Goals settings refer to "Goals" inside "Conversion" section in Google analytics. Goals settings provide a quick and easy way to validate a funnel's conversion.
Goals can be the same as KPI. E.g. number of people completed registration, Pageviews, how "engaged" visitors are in terms of page/session etc.
Goal settings for convenience
For example we have two contact us form, retail/men.html and retail/women.html. For this particular shop, both forms' submissions are calculated together. By setting goals to count both men_thankyou.html and women_retail.html, there is no need to sum them up manually.
Once goals had been set, they can be re-used over other reports. Source/medium of particular goal to tell if adwords/Facebook provide better ROI, mobile usage of particular goal, landing page of goals to tell if which SEO keyword set should be focused on etc.
Goal settings for user journey
Settings goals valid to business can help reversing the user journey about particulat goals.
Section "Reverse funnels", "Funnel visualization", "Goal flow" provides insight about the page before the goals. If setup correctly, user journey can be outlined in reverse order, telling valuable users behaviour and address pitfalls in the journey, further streamline the user journey, better conversion rates.
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