How to Find Keywords That Actually Generate Revenue (Not Just Traffic)

Most businesses approach keyword research completely backwards. They look for keywords with the highest search volume, assuming that more searches automatically mean more customers. Then they spend months trying to rank for these competitive terms, and when they finally get traffic, they discover it doesn't convert into actual business.

Sound familiar?

Here's the uncomfortable truth about keyword research: search volume doesn't correlate with revenue. At all. Some of the most valuable keywords for your business might only get searched 50 times per month in New Zealand. Meanwhile, those high-volume keywords you're chasing might drive thousands of visitors who never become customers.

At Lucid Media, we've worked with hundreds of New Zealand businesses to identify the specific keywords that actually drive revenue, not just vanity metrics. The difference between traffic-focused keyword research and revenue-focused keyword research is the difference between having impressive analytics reports and having a full sales pipeline.

Let's walk through exactly how to find keywords that matter for your business.

Why Search Volume Is a Terrible Primary Metric

When most people start keyword research, they immediately gravitate toward search volume. "Plumber" gets 10,000 searches per month in New Zealand, so that must be a great keyword to target, right?

Wrong. Here's why:

High search volume usually means:

• Extremely competitive: Every plumber in New Zealand is trying to rank for that term
• Vague search intent: Someone searching "plumber" could be looking for a job, wanting to know what plumbers do, researching plumbing as a career, or needing emergency service
• Unqualified traffic: Even if they're looking for a plumber, they're not necessarily in your service area or ready to hire

Compare that to someone searching "emergency plumber Auckland CBD Sunday." This is:

• Specific: They need urgent service
• Local: They're in your exact service area
• High intent: They're ready to hire immediately
• Low competition: Fewer businesses optimise for this specific phrase

Which keyword is more valuable to your business? The one with 10,000 monthly searches and near-zero conversion rate, or the one with 20 monthly searches where every visit is a potential customer?

This is the fundamental shift required for revenue-focused keyword research: stop optimising for traffic and start optimising for outcomes.

Understanding Keyword Efficiency Index (KEI)

One of the most useful frameworks for evaluating keyword value is the Keyword Efficiency Index. It's a calculation that balances search volume against competition level to identify the most profitable opportunities.

The formula considers:

• Search volume: How many people search this term
• Competition: How difficult it is to rank for this term
• Relevance: How closely it matches what you offer

A high KEI score indicates keywords that are frequently searched but have relatively low competition—the sweet spot for ROI-focused SEO. These are the terms that can bring substantial traffic while being realistic to rank for without massive authority or enormous budgets.

KEI interpretation:

• Green/High KEI: Great opportunities—decent search volume, manageable competition
• Yellow/Medium KEI: Worth considering if highly relevant to your business
• Red/Low KEI: Either too competitive or too low volume to prioritise

For New Zealand businesses, focusing on high-KEI keywords often means targeting location-specific, long-tail variations rather than broad, national terms.

The Three Types of Search Intent

Before you can identify valuable keywords, you need to understand what people actually want when they search. All searches fall into three broad intent categories:

1. Informational Intent

The searcher wants to learn something or answer a question.

Examples:

• "How to fix a leaking tap"
• "What causes blocked drains"
• "When to replace hot water cylinder"

Value: These searchers aren't ready to buy yet, but they're identifying problems you can solve. Content targeting informational keywords builds authority and captures early-stage prospects.

Conversion path: Educational content → email capture → nurture sequence → service offer

2. Navigational Intent

The searcher is looking for a specific website or business.

Examples:

• "Smith Plumbing Auckland"
• "Countdown online shopping"
• "IRD login"

Value: Limited unless it's your own brand name. Optimising for your business name ensures people who know you can find you.

3. Transactional Intent

The searcher is ready to take action—make a purchase, book a service, or request a quote.

Examples:

• "Emergency plumber Auckland"
• "Book accountant consultation Wellington"
• "Buy running shoes online NZ"

Value: Highest conversion potential. These are people with money ready to spend right now.

Your goal: Identify and dominate the transactional keywords relevant to your business.

For most service businesses in New Zealand, the most valuable keywords are transactional with local modifiers: "service] + location]" or "service] + qualifier] + location]."

The Revenue-Focused Keyword Research Process

Here's the systematic approach we use at Lucid Media to find keywords that actually drive business outcomes:

Step 1: List Your Core Services and Service Areas

Start with absolute clarity about what you offer and where you offer it.

Example for a plumbing business:

• Core services: Emergency plumbing, drain clearing, hot water repairs, bathroom renovations, gas fitting
• Service areas: Auckland CBD, North Shore, West Auckland, South Auckland

Every service-location combination becomes a potential keyword foundation.

Step 2: Identify Customer Language, Not Industry Jargon

How do your actual customers describe their problems? They don't use technical terminology—they use plain language descriptions of their situation.

Industry jargon vs customer language:

• ❌ "Hydro jetting services" → ✓ "Blocked drain clearing"
• ❌ "Domestic electrical installations" → ✓ "Electrician for home wiring"
• ❌ "Accounting reconciliation services" → ✓ "Bookkeeping for small business"

Listen to how prospects describe their needs in sales calls. Read reviews. Check the language in enquiry emails. This is the language that converts because it matches how people actually think and search.

Step 3: Research Long-Tail Variations

Long-tail keywords are longer, more specific phrases that typically have lower search volume but higher conversion rates.

Example progression:

• "Plumber" (10,000 searches/month, impossible to rank)
• "Plumber Auckland" (2,000 searches/month, very competitive)
• "Emergency plumber Auckland" (400 searches/month, competitive)
• "Emergency plumber Auckland after hours" (50 searches/month, manageable)
• "Blocked toilet Sunday night Auckland" (10 searches/month, highly specific)

As keywords get more specific, search volume decreases but relevance and conversion potential increase dramatically. Someone searching the last phrase is ready to hire immediately.

Your keyword strategy should include:

• A few competitive mid-tail terms for long-term authority building
• Multiple long-tail variations that you can realistically rank for quickly
• Ultra-specific phrases that capture ready-to-buy searchers

Step 4: Analyse Competitor Keywords

What keywords are your competitors ranking for? This reveals:

• Terms you might have missed
• Gaps in their strategy you can exploit
• The competitive landscape for specific terms

What to look for:

• Keywords competitors rank for that you don't
• Keywords where competitors have weak content you could outperform
• Neglected long-tail variations they're ignoring

Don't just copy your competitors—find the opportunities they're missing.

Step 5: Evaluate Commercial Value

Not all keywords with decent search volume and manageable competition are worth pursuing. Ask:

Does this keyword indicate someone who would actually hire us?

For a plumbing business:

• ✓ "Plumber near me" → High commercial value (ready to hire)