Originally, I manually tracked clicks and links via a custom JS call that pushed events to Analytics. It required a manual method (unless db driven) to attach the onclick event to every single freaking hyperlink - what a PITA. Google developed Tag Manager and it wasn't until recently that I realized what I had been missing. It allows you to track every event (or filter them) by linking your account and asking it to create events for you based on your criteria. The graphic and snippet below do a good job explaining and you really should visit Justin's site.
Implementing analytics, or any type of conversion tracking, is a big
pain in the ass. There, I said it! But it’s been getting easier and
easier with adoption of Tag Management tools. Google Tag Manager is
going to make it even easier with the introduction of a new feature
called Auto Event Tracking.
Auto Event Tracking let’s you track almost any user action without
clicks and form submissions.