We recently wrote a piece on Google Chrome’s plan to axe third-party cookies in 2024. For some, that will change the way their business reaches their audience and measures results, which may have many businesses scrambling to the drawing board, scratching their head at how they’ll change their entire year’s marketing plan at the eleventh hour.
But Google has your back! The latest Google update, introducing Events and Conversions in Google Analytics and Ads, holds profound implications for businesses, offering a more cohesive and data-driven approach to campaign optimization and audience targeting – and we think you’ll like the changes.
What are enhanced conversions for web?
Enhanced conversions for web are an enhanced feature of Google Ads, providing more detailed and accurate conversion tracking capabilities. These conversions are captured in a more privacy-centric way, which maximizes value and mitigates risks.
What does this mean for Analytics and Ads? What will change?
This update allows for outcome-based optimization. Traditionally, businesses have relied on metrics like clicks and impressions to gauge campaign performance. With this new update, advertisers can track user interactions more granularly, such as page views, form submissions, or purchases. By optimizing campaigns based on these specific user actions, businesses can allocate their budget more effectively towards channels and audiences that drive meaningful conversions.
Clicks and impressions provide only surface-level details. It may seem that if these metrics are up, your campaign is effective. However, it doesn’t capture the full customer journey or attribute those conversions correctly. With Events and Conversions, you’ll get more insights (great for you) but with higher-level privacy for the potential customer (great for legality as privacy regulations evolve).
What is a ‘key event’? Why does this feature matter?
‘Key events’ are simply the rebranding and renaming of the former ‘analytics conversions’ space. You don’t need to change anything in your Google Analytics accounts as the change will be automatic but you may need help marking and setting up your ‘key events’ which will be key (no pun intended) for your analytics in future.
For businesses, this means more control over the interactions you measure. You could mark ‘purchases’ or a ‘newsletter subscription’ as a key event and then the metric will appear in your Analytics report.
For ‘key events’ that lead to ‘conversions,’ you can have these reported in your Analytics report or bid for them in Google Ads. Google Ads and Analytics can ‘talk’ to each other to track conversions and measure and optimize your ad campaigns. More data. Easier for you.
How will this change give me better metrics and KPIs?
The integration of Events and Conversions simplifies the process of tracking and reporting on key metrics. By consolidating event tracking within the Google ecosystem, businesses can access comprehensive performance data from a single interface, which is time-saving and provides a more accurate and consistent view of performance metrics across channels. You can now identify which touchpoints contribute most to conversions and adjust your strategy accordingly.
You can segment and target your audience, allowing for personalized and relevant ad experience, which drives higher engagement and conversion.
The takeaways
Events and Conversions in Google Analytics and Ads provide a more holistic view of campaign performance, facilitate outcome-based optimization, and enable more precise audience targeting – all whilst protecting personal data. Welcome to the future of analytics and ads!
Do you need help restructuring your campaign this year and setting up these new Google systems?
At Key Medium, we keep abreast of the latest updates so you don’t have to. We are here to help with all of your digital needs. Get in touch today so we can demystify the process.
Elaine Frieman holds a Master’s Degree and is a UK-based professional editor, educational writer, and former marketing agency content writer where she wrote articles for disparate clients using SEO best practice. She enjoys reading, writing, walking in the countryside, traveling, spending time with other people’s cats, and going for afternoon tea.
