Google Analytics 4 (GA4) and Google Analytics 3 (GA3) are two different versions of Google Analytics. GA3 is the older version, while GA4 is the newer one.

The main difference between GA4 and GA3 is the way they collect and process data. GA4 uses a more advanced tracking method that collects data from multiple platforms and devices, while GA3 only tracks website activity.

GA4 also provides more detailed reports and insights, including machine learning capabilities that can automatically identify trends and anomalies in the data. It also has a more user-friendly interface that makes it easier to navigate and understand.

Overall, GA4 is a more modern and powerful version of Google Analytics that is designed to provide better insights and analytics for businesses. However, GA3 is still widely used and can be a good option for businesses that only need basic website analytics. Lets look at Top 10 Google Analytics 4 New Metrics that are not present in Google analytics 3(GA3).

1. Engagement Rate: Engagement rate is the percentage of users who interacted with your website in some way. GA4 engagement rate can be calculated based on events such as scroll depth, clicks, video views, and more. For example, if you have an ecommerce website with a video on the homepage, you can track the engagement rate of that video to see how many users are actually watching it.
2. User Lifetime Value: User lifetime value (LTV) is the total value a user brings to your business over the course of their relationship with your company. This KPI is particularly important for ecommerce websites, as it can help you understand which customers are the most valuable to your business. You can track LTV in GA4 by setting up user-based custom dimensions, which allow you to see the lifetime value of individual users.
3. Revenue by Product SKU: GA4 allows you to track revenue by product SKU, which can be useful for ecommerce businesses that sell a variety of products. By tracking revenue by SKU, you can see which products are the most profitable for your business and adjust your marketing strategy accordingly.
4. Cart Abandonment Rate: Cart abandonment rate is the percentage of users who add items to their shopping cart but do not complete the checkout process. In GA4, you can track cart abandonment rate using events, such as when a user adds an item to their cart and when they initiate the checkout process. This KPI is important for ecommerce businesses, as it can help you identify areas where your checkout process may be causing users to abandon their carts.
5. Average Order Value: GA4 Average Order Value is the average amount of money spent by a user on your website per transaction. This KPI is important for ecommerce businesses, as it can help you identify which products or promotions are driving higher sales. In GA4, you can track AOV by setting up a custom metric for revenue per transaction.
6. Purchase Funnel Conversion Rate: Purchase funnel conversion rate is the percentage of users who complete a purchase after starting the checkout process. In GA4, you can track purchase funnel conversion rate using events, such as when a user adds an item to their cart and when they complete a purchase. This KPI is important for ecommerce businesses, as it can help you identify areas where users may be dropping off in the checkout process.
7. Time to Purchase: Time to purchase is the amount of time it takes a user to make a purchase after their first interaction with your website. In GA4, you can track time to purchase by setting up a conversion event for when a user makes a purchase and then using the user explorer report to see how long it took each user to make a purchase. This KPI is important for ecommerce businesses, as it can help you identify which marketing channels and campaigns are driving faster conversions.
8. Referral Traffic: Referral traffic is the traffic that comes to your website from other websites. In GA4, you can track referral traffic by setting up a custom channel grouping that includes all referral sources. This KPI is important for ecommerce businesses, as it can help you identify which websites are driving the most traffic and sales to your website.
9. Product Detail Views: Product detail views are the number of times users view the details of a specific product on your website. In GA4, you can track product detail views using events, such as when a user clicks on a specific product on your website. This KPI is important for ecommerce businesses, as it can help you identify which products are generating interest and engagement from users, which can help you optimize your product pages and marketing campaigns.
10. Revenue by User Location: GA4 allows you to track revenue by user location, which can be useful for ecommerce businesses that target specific geographic regions. By tracking revenue by user location, you can identify which regions are the most profitable for your business and adjust your marketing strategy accordingly.

Follow us on your socials to get exciting updates

How Product Managers can use Google Analytics 4 Metrics? : Google Analytics Simplified

Example: Let’s say you are a product manager for an ecommerce website that sells outdoor gear and apparel. You want to track the top GA4 KPIs to gain insights into your website’s performance and identify opportunities for growth.

Here are some live examples of how you could use each of the KPIs:

1. Engagement Rate: You notice that the engagement rate for the product videos on your homepage is low. You decide to test different video placements and formats to see if you can increase engagement.
2. User Lifetime Value: You identify a group of users with high lifetime value and create a loyalty program to incentivize them to continue shopping with your website.
3. Revenue by Product SKU: You discover that a certain product category is generating a disproportionate amount of revenue. You decide to invest more in marketing and promotions for that category.
4. Cart Abandonment Rate: You notice that the cart abandonment rate is high for users who initiate the checkout process but don’t complete it. You make some changes to the checkout process, such as adding a progress bar, to make it easier for users to complete their purchases.
5. Average Order Value: You identify a group of users with high average order value and create targeted promotions and product recommendations to encourage them to spend more on each transaction.
6. Purchase Funnel Conversion Rate: You discover that users are dropping off during the shipping and payment information stage of the checkout process. You make some changes to the process, such as allowing users to save their shipping and payment information for future purchases, to reduce drop-offs.
7. Time to Purchase: You notice that users who come to your website from social media channels have a shorter time to purchase than users who come from search engines. You decide to invest more in social media marketing to drive faster conversions.
8. Referral Traffic: You discover that a certain blog is driving a significant amount of referral traffic to your website. You reach out to the blog owner to see if you can partner on a sponsored post or product review.
9. Product Detail Views: You notice that certain products have a high number of detail views but low sales. You investigate further and discover that the product images and descriptions are not compelling enough. You work with your team to improve the product pages and see an increase in sales.
10. Revenue by User Location: You discover that users from a certain region have a high average order value and conversion rate. You create targeted marketing campaigns and promotions for that region to drive more sales.
11. Conversion Funnel Drop-off Points: Analyzing the conversion funnel allows you to identify specific stages where users tend to drop off before completing desired actions. Understanding these drop-off points helps you optimize the user journey, address pain points, and improve conversion rates.
12. Mobile vs. Desktop Performance: By analyzing performance metrics separately for mobile and desktop devices, you gain insights into user preferences and behaviors across different platforms. This enables you to optimize user experiences, tailor them to each platform, and allocate resources accordingly.
13. Customer Acquisition Cost (CAC): Calculating the cost of acquiring new customers is crucial for assessing the efficiency of your marketing and advertising strategies. Evaluating CAC helps you determine the effectiveness and profitability of your customer acquisition efforts, allowing you to allocate resources wisely and refine strategies accordingly.
14. Return on Investment (ROI): Evaluating the ROI of your marketing campaigns and initiatives helps you measure their profitability. By comparing the revenue generated to the costs incurred, you can determine the effectiveness of your marketing efforts and make informed decisions regarding resource allocation.
15. Customer Lifetime Value (CLV): Understanding the lifetime value of your customers is essential for driving customer retention and loyalty. By estimating the total revenue generated from a customer throughout their relationship with your website, you can identify valuable customer segments and develop strategies to enhance their experience and maximize CLV.

In conclusion, GA4 is a powerful tool that can help product managers gain valuable insights into their products’ performance and user behavior. By using GA4’s advanced features such as event tracking and user analysis, product managers can make informed decisions that can drive product innovation and growth. However, it’s important to keep in mind that GA4 is not a silver bullet, and it should be used in conjunction with other tools and methods to get a complete picture of your product’s performance. With the right approach, GA4 can be a game-changer for product managers looking to create exceptional products that meet their users’ needs and expectations.

Share

Subscribe to get exclusive contents from PCG for FREE!!

Sign up to be a PCG Content Contributor