This is a nice site to get a 5 step breakdown on how to make sense of the data given to you from google analytics
The big 7
Bounce Rate, Conversion, Traffic Sources, Content, Social Reports, Percentage of New Visitors, and Landing & Exit Pages. Adria Saracino, of PR Daily News, has listed these as the 7 most important metrics for marketers and business to monitor and analyze.
In an article written by Josh Braaten, he discusses how using the Visitor Flow Report can help with your businesses conversion rate optimization (CRO).
The Visitor Flow Report is a depiction of visitors arrive at your websites and the typical paths they take while visiting your site.
This information is very detailed in determining website optimization. This is next level google analytics.
A link to the article: http://searchenginewatch.com/article/2295813/How-to-Turn-the-Google-Analytics-Visitors-Flow-Report-Into-Your-Secret-CRO-Weapon