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I've just started out down this road for the company I work for (bare with me as I'm not an SEO expert but it seems to be the right way to go to me), most of our analysis is based on keyphrases 300+ at the moment, I'd hate to do this full time it's boring me to death.
Anyway I've pushed everything onto an Excel sheet with columns of what I'm thinking are appropriate factors such as page rank, search traffic figures from overture, how the top site rates for keywords on the landing page, keywords/phrases in the title, No of pages on Google and Yahoo for the keyword/phrase and so on.
Most of this I'll score out of 3, and then create a final column for a scoring system, using page rank and No of pages to get a tighter figure.
So then we know which words/phrases we stand a chance with and which ones we're going to have to optimise heavily for with things like backlinks. Its just a way of not spending too much time working on the wrong things if we know we can put the minimum effort into words/phrases that don't score well on the Excel sheet it leaves us more time to concentrate on the higher scores.
Ha ha, and now some SEO guru will come along and blow apart my theory
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