ll need to consider how that information is flavored for each persona as well.Â Itâ€™s probably a good idea to make it easy to contact someone at the company for assistance, so you can get a better handle on the kinds of questions your visitors have that are not being answered effectively with the existing site content. Â Some of the longer decision-making processes involve lots of people and research.
What (it is): This report shows how many conversions resulted from conversion paths that contained one, two, three or more channel interactions.
Where (to find it): The Path Length Report can be manipulated by adding segments such as >1 day, which is useful to understand how much revenue comes from early (vs. late) stage buyers, or personas that take a longer time to make a decision. (Note: you can check out definitions for stages of the buying process in Brendan Regan’s Grok post.) Other segments can be found in the same location including ‘first interaction is paid advertising’ or ‘last interaction is organic search’. These advanced segments can be found directly above the title Path Length in your report. You can also add custom segments to your report from the same area.
How (it works): The path length report calculates the total number of conversions and the total conversion value for each number of transactions. For even more valuable information, you can divide the total conversion value by the total conversions to see which path lengths are the most valuable per visitor. You can answer the question, who is spending more money on my site? People who buy after only one advertising interaction or those that have experienced more of our online marketing campaigns?
Why (itâ€™s valuable): You can better understand how many interactions it takes to complete a conversion. This can help to format buying stage campaigns, follow up activities or show you which paths are most efficient in reaching a conversion.
If you have slightly more complex avenues for buying your products and/or services, such as multiple marketing efforts, or a lengthy sales process for more considered purchases, or you just want to take a deeper look at the nuances of how people buy from you, these new Google Analytics reports can help. They provide pre-populated options for grouping your data to view the effectiveness (ie. conversion/revenue-generating results) of various paths through your combined marketing efforts (website, plus traffic sources).Â Have you already started using these reports?Â Tell us what you did with them and what you found most useful!
Of course, the reports and the information in them isnâ€™t the end of the journeyâ€¦ you still have to know what to do with that information in order to continue making improvements to your site and marketing efforts.Â If youâ€™re struggling with driving better results from your website, our OnTarget subscriptions can help.Â There’s no need to be satisfied with low conversion rates.Â Take action to improve yours today!