Keyword

A keyword is the unit search advertising is built on. Advertisers choose keywords they want to appear for and set a maximum bid on each. When a matching search happens, their ad enters the ad auction.

In search arbitrage the keyword decides nearly everything about revenue. The same visitor can be worth a few cents or over a dollar depending on which keyword is sent to the search feed, because different keywords attract different advertisers and prices. Buyers therefore study keyword-level reporting to see which terms earn the most per click.

Keywords reach the feed in two ways. The visitor may type one into a search box. More often, in arbitrage, the page offers a set of related search terms and the visitor clicks one. Publishers can suggest their own terms through the terms parameter, known informally as forced keywords, although Google decides whether to show them.

Strictly, advertisers bid on keywords and people type queries. In everyday arbitrage talk the two words are used interchangeably.

An example

Say two visitors arrive on the same article. One clicks "roof replacement quotes" and their ad click earns $0.90. The other clicks "roofing pictures" and theirs earns $0.06. Same page, same cost, very different keyword.