To measure ROI (Return on Investment) using Google Analytics, you need to set up conversion tracking and revenue tracking on your website. Here are the steps to do so:
- Set up conversion tracking: Conversion tracking allows you to track the actions that users take on your website, such as filling out a form, making a purchase, or subscribing to a newsletter. To set up conversion tracking in Google Analytics, go to the "Admin" section, select the "Goals" option under the "View" column, and create a new goal.
- Set up revenue tracking: Revenue tracking allows you to track the revenue generated from each conversion on your website. To set up revenue tracking in Google Analytics, you need to enable e-commerce tracking. Go to the "Admin" section, select the "E-commerce Settings" option under the "View" column, and enable e-commerce tracking.
- Analyze the data: Once you have set up conversion and revenue tracking, you can use Google Analytics to measure the ROI of your marketing campaigns. To do so, go to the "Acquisition" section, select "All Traffic" and then "Source/Medium" report. From there, you can select the source/medium that you want to measure the ROI for and analyze the data.
- Calculate the ROI: To calculate the ROI, you need to compare the revenue generated from your marketing campaign to the cost of the campaign. You can use the following formula to calculate ROI: ROI = (Revenue - Cost)/Cost x 100%.
By following these steps, you can use Google Analytics to measure the ROI of your marketing campaigns and make data-driven decisions to improve your marketing efforts.