How to Use Google Analytics To Increase Revenue

Many sites are operating blindly, and not considering ways to leverage their existing data and analytics to increase site traffic and revenue.

A smarter way to operate that allows you to grow your site is to use the data at your fingertips. This includes using Google Analytics to analyze your current traffic and using that to your advantage to grow your own site and revenue.

Read more to find out how you can use Google Analytics to your site’s advantage to help grow your business revenue.

1. Find Out Where Your Traffic Is Coming From

To find out where your traffic is coming from, you’ll need to go to the left of your Google Analytics screen, click ‘Acquisition’, then click ‘All-Traffic’, followed by ‘Source/Medium’.

This view will show you where your traffic is coming from. It will breakdown and show you how much traffic is coming from search engines organically including Google, Bing and Yahoo, and it will show you how much of your traffic comes from social media sites including Pinterest, Reddit and Quora. It will also show you how much comes from ads, and more.

To get an even closer look, click ‘Secondary Dimension’ then pick ‘Landing Page’. This view lets you see which specific URLs are getting traffic from which sources, which is an even more helpful breakdown.

Now that you have this information, you can look to see where the majority of your traffic is coming from, down to the source and the URL. You can use this information to filter down to your high-revenue pages, and what is driving traffic there. Then you can focus your marketing efforts even more on the traffic sources and URLs that are already bringing in revenue.

If you have goals or revenue tracking enabled on your Google Analytics you can use the goal and revenue columns to see which sources are bringing in the high revenue traffic as well.

Then you’ll be able to identify the high-revenue sources, such as Pinterest, for example, and start pinning as much as possible to increase what is already working.

You can also cut out the fluff in your business by using this Analytics view to identify the high traffic but low revenue areas and then cut them out of your strategy altogether so you’re not wasting time promoting your site for low-revenue page views.

The source view is a great starting point to identify what traffic channels are already working for your site so you can start to increase them as well as identify the channels that are low-revenue or low traffic so you can identify and cut them out entirely.

2. Set Up Goals

If you don’t already have goals set up in your account, you’ll want to do so right away so you can start collecting data and using it to impact your decisions.

Goals are one of the most helpful analytics tools that help you measure specific actions that are not natively available in analytics.

Google Analytics does not have retroactive data tracking, so you need to set up goals and revenue tracking as soon as possible, as the tracking data will only be available from the moment you set it up moving forward.

Goals have 4 types:
• Destination
• Duration
• Pages per session
• Event

Destination goals and event goals are what I personally tend to gravitate toward since they tend to correlate more with revenue than the other goal types.

A destination goal is when a user visits a specific URL on your site. For example, if you sell gloves, and a user buys a glove, they will be directed to the thank you for your purchase page. The thank you for your glove purchase page has a specific URL for example, www.site.com/glove-purchase-thank-you, and you can use that URL in your destination goal to track all glove purchases.

Event goals are also helpful in tracking things like purchases or add to carts. You can use event goals to track button clicks, such as an “add-to-cart” button click, and then you’ll be able to track all users who add any item to their cart using your Google Analytics. To create a button click event you’ll need to have Google Tag Manager installed on your website and first create the button click event there, then import it into your goals in Google Analytics.

If your site makes money off of ad revenue, you may want to consider creating a pages per session goal as most ad revenue is based on page views. You can then start using this data in your Analytics reports to figure out ways to optimize for higher page views.

To set up a goal, you’ll need to go to the admin section of your account, click goals, then click add goal. For more information how to set up goals in your account you can take a look at this helpful article from Kissmetrics.

3. Use Goal Reports

Now that you have goals set up, you can use the different goal reports to gather more information that can help you make revenue-boosting decisions.

The reverse goal path report is under the ‘Conversions’ section. This report is helpful as it shows you the paths users take on your site before completing a goal. Once you use that report to identify patterns you can take steps to make the process before completing a goal even more smooth and friction free.

If you see one page that always or almost always results in a goal conversion, you can promote that page more heavily and you’ll see an overall conversion boost on your site.

You can use the goals tab in the left hand analytics column to look at how many goals you’ve had in a specific time period. You can also look at the source of your goal traffic and more.

Feel free to explore the goals tab once you have your goals set up and see which reports give you the most useful information that you can use to make revenue-improving decisions.

4. Set Up Revenue Tracking

Enabling revenue tracking is incredibly helpful in increasing site revenue as you’ll be able to pull your revenue numbers into almost any existing Google Analytics report or view.

It will be a column option that you’ll be able to view when looking at the ‘source’ report mentioned above, and you’ll also be able to look at the E-commerce specific tab in the left hand column to see specific E-commerce reports including individual product performance, transactions and even a time-to-purchase report.

The time-to-purchase report can be a very useful tool as you’ll be able to identify the average time before a user makes a purchase on your site. You can use that information to bolster an email campaign if your site tends to have long-term sales, or even to make a decision to try to shorten or lengthen your sales cycle to see how that impacts your revenue.

If you haven’t already set up revenue tracking for your site, you should do that right away so you can track revenue in your Google Analytics columns.

You’ll need to add code to your site and enable tracking in your analytics reports by going to the Admin section, selecting the view you want to look at, then click ‘E-commerce Settings’ then click to ‘Enable E-commerce’ then click ‘next step’ and finally click ‘submit’ to finish the process.

For more detail on how to add the e-commerce revenue tracking to your site, check out the Google support page.

As much as a list of Google Analytics tips can help, and I hope this list does help you, at the end of the day the best thing you can do is sit down and think for yourself. You’ll need to make a clear list of your business goals and gather all the data you have supporting those goals. Then you’ll need to think about how far you are from your goals and brainstorm a list of things you can do to reach them. You can use Google Analytics as a tool to gather the most insightful and helpful data possible, but at the end of the day it will be how you use your mind to gather the data and how you use the data that will determine if your business is successful or not.

For example, someone could be sitting with a handful of the most beautiful and insightful analytics reports in the world, yet be in terrible debt and not know what to do with their business, while another business owner could have zero fancy reports but know exactly what to do with their business each day.

Reports will always give insights you can use to help your business grow its revenue. The question is, how will you use these insights?

I hope these tips helped you find a few ways to look at your existing data differently and make decisions to improve your revenue in the short and long term.

Let us know your thoughts in the comments below!

Bio: Stacy Caprio, Blogger, MyKFCexperience