No. Two tailed SEO is not some mythical creature. Two tails refers to the statistical curves plotted by keyword search results and page rank Click-Through-Rate (CTR). What is mythical is how the statistics are being misrepresented to the paying public. In fact we can even take search engines completely out of the equation and they will still make sense. So much for SEO.
Summary of a Keyword Long Tail: More generic terms get greater search results, while specific keywords get less. Let us think for a moment. Compare the number of mammals in the world to blue haired humans with a glass left eye and walks with a limp. The first is generic, and includes many species while the latter is specific and probably not as common in the world. It is obvious that this would also be true for search results in a search engine.
The big SEO assumption: "Everyone on the Internet is searching to purchase exactly what they want."
In fact, when it comes to purchasing this is usually not the case. For some products it is the case, but the competition level of these products is very difficult to quickly break into the top 10. Most people will have an idea of what they want to buy if they are buying anything at all.
The other part of the equation is that many people surfing the net are not interested in making a purchase 100% of the time.
The Affiliate Marketer is in direct competition with their affiliate store, and generally the affiliate store will have rules about what keywords cannot be used, giving themselves an advantage. Advantages are keywords such as brand-names and such, and these restrictions must be honored.
Summary of a Page Rank CTR Long Tail: The top ranked item gets more clicks than the second, which gets more than the third and so on...
I'm going to sum up SEO in three words, get a pencil or pen or get ready to print this off:
Relevance, Relevance, and Relevance.
Any page on the web that has relevant content it will inherently have:
1) Relevant Keywords
2) Relevant Secondary Keywords
3) Relevant Long Tail Keywords
4) A decent Page Rank and a good CTR
No matter what changes Google makes to their page ranking algorithm, rest assured that it will always stress relevance. Relevance is both tails neatly wrapped into one neat package.
The reality of SEO, no matter what the Gurus are telling us, the big money, I'm talking the really big money, is at the head of the curve not the tail. The tails are reserved for the searchers who have not made a decision as to what they are buying.
In a nutshell: The head is the easy sell; the tail is the hard sell. Relevance is our weapon.
So what exactly do I mean by Relevance? Relevance is how closely your page answers or fulfills the need of what is being searched. For example is the searcher looking for comparisons, reviews, information, prices, or buying opportunity. It is relevance that determines the CTR. Advertising affiliate links is secondary -- even if it is the primary reason you have the site!
Stay Tuned - Next blog I'll be discussing Affiliate Networks..

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