I have a confession to make, I hate reporting. I hate every second I waste preparing reports, particularly reports which computers could easily do faster and more accurately. Yet, most of the systems used by online marketers do not talk to each other, requiring manual intervention to get the data you need. Enter Calculated Metrics to save the day!
Last October Google Analytics (GA) launched a new beta featured called “Calculated Metrics” this feature allows you to perform custom calculations on the data within your GA account,
Why Were We Excited?
We love data and use Google Analytics as our central hub for measuring all our online marketing activity. This new featured allowed us to get even more reporting into client Dashboards and reduce the dependency on excel.
Step 1 – Get the Marketing Costs
A tool we have built for clients that we are very proud of us our “Marketing Cost Engine” this allows us to automatically pull in marketing cost data from any source (Display, Social, SEO, Affiliates, PPC) and automatically allocate the marketing costs to the correct traffic sources.
Step 2 – Get the Deposit Data
By correctly deploying eCommerce functionality available in GA on the clients website, we where easily able to collect deposit data.
Step 3 – Calculated Metrics
We then created new fields using the beta “calculated metrics” functionality and built up additional fields in the reporting including CPA and projected ROI per marketing source.
Step 4 – Attribution Modeling
By pulling the CPA and ROI into the attribution modeling we could also build up far more accurate attribution models for the marketing activity allowing us to optimize campaigns with greater precision.
What Other Metrics Could I Create?
Some examples of other metrics we have built using this feature include:
· Average Deposit Value per Marketing Channel
· Average Deposits Per User
· Total Deposit Value
· Carry out Currency Conversions on Cost / Revenue Data
· Time between registration complete and 1st Deposit Complete
What Are the Benefits?
· Massive time saver, as you don’t have to download reports from all your different marketing systems and manually match them up against back-end data.
· Allows you to take advantage of the built in attribution modeling in Google Analytics
· Available in the free version of Google Analytics
Anything I Need to Be Aware of?
· Analytics needs to be set-up correctly and reporting accurate data
· All your online marketing activity needs to be correctly tagged
Is Everyone Happy?
Direct quote - "You've saved me 10 hours a week on reporting, this is brilliant".