let say that i am going to comment on a blog or create a backlink through link exchange and my website is about Widgets. i am optimizing for the keyword "Red Widget" and "Blue Widget" should i put a sinlge anchor text that is: "Red Widget and Blue Widget" or should i put 2 separate backlinks, one for "Red Widget" and another one for "Blue Widget" ? * my observations suggest that google does not like multiple keywords in anchor text.
"* my observations suggest that google does not like multiple keywords in anchor text." It still in questionable for me because I've used this style , multiple words in links to increase word count , and improve crawl rate , may be I'm wrong.
Personally I would focus more on the anchor text that is an exact keyword (ie red widgets), but the longer keyword phrases should help too. If you look in Google webmaster tools you will see that Google keeps track of each individual word used in links. Possibly when you use only 2 words it gives 50% weight to each word, but when more words are used the per word weight goes down. Normally I would target about 4 or 5 phrases with a single page and I would rotate between those phrases as my anchor text. To look natural you might want to mix in some longer keywords in too.
I try to target one keyword per page, and so I prefer single keyword in anchor text. If you happen to go with multiple keywords then make sure to interchange positions of keywords.
that is what i also suspect. so that means that it would be wise to target the exact keyword and i should make 2 anchor texts for 2 different keywords instead of combining them. this means that i should make backlinks for "Red Widgets" and another one for "Blue Widgets" instead of "Red Blue Widgets".
Personally i would prefer you put "Red Widget and Blue Widget" It will generate more result to you. Give a trial on that.
i was also having the same question like you just few days ago, and i posted a thread, it will be helpful: http://forums.digitalpoint.com/showthread.php?t=1412480