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http://www.clickequations.com/blog/2008/07/keyword-click-through-rates-ctrs/
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The ClickEquations Blog: Keyword Click-Through-Rates (CTR’s)

David Hughes Head of Analytics · 1 year ago

One additional factor might be the consistent over-reporting of impressions by Yahoo (or failure to remove robot traffic) as we found here; http://connect.icrossing.co.uk/icrossing-update...

Admittedly, we are reporting averages - but we are clear that they are averages across hundred of thousands of keywords.

R.e. "We know different text-ad copy produces different CTRs"
Optimisation of Ad copy via decent statistical analysis is an under-used activity, and one that pays off almost immediately.