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The index page of my travel site and the anchor text of external incoming links are optimized for 6 keywords: A 3-keyword city name plus 3 lodging type keywords, i.e., hotels motels and condos. Before Florida, a searcher only had to use 4 key words (the 3-word city name and one of the lodging type words), for example: "my great city hotels" for my index page to rank in the top 5 SERPS, now it takes all 6 keywords (the 3-word city name and all three lodging type words, e.g., "my great city hotels motels condos" for my index page to appear in the top 5 SERPS as it did before Florida. If 5 of the keywords are used (3+2), my rank position in the SERPS is considerably lower at 54. If only 4 keywords (3+1) are used my index page is not found in the SERPS. I might add that my PR has not decreased during Florida. In fact it has increased from 4 to 6.
The results suggest to me that Google is somehow using my anchor text and its match to the search term to determine the position of my index page in the SERPS. It also suggests that Google might be applying an "AND" filter to the match process, whereas before it was applying an "OR" filter. This, of course, is purely conjecture. I have also wondered if Google might also be weighting this match requirement according to the competitiveness of the keywords so as to require a greater match for highly competitive keywords.
Has any one else observed this phenomenon?