Declining Visitor Values

Late Funnel SEO Profits
Before the Panda update SEOs could easily focus almost all their energies on late funnel high-intent searches which were easy to monetize without needing to put a ton of effort into brand building or earlier funnel informational searches. This meant that SEOs could focus on phrases like [student credit cards] or [buy earbuds] or [best computer gaming headphones] or [vertical computer mouse] without needing to worry much about anything else. Make a good enough page on those topics, segment demand across options, and profit.
Due to the ability to focus content & efforts on those tiny subset high-intent commercial terms the absolute returns and CPMs from SEO investments were astronomical. Publishers could insert themselves arbitrarily just before the

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