View through conversion metric which has recently been added to your adwords account, needs some analysis before you consider it a success or failure. Important questions are:
1. What this says
2. What are the ads it take into account
3. Should you add them to conversion through clicks or not
Before you puzzle yourself with these questions, you should read this helpful resource from Google. Important interpretations are:
• This metric says how many people, who saw your ad, didn’t click and got converted
• It takes into account only ads triggered through adsense network.
• For adwords advertisers it will only show conversions on content network.
• It would only show conversion of display ads.
• It won’t work on search network.
• It won’t work for Text Ads.
It is pretty clear, this metric is only for tracking the success of display ads on content network. As the article makes it clear, the cookie in this case is set by adsense code on the page. It means if the page displaying adsense ads is displayed on your system, tracking cookie would get installed. It really does not matter whether your ad was above fold, second fold or blind fold. It would record the conversion if the **Page** carrying the ad is opened and some action has been completed on the site of the advertiser which advertiser has chosen to call a conversion.
If you are an advertiser who is targeting same site through different ad channels then, view through conversion would overlap. It means you won’t be able to know which ad/channel really worked. If you are targeting only through one channel say adwords then you can easily trust the figure what it says, however, it is not clear, whether the system takes into account only the conversion where people haven’t click on the display ads or do they include figures where, although visitor didn’t click on the display ads, he clicked on some text ad and got converted. Whether or not the two columns, conversion after click and view through conversion, has overlap and to what degree. Google or some researcher may reveal it in coming days. Till then just keep an eye on this figure and apply your common sense to arrive at conclusions.