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The importance of creating custom formulas is highlighted in this tutorial. While Google Analytics and Facebook Ads offer some metrics, custom formulas can provide more specific insights. For example, Google Analytics offers a conversion rate metric, but it may not accurately reflect all conversion scenarios. For e-commerce and B2C businesses, customers may convert multiple times, while B2B businesses may only convert once. It is important to consider these differences when measuring conversion rates. Google Analytics measures conversion rate by default based on conversions.