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Event value is an optional metric in Google Analytics (GA) that can be used to evaluate user interactions with individual site objects or content items. In the case of event tracking with GA, the event value for a website object can be selected if the category of the object and the associated user action have been determined. The categories include clicked videos and completed forms for a newsletter, for example. The corresponding actions are clicks on videos as well as submitted forms. By subsequent specification of the event value, it is possible to determine the monetary value of this particular user interaction. Any user interactions with videos or Flash content can be evaluated more precisely as well.
Conventional Web analysis data provides information about user behavior on a website. Which pages do users click? How long do they stay there? What areas of a website do users interact with most frequently? Each page call is captured and, in some cases, also other characteristics such as user scrolling behavior or cursor positions. However, a page call is not generated for each interaction. Some content elements can be accessed without reloading the website, such as with asynchronous data transmission. They are often embedded interactive elements that can be used without communication between client and server. These include:
- Embedded video players
- Games and microsites
- Ajax-based actions
- Downloads of files
- Clicks on hyperlinks that lead to external websites
User interactions can be captured with event tracking that treats different interactions as objects. Event tracking in GA is object-oriented by selecting the content elements to be tracked. The event value is used to scale the individual user interactions in financial and quantitative terms, thereby optimizing the website and its content elements, as well as evaluating the effectiveness of certain content.
How it works
Before an event value can be defined, basic tracking must be implemented. Next, website operators must decide which interactions or website objects are to be recorded by Google Analytics. A specific tracking code for each interaction is then stored in the source code of the website so that Google Analytics can track the use of these content elements. Google Tag Manager can also be of assistance here. After logging in to GA, a property is selected for which event values are to be defined. The Behavior submenu can be found under the Reports tab. The data for events will be available there if the tracking has been set up correctly and events have been defined, otherwise GA has no database. The submenus are Overview, Main Events, Pages, and Event Flow.
Interactions can be managed and grouped with the options Category, Action, and Label. A meaningful structure and naming of these options facilitates the evaluation of the reports. The naming of events can sometimes result in conflicts when upper and lower case are mixed and underscores are used instead of hyphens. Important: Event values are only meaningful when the events are clearly distinguished and always match the content elements on the website. Event values and labels for interactions are optional entries. The event value may contain only positive integer values and no strings, as in the other options. In particular, the event value is important for turnover and conversion-relevant content elements and should be chosen carefully. For example, the value should correspond to the actual monetary value of an interaction.
All user interactions that directly or indirectly affect the conversions can be recorded and assigned a value. This explicitly includes events that trigger other events. These can be viewed under the Events Flow tab when different events have been defined. Added to this are event values, such as the loading time of a video and other interactions with this content element, such as clicks on play, pause or stop. The interaction possibilities and their evaluation depend on the content element being interacted with.
The event reports in GA show the following characteristics in the overview:
- Average value: The average value is obtained by dividing the event value by all events. It indicates the average value of each event.
- Unique events: Shows the number of events that can be clearly assigned to a category, action or label.
- Events total: The frequency of all events is displayed.
- Event value: The total value of an event or group of events, if defined. The event value is calculated by multiplying the value of the event by the frequency of the event.
The options for capturing different interactions are diverse and can be adapted depending on the website. If event values are set along with the site goals, more options are available to track conversions. 
- Each new registration for a newsletter gets an event value.
- User interactions with a video such as play, pause or stop are recorded in integers. Runtime can be evaluated that way, for example.
- A whitepaper download will receive an event value so that it can be counted as a conversion.
- Clicking an external link is recorded and gets an event value.
Relevance to web analysis
Smart event tracking allows a deeper analysis of user behavior with regard to the value of an event and the achievement of website goals. If event tracking is properly structured, event values can be assigned and then used to measure the financial results of a website. Although the event value as such is an optional entry, it should not be missing in certain scenarios. Especially when it is clear which content elements are financially relevant, event values allow for different analysis levels, which can be matched with the strategy. The data from the event reports can also be helpful when testing different website versions and content elements such as call-to-action buttons.
- Set Up Event Tracking support.google.com. Accessed on 06/09/2016
- The Events Flow Report support.google.com. Accessed on 06/09/2016
- Create, Edit, and Share Goals support.google.com Moreover, segmentation of individual user groups, sizing, and filters can refine the reports.
- How to Use the Google Analytics Event Tracking Report searchenginewatch.com Accessed on 06/09/2016