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At Think Visibility 6 I gave my first conference presentation, covering the topic of Making Money with Multi Channel Funnels, the new functionality in Google Analytics. So this should be beneficial to anyone who wants to know more about Multi Channels Funnels.
I’ve included the slides and everything I spoke about as well as everything I forgot to mention. I’m going to argue that I was sticking to the five minutes I was given, but I’d forgotten that rules can be ignored when Dom sets them!
Multi Channel Funnels is now available to every Google Analytics profile and is used to show you which channels your users came in through before converting. To see data here you need to have goals or ecommerce tracking set up to measure your conversions and if you’re using goals it’s good to make sure you set a value for these so that you can gain a monetary value for each channels’ attribution.
Here are my slides on Making Money with Multi Channel Funnels, along with the explanation of them below.
Basics of Multi Channel Funnels
To access the information make sure you’re in the new interface (v5), click My Conversions, then Multi Channel Funnels. The overview screen shows you how many conversions there have been and how many of these were assisted, which is the number of conversions that have more than one entrance to the site prior to the conversion. Assisted conversions are then broken down by which channel they can be attributed to, this is displayed below both in a table and a Venn diagram to show how the channels overlap.
Where to find the best information?
The most data is available in the Top Paths report, which you can find on the left-hand side. This shows you the different ways that users have got to your site before converting. When working on an SEO project it is interested to see which paths started with an organic visit and what they then finished with.
To get more insights about what brings your conversions in, you can create custom channel groupings – these are ways of grouping together different paths, keywords or traffic sources. A great example of what to use this for is brand versus non brand intent. To set this up click on the Channel Groupings link and create a custom channel grouping. Then set up Rules to label each Medium that you class as brand, or even which Medium/Source/Keyword combination, as well as which are non brand. You can label your social referrals and other marketing methods too.
By creating rules to group your channels how they matter to you, you are then able to gain a much better and quicker understanding of what marketing activities work for you, and how they integrate.
You can also use the path reports that Google has offered you, in particular, an insightful one is Keyword (Or Source/Medium) Path which is found under Other. I gave an example in the presentation of a user on the Koozai site who was obviously a member of staff, but who came to the site via a wide range of mediums and keywords.
There are some segments already set up for you to enable you to compare data more closely, including First interaction is xx or Last interaction is xx which enables you to group together results such as SEO initialising the conversion process, or how often direct visits finish a conversion process. When you have values associated to your conversions you can also see what value each marketing channel gives you, depending on whether it was a last interaction, first interaction or an interaction at any stage.
In my presentation I compared the value of Paid and organic as the first click and found that Paid led to a lot more value in the example I had.
Using Custom Segments to Analyse the Value of Social Media
So as well as the segments Google offers, you can create your own, which comes in handy. The example I showed in the presentation analyses conversions where the first interaction was social media. This then shows you a value that you would never have been able to identify before.
Additionally, you can segment by conversions over a certain value, combined with your chosen channel interaction to analyse. This helps you identify the patterns behind the higher value users which is particularly helpful. The presentation contains screen shots of how to set these up so that you can replicate and create your own versions of these.
That’s it until next time!
As a last note, I’d just like to say thanks to Dom for letting me present, I thoroughly enjoyed it and can’t wait to do it again. Hopefully next time I’ll have more than 5 minutes so I won’t have to rush so much.
Also, if anything could make me less nervous about standing infront of people to give this talk, it was smashing a piñata in front of even more people earlier in the day, so here’s my thinkvis piñata episode on video.
Photo credit to Steven Lilley