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A similar great strategy is to look through your existing orders and see which search terms led to those sales.
These search terms are solid gold, because they are terms that you know 100 percent for sure that they convert into sales for you.
Yes, you say, but why bother? If I am already getting sales from those terms, why do I need to do anything else?
Answer: Because you probably aren't on the front page of Google or other search engines for all of those terms. You might be way down on the 5th page, or just appear in one search engine for them. So you can take them and continue to optimize for them on your site.
Or even better, take the exact opposite approach and take your proven converting keywords (that you know from looking at your internal keyword and sales records) and buy Adwords and Overture clicks with them for extra incremental sales! You know those phrases convert for you, so use them.
Do both at the same time!
FYI, I learned this strategy from Rob Snell, the guy who wrote the Yahoo Store for Dummies book. http://ystore.blogs.com/
The information doesn't just apply to Yahoo Stores, as you can see.
btw, love the podcast.
keep up the good work :)