I have been experimenting with dynamic keyword insertion on many of our Adwords ads, for both our own websites and our client websites we manage. In some instances, it seems to increase CTR, as it highlights the word/phrase that is inserted (the same word/phrase that is searched) and therefore makes the ad read as exactly targeted for the customer. However, in other instances it seems to reduce effectiveness, as it might cause the ad to appear more targeted than it actually is for that user. For example, if the user is searching for flea powder for their dog, and you are selling dog food, but have flea powder in your keyword list because you think that they are related enough to prompt a conversion, however the dynamic keyword insertion causes your ad to appear as specifically for flea powder, when it is really about dog food. Therefore, it actually causes your ad to receive clicks that may not convert once they land on a page about dog food, which they thought would be a page about flea powder. Any other people have experience with this?