I read this blog post from the Google Analytics Blog this morning and I must say, I am VERY impressed. The attribution modeling tool that has only been available for Google Analytics Premium users is being rolled out to all users! If you want to get early access you need to register for the webinar on Friday, fill out your details here. Not only that but they are releasing a number of new features:
- Cost Data Import – from any digital source (this will allow you to calculate ROI of all sources of traffic) – rolling out over the next month.
- Customer Lifetime Value – they are intending to roll this out in 2013, it should show how much a customer is worth during the entire “relationship” with your business. I’m unsure how this will work yet, but it will be interesting to see. I spent a while learning about CLV and there is one problem in that you are assuming things won’t change too much in the future – I can see a lot of people spending far too much money on AdWords as a result.
- Recency & Frequency – they will be implementing something called RFM analysis which allows you to give a score to a customer based on how recent they bought something, how often they buy and how much money they spend over a certain time period.
- Custom Dimensions/Metrics – this is with their new Universal Analytics, which is an API.
- Improved mobile analytics
These are some big changes and I think it will lead to huge increases in online marketing spend as a result.