I’m pretty excited about Google Analytics multi-channel funnel reports, which isn’t always the case for me with new Google features. The interesting thing about this new data being available in Google Analytics is that it allows advertisers to get insight into areas of their online efforts that were creating more value for their business than they’d originally anticipated. In this post, I’ll walk through some great reports for identifying assets in your AdWords campaigns that you may have been undervaluing.
Creating the Reports – Using Channel Groupings, Assisted Conversion Values, & Assisted/Last Conversion Rates to Identify Undervalued Assets
Because they’re both Google products the multi-channel reporting suite has a lot of nice prepopulated AdWords reports. To grab these you want to first dive into the multi-channel, assisted conversion report:
Next, you want to segment this data so that you’re looking specifically at AdWords data. To segment the data in the assisted conversions report you want to use “channel groupings,” and again there are some nifty AdWords channel groupings already set up for you:
From here there are a number of different groupings we can drill into to find undervalued assets, which we’ll get to in a second. Once we do define a good grouping to focus on, however, we want to leverage the different columns available to us to try to differentiate undervalued assets:
The first thing we want to look at is assisted conversion value. Hopefully you’ve assigned values to your conversions based on your margins and the different product or lead types they represent, because this is a great report for immediately exposing the groupings (in this case we’re looking at different AdWords campaigns) that have generated the most previously hidden revenue.
If you’re looking at a grouping like AdWords campaigns where you have a few different data points this might actually be sufficient, as you can quickly scan each of your campaigns and get a sense for where the most opportunity lies. But what if you’re looking at something with considerably more rows of data, like AdWords Keywords? Sorting by assisted conversion value is still interesting, but in many cases you may just be floating a lot of the most heavily trafficked keywords in your account to the top of the list. This is interesting from the perspective of looking at the additional value they may be creating on top of what you’d initially believed, but one thing that’s powerful about this data is that it allows you to find segments within your account that you thought were performing very poorly (and possibly paused, limited with budget, or bid down) and re-evaluate.
For this we’ll want to create an advanced filter to find keywords we might be undervaluing. We can limit our data set to keywords that have created $100 of value or less in last interaction conversion value (i.e. look like underperformers):
If you have a really large campaign, you might even consider setting this to equals zero to find all of the terms generating assisted conversions that looked like total duds based on last-click analytics. Either way we can now sort this list by which terms created the most assisted conversion value:
Now, we can start to apply this methodology to a number of different channel groupings, including:
- AdWords Campaigns – Take a quick snapshot of your campaigns to find out if your display campaign might have been creating more value than you thought.
- Ad Groups – Learn which of your segmentations you’ve been undervaluing the most egregiously.
- AdWords Keywords – Find keywords that looked like under-performers but have actually be creating assist value within your campaigns.
- Matched Search Queries – Find out which specific search queries are creating a lot of previously hidden value for you.
- Ad Content – Identify ads that might have looked like underperformers but were actually generating more revenue than you thought.
- Destination URLs – Find landing pages that may have looked ineffective or lost a split test but actually contributed to a lot of revenue (maybe they included a secondary, softer call to action that was more effective than you realized)
And find all sorts of inefficiencies and opportunities. As always you have to be careful to understand that assisted conversions aren’t first- or last-click conversions, and you may want to value them differently depending on the types of conversions you’re generating and how these things actually impact your business, but these new reports offer a lot of opportunity to get more insight into the real value and performance of various pieces of your AdWords campaigns.
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