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Understanding & Using Page Value in Google Analytics

When Google launched the current version of Google Analytics a noticible omission was the $Index metric. It was a much-loved metric that helped business owners understand the value of content.

Recently Google added a new metric, Page Value, to replace $Index.

Page Value is not a silver bullet. It does not magically generate more conversions for your business. But it is an actionable metric that can help you understand the behavior of your visitors.

Have you been using Page Value? Do you like it?
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Thanks Justin, I had heard about the change but hadn't taken the time to read about it/understand it.  Very clear/informative description of the metric and how it works.

I have to admit I didn't use Index all that much-- do you find it a very good starting point?

BTW, very minor typo in the post,  "couple of things to be away of."
Justin, In the blog post it refers to using this metric to valuate a group of pages within a directory. Does GA calculate weights for each page within a directory based on unique pageviews? Does this even matter for the sake of this metric? 

Basically I'd like to be able to rank all the categories on my company website in terms of this metric. So, using an advanced filter to include all pages beyond and including browse/category/. Do I need to filter out pages with less than X amount of views? Seems like I would want ALL pages within a specific directory to be included. But that would be dependent on weights being assigned to each page.
+Justin Cutroni Hi Justin, I am wondering if there is a way I can exclude certain pages from the Page Value calculations. Right now it seems that my download/thank you pages are getting the highest values. I guess I need them to be excluded as I want to know the page values before a transaction occurs.
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