This blog post will show you how to estimate how much each form submission is worth to your business. First, you’ll need a few things to do the calculation properly.
Adding values to your goal conversions in Google Analytics (GA) is the first step in estimating the ROI of your marketing campaigns on a non-ecommerce website. While it may take a bit of work up-front to calculate your goal values properly, adding dollar amounts to your goals in GA will let you add three key factors to your web analytics reporting:
Once your goal values are defined in GA, you’ll need to ensure you also have the following:
That last point is key. The data available is unique to your organization and whichever CRM/MA system you use, so don’t worry if you can’t get everything right off the bat. You can always setup your workflow now to calculate this in the near future.
If you don’t currently tag leads with their generation channel (Form, Linkedin Message, phone call, and etc.) in your CRM/MA system, then this gives you a good excuse to start!
Let’s try an example:
Adam’s wedding photography website contact form received 100 submissions last month. 10 of those turned into sales, making him $10,000.
His form has a 0.1 conversion rate (10/100). That means each form submission is worth (0.1 * ($10,000 Total Revenue /10 Sales ).
(10 Sales / 100 Submissions) * ($10,000 Total / 10 Sales) = $100 a form submission.
Now Adam can accurately calculate which of his paid marketing campaigns (AdWords, Bing Ads, Facebook ads, and etc.) leading to his website landing pages are worth running!
Contact form fills aren’t the only thing you can add dollar value to. Form-gated whitepaper or ebook downloads, newsletter signups, webinar registrations, and free/trial accounts are all fair game. It’s typically more difficult to associate these actions with revenue though, since unlike contact form submissions they don’t directly lead to a conversation with your sales team.
Excellent! You’ve done what was impossible a few years ago – estimated the real business value of your website contact forms. Now it’s time to unleash your new superpowers. Do a gut check: is your contact form worth more than you expected? Or, are you wasting money driving traffic to a form that doesn’t actually help you?
If you’re looking for more information on how to navigate the interface, Google’s Analytics Help Center is the place to start. Also, check out their resources on Google Analytics Goals and Importing Cost Data.
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