A calculated metric named $Index, which When available in Google Analytics since first version but was removed from version 5 onwards is now back with a new named - now called "Page Value" and helps in content optimizing.
""Page value" is a single number that can help you better understand which pages on your site drive conversions and revenue. Pages with a high Page Value are more influential than pages with a low Page Value," Google informs.
To get started, just review the Page Value column in the Content > All Pages report. If your site has a lot of pages -- "use the Advanced Table Filter in the content report to remove some of the noise from this data. You can set up a filter to exclude pages with a Page Value of 0 or less than 30 pageviews," explains Google.
"Start by looking for pages that get a lot of traffic (pageviews) but have a low Page Value. Use some of the other metrics, like Avg. Time on Page, Bounce Rate or Exit Rate to get a better picture of the user experience on this page."
"If people are using the page, but not ultimately converting you may want to use some of the other content tools, like Flow Visualization, to get a better understanding of their experience after using a piece of content.
Also look for pages that get a low volume of traffic but have a high Page Value. These pages are influential but don't get a lot of attention. You might consider promoting them more via an external marketing campaign (email, PPC, social media) or an internal campaign (homepage banner, etc.)," explained Google Analytics Advocate Justin Cutroni.
Those who run an ecommerce company will notice that the most valuable pages on your site are your checkout pages.
How Page Value is Calculated?
Cutroni explains, "Page Value is calculated using the value of your transactions and your goals. So even if you don't have an ecommerce website you can still use Page Value. Just make sure you have defined some goals and assigned them a value."
Here is the exact formula of how Page Value is calculated:
"Page Value = (Transaction Revenue + Total Goal Value) / Unique Pageviews for the page
Page Value can also be calculated for a group of pages, like a directory. In that case the definition changes slightly.
Page Value = (Transaction Revenue + Total Goal Value) / Total unique Pageviews for the group of pages"
"Remember, a unique pageview is just a count of visits that include the page. If a page is viewed five times in a single visit, Google Analytics will count five pageviews but one unique pageview.
Now there are a couple of things to be away of. The calculation does not include all transaction and goal revenue for the entire visit. It's only the goal conversions and transactions that happen after the page is viewed, not before the page is viewed," explained Cutroni.