Google has introduced to 2 new metrics to their analytics platform, these will now help business owners better manage their websites. The accuracy and validity of the data they retain from these sites have been vastly improved with these additions.
The new additions are Purchase Probability and Churn Probability. With Purchase Probability, you can get a solid measurement of how likely a customer is to buy the item in 7 days after an ad has been viewed. Google already knows what a person buys through Gmail. Most of us might have gotten google now notifications about booked bus or train tickets and E-commerce is the same. With the new setting, Google takes advantage of this feature to help businesses with accurate data collection. Churn Probability is the possibility of recent users not visiting your site in the next 7 days. This shows the amount of dissatisfaction that an ad brings a customer and helps businesses decide who to show ads to. Churn probability is measured by the number of new sessions from the same user. The new session is when a user closes the website but returns later for more info or to make a purchase or even to admire a product.
By optimizing the list of ads for the right users’ businesses can streamline the marketing process and save a lot of money. They don’t need to spend cash on marketing to people who are unlikely to buy their products in the first place. There is also a new audience builder feature that allows you to customize the filter classifications of your audience through audience builder. It allows you to place classifications on possible demographics or interests. It automatically finds the customers likely to make a purchase and specifically targets them. With the automated integrated feature, this can now be done on a wide scale and reduce even more costs while increasing revenue.
User Lifetime Technique identifies which marketing campaign helped acquire the maximum number of users with higher purchasing probability. The overall marketing budget can then be allocated to that campaign.
One of the biggest mistakes that website owners repeat time and time again is measuring website traffic and ignoring everything else because they are complicated. The website traffic alone is not enough to give a quantifiable measure of success rate and the other metrics need to be incorporated to become more efficient when marketing.
