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Actual referrals is without stop words - unique keywords.
Site 1:
Pages on site: 75
Targeted kws: 100 kws
Actual referrals: 330 kws
2:
Pages on site: 35
Targeted kws: 90
Actual referrals: 450 kws
3:
Pages on site: 150k (guess)
Targeted kws: unoptimized
Actual referrals: 300+k
I started at one site of mine (it was the one I've learned most) with one main key phrase (designer's name and first name) and 5 key phrases for objects by him. All well known. Did know nothing about SEO then. - 10 pages. - Nameable traffic over time, and conversions.
Watched logs, found more 'real world referrals', other key phrases. Got links (not asked for that time) w/ nice anchor text.
Began to target those new phrases: 28 pages, kw and phrases not sorted thematically. Targeted: my 6 main key phrases from beginning, added some 20 combinations and some 10 variations, added other content w/o precise kw in mind. - Valuable traffic increase, more conversions.
Found hints concerning SEO. Rebuild site. - Became nervous by looking at changes in SERPs (and I had some ...).
Went back a little bit. Made themes. 35 pages now, about 75 main key words / phrases, and about 20 variations. Referrals doubled first month, same (nearly) next 2 months - until Dominic. Static since: traffic and conversions.
(This is no hidden update stuff:) I'm doing BETTER with Esmeralda for very specific phrases. But many people just search very simple: only designer's name, often w/ 1 word for one of his objects. And there's nameable competition now ... curious to see how things settle.
At time being referrals are about 5x targetted kws.
Avg offline sale = $500k+ in this market.