Web analytics and keyword metrics came up in a conversation I had last evening with a friend of mine from my days in “information retrieval“ - when Googol was a really, really large number, and we called keywords ”queries…”  Over a Belgian beer (a Cantillion), I was asked to “name the top couple of metrics I’d want to know about a set of existing keywords if I were selecting a few to continue to optimize or buy?”  

I told him that any keyword-related metric should be analyzed within the context of campaign objectives, which in order to be measured and reported need to be defined before the campaign begins.   Macro level campaign goals should be identified before performing micro-level keyword analysis.  Once campaign goals are known, analysis can focus on achieving the optimal keyword mix to fulfill them.  A single, keyword-related metric should rarely be taken as a stand-alone indicator of performance. 

Here’s a synopsis of what metrics I told him I think are useful to examine when performing keyword analysis:

• Referrers.  At a basic level, identifying the sites that sent keyword traffic is common sense (like not excluding the Googlebot ;).  You may uncover keywords for which your site’s content “accidently ranks” on a particular engine.  These rankings may not be immediately obvious from a straight list of top-performing keywords.  By digging deeper into keyword referrers, you may find sites like these: forex-cash-fast.info, gambling1×2.com, nhadep.net, nghenhac.com, and xn--q2yr34f.com.  Clickfraud?  Poor targeting by an engine?  Lost money?   So many questions can be asked from keyword referrers!
• Geography. Show me my keywords segmented by dimensions like Continent, Country, City, Zip Code to assist in planning geo-targeted campaigns and identifying the broad content themes that appeal to the geographic long tail.
• Number of Visits and Percentage of Total Site Visits.  Raw visit and percentage totals indicate the “reach” of the keyword- the degree to which a keyword has penetrated a target audience.  I could compare the number of visits to the number of searches for that keyword using Overture’s Keyword Selector Tool to assess reach and correlate whether the cost to buy or the effort to optimize the keyword is acheiving the desired effect.
• Average Visit Duration.  It’s not an engagement metric, but average visit duration does tell you whether or not the visitor remained on your site and if so for how long.  It can be useful when taken into context with the page-view to visit ratio and segmented by other dimensions, such as conversion rate.  
• Page View to Visit Ratio.  One of my favorite metrics on a per keyword basis is the view:visit ratio.  This ratio identifies the average number of pages viewed per visit for that keyword.  If your keyword should convert the visitor from the landing page, and you are seeing a page view to visit ratio greater than one, what’s up?  If your trying to persuade visitors to enter some sort of non-linear or linear, multistep funnel leading to a conversion, and your page-view to visit ratio is one, what’s up?
• Bounce rate.  A key metric that identifies what percentage of visitors enter the site on the keyword’s landing page and immediately leave.   If your bounce rate for a keyword is over 35% and you are targeting that keyword, you should think about landing page optimization.
• Conversion rate. Conversion rate is the percentage of visitors referred by the keyword who succeeded in completing a pre-identified, value generating event on the site, such as a purchase or registration.  Conversion rates measure how well the keyword acted as a trigger for driving on-site revenue.  By segmenting your keywords based on conversion rate or other dimensions, you may notice broad content themes that drive on-site success events.  These themes could be used in persuasive messaging that includes hyperlinked points of resolution moving visitors into the non-linear conversion funnel.

Then I told him to “segment, segment, segment.”

Many metrics and dimensions can be applied to the analysis of keywords beyond the few I listed above.  What metrics do you look at on a per keyword basis when planning search engine optimization efforts or when planning paid search campaigning?

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