Juchel De Leon: Fast Definition: Keyword relevance is the relationship of a keyword to a topic as entered by a user in a search query or on another section on a web page. Relevance for a particular keyword or set of keyword is not obtained simply by having them in a the page, there are other semantically relevant words that must also be included in the copy for the document to be deemed as relevant. ; In most cases, the semantically relevant words are industry-specific jargon.
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Dave Elliott: Is this a Google Adwords/keyword planner thing?
If so, it is simply a score to determine how closely matched a keyword(or group of keywords) is to the content on your page. ;
Basically, if your page is about 'apples' and you are trying to rank for 'pink fluffy elephants' then you will have a low keyword relevance.
If however, your page is about 'grass' and you are trying to rank for the term 'lawn,' you will have a ;high keyword relevance.
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It could also be about closely related (semantic) terms on the page which enable the page to rank better.
For example, if you had a page about 'accounting', you would expect to see terms like 'finance', 'accountants' & 'cash flow' on the page.
Google will look for these terms and decide that this is quite a good and in-depth page on the subject and rank it more highly than a page that has the same level of optimisation specifically for 'accounting' and is the same length etc. ;but all the other text are song lyrics.