How Much Money is Walking Away From Your Website?
For online retailers, there are many frustrations with web analytics and, in particular, clickstream data. While it can inform you of what visitors are doing on your site and how much revenue your site is generating, it can’t tell you why visitors came to your site in the first place or how much money you're potentially missing out on.
Decision making based on site traffic analysis is common, but not ideal, as potential revenue cannot be determined from this alone. Optimizing site design via A/B testing can help increase flow through conversion funnels. However, there will still be no realistic target of how much more business could be had based on the current traffic to the website. Without readily available return on investment figures, it's difficult to create a compelling case for additional website investments. Is there a solution?
Google Analytics’ (GA) Application Gallery contains applications that extend GA in new and exciting ways. With solutions that can capture voice-of-customer (VoC) survey feedback, it's now possible to add new insights to GA reporting. By following a few simple steps, results for visitors’ self-reported overall satisfaction, purpose of visit (PoV) and task completion can be automatically pushed from your survey into a GA website profile.
By using GA reporting integrated with collected survey data, online retailers and marketers can begin to understand how much business is walking away from their websites. The secret is to organize and analyze traffic by intent — i.e., why visitors came to your site in the first place. By doing so, marketers will be able to determine what share of visitors actually intended to buy and what share ultimately do. By designing the right GA report, this opportunity can be quantified.
Not all website visitors are there to make a purchase. With that in mind, two groups of visitors should be created: all survey respondents who came to the site intending to buy, and those who actually did buy. To create the first segment, assign your PoV custom variable as a dimension and set the condition to match the name of the tag related to purchasing. In GA you can name segments, so label this group "Came to buy."