Everything you need to know about the new conversion probability report in Google Analytics.
Google has been making a lot of changes lately, which includes the addition of new marketing tools and reports.
Conversion probability is a new Beta report from Google Analytics that gives brands the ability to see how likely it is that a user will convert. In this report, users are assigned a value between 1 and 100, 1 being someone who has very little chance of converting.
The primary benefit of this report is that it will show you exactly which conversion paths are delivering the best results. It will also give you an idea of where you could deliver better-targeted ads that will lead to more conversions.
In order for Google Analytics to be able to calculate this data, you will need to have e-commerce tracking set up on your website and have a minimum of 1,000 transactions per month. Once you’ve achieved 1,000 transactions, it will take Google approximately 30 days to compile the report.
Accessing this report is very simple. Simply log in to Google Analytics and click on Audience > Behaviour > Conversion Probability.
You will now be presented with the following key metrics:
This metric tells you how likely it is that a user will make a purchase on your website within the next 30 days. The values range from 1 – 100, with 100 being the most likely to convert.
The conversion buckets (0-1 / 2-5 / 6-20 etc.) that you will see will be linked to sessions with transactions and sessions without transactions. These buckets won’t always be evenly distributed either so don’t be concerned if they aren’t. For example, some buckets may contain 4 points of spread while others could contain 50.
This metric refers to an average value of conversion probability that is calculated based on a particular Google Analytics dimension in a given period of time. This value will be calculated for all users.
This metric will help you determine the average conversion probability for all users in relation to a dimension such as Source or Medium.
Now that you know how to pull this new report, here is what you can do with your data.
Segments will give you a view of your data in the context of conversion probability thresholds. Each segment will meet a range of conversion probability scores. For example, you can create a segment for users with a conversion probability score of 30 or less.
Click on the conversion probability segment button that is located next to each bucket to create a segment.
Creating segments will help you determine:
You can also look at your data from the other end by analyzing what’s leading to fewer conversions and how you can optimize those conversion paths and campaigns.
Now that you have an idea of the users who are most likely to convert, you can take the next step of actually convincing them to convert.
This can be done by creating a remarketing audience in Google Analytics based on the data from your conversion probability report and using it to run Google AdWords campaigns.
A well-crafted marketing campaign could be what’s needed to give users that last nudge, encouraging them to complete their purchase on your site.
Using your remarketing audience across platforms like Google AdWords and Video 360 will give you the opportunity to re-engage with the people who have already shown an interest in what your brand has to offer.
You can also use Google Optimize to understand which elements are resulting in the most conversions on your site.
Do you have access to the Google Analytics Conversion Probability report yet?