Multi-Channel Funnels in Google Analytics
Last week Google released a rather significant improvement to how it helps Internet merchants and web publishers track conversions.
Until now, most responsible for tracking conversion (at least in Google Analytics) were forced to give credit to the most recent click (or click on an advertisement). This is commonly referred to as last click attribution. What marketer’s value in this model is that it provides insights into the last channel responsible for driving users to an actual sale.
The problem with last click attribution however is that consumers/customers spend a lot of time on the Web before actually making a purchase or completing a conversion (however that might be defined). They ask their friends on social networks, they read reviews on affiliate marketing sites, they are “branded” through display advertising, etc - it's enough to make even the most seasoned Web analysts throw up their arms as the challenges to find out what’s working are immense. Until now.
Google has introduced "multi-channel funnels" - a set of five new reports in Google analytics that shows marketers some important insight into the "full path to conversion over a 30 day period." That's pretty exciting if you spend any time within your analytics account. Finally, users will be able to determine the role that prior website referrals, searches and advertisements had on conversion and how much time passed between a visitors initial interest and the eventual purchase.