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Rick
Another point to keep in mind is that in general, the more popular a page/site is, the less weight page criteria has.
We have several clients that have top listings in AV with pages that violate all currently known components of AV's algorithm. (Things like high KWD, overly repetitve meta tags, etc.)
These pages are re-spidered regularly, and they remain ranked at the top. This is due to the fact that they are all very popular.
We have also seen even more extreme examples of page criteria being thrown completely out the window at Excite.
With that being said, WPG is still a good tool if you are attempting to enter a well established, competitive niche with a new site. I wouldn't suggest that you try and use WPG to do any page by page analysis. Instead use it to build pages that conform to the general AV reccomendations.
This will usually allow you to enter the database at a point you can work with. (Top 50-100 depending on how competitive the phrase)
From that point focus your efforts on building popularity and submitting new links to AV and you will see your pages rise over time.
I completely agree with you that some sites that are ranking highly with AV, after running these through WPG does not explain their position.
What is the definition of a "highly competative keyword"? Surly this applies any keyword for you client. So far we have had a good success with using WPG critic and most of the doorways we have produced are ranking in the top 20 and a high percentage in the top 5 first time in.
Tigger
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We base our competitive analysis on the number of pages in a database that contain an exact match (using quotes) for the desired phrase.
In rmccabe's case, AV contains close to 60,000 pages that include the phrase "IT jobs." I would consider that a highly competitive phrase. By way of comparison, AV only has one page containing the phrase "PHP programming jobs."
(I would consider that to be a non-competitive term:)
The chances that WPG will have any imediate effect for a phrase like IT jobs is fairly slim. The #1 site uses a frameset with very little body text and the #2 site doesn't contain an exact phrase match (other than the title) anywhere on the page.
These are just a couple of examples of how pages can rank well "despite of" rather than "because of" proper page criteria.
Of course, that doesn't mean rmccabe's wasting his/her time analyzing pages with WPG. Down the road, when all other things are basically equal, having pages that conform to an Average AV analysis will more than likely allow the page to rank higher than ones that do not.