I'm assuming Local Search means what it says - Local meaning where you are. Global meaning everyone else. But what does "Broad" and "Exact" mean? Exact meaning the search in quotes? Broad meaning no quotes? Also, what is considered heavy traffic by Global Searches? Also by Local Searches?
Good question. I'll try to clarify for you. Google has three types of matches inside of Adwords: Namely 1. Broad Match, 2. Phrase Match, and 3. Exact Match. I'll explain them a bit below. We'll start with Exact because it's the easiest to understand. Exact Match: When bidding on an exact match phrase the serp takes the exact phrase in the exact order and displays adverts only for this exact phrase. For example - if you buy an advert for the term "blue widget" your advert will only show for this exact phrase. A search for "buy blue widget" would not trigger your ad. The only search that would trigger this ad would be the exact phrase, hense the name, "blue widget". Phrase Match: With phrase match your advert would be triggered by an ad that contained the search "buy blue widget" or maybe a more targetted search such as "how to blue widget" or any combination that contains the terms "blue widget" in that specific order. Broad Match: Using broad match terms works well for many phrases but one has to be careful when using them because G takes any search with the term "blue" by itself and "widget" by itself and shows your advert. If someone searches for "why does blue have a widget" your advert will show. This gives one more impressions, reduces click through, but brings in more traffic. Broad phrases are often accompanied with Advert copy that is dynamic, meaning G inserts the search phrase somewhere in the advert itself. Broad match is good for less competitive markets, or where conversion on the site itself is fairly good. There's also another type of match when using Adwords called "Advanced Matching" or somthing like that. With this G takes synonyms of your keywords and displays ads for these as well. It's all about Google selling you as many impression and clicks as they can. This strategy can be useful but one should carefully monitor conversion and return on investment when using Broad and Advanced match because you can burn through cash quite quickly. At any rate, hope that helps answer your question.
Also you asked about syntax for each type of match. Here is an example. blue widget - broad match "blue widget" - phrase match [blue widget] - exact match On top of Broad, Phrase, Exact and Broads extended range with Advanced Match there is another type of keyword called a "negative keyword". Negative keywords are great when using Broad match because you can use them to withdraw your advert from searches that contain negative keywords. Say you want to displan an ad for "blue widgets" but not for "free blue widgets" you would use the negative keyword -free to remove your ad from this search.
Exact is always the way to go fella. You don't really want variations of phrases when you're targeting specific keywords as you'll need to prepare realistic stats to get the clearer picture.
No worries sprabhu, I'm new to organic SEO but have experience with PPC. It's been paying my bills for the last five years. That being said I still have much, much to much, to learn. Wish I would have spent more money and time on organic traffic over the years though. I'm a slave to my PPC for now.... PPC is a bit of a catch 22, if you know what I mean. Organic traffic seems to be where it's at? At least judging by my competition. Anyway...
Also, in my opinion, only one man's opinion here! Exact is great but requires that you have already done an enormous amount of keyword research. It also requires that you have the time to run numerous reports and refine bids on a specific basis, as opposed to a more general marketing budget. Personally I agree that exact is where it's at, it's just that getting there takes time. Phrase is great, broad is good in less competitive space and when your promoting something in a more general sense. Negative keywords are likely the most important of all if you use Phrase or Broad. Just my 2 cents. It also depends on how much demand there is for your nitch, if you don't have a nitch then Exact would certainly be the way to go!