There's two keyword phrases I'd like to rank for. One is the name of the software my site represents, and the other is the acronym for the software. Both phrases are equally as popular as the other. By implementing the acroynsm in various header/title tags, I've acheived the front page, but not the top. The site ranks #1 in two spots for the software name though. However, I'm not sure how to rank top for both of them. How does somebody usually deal with these tough decisions?
Simple, you optimize on-page and off-page for both phrases. You should try to target one page for one term and another for the other. This can be done building backlinks directly to that specific web page and using as anchor text the phrase you are trying to rank for.
Humm thats not what i would do, i wouldnt use one page for one term and another for the other. Intensity defeats extensity every time. Put the keywords or phrase in the same page, include them in your Meta title and description. Then use a keyword density tool and add as much content has needed to achieve the optimum density. Finaly build even more links to that page, dont forget intensity defeats extensity every time, you do not want to spread your link building strategy acrross 2 pages and therefore diminushing your forces. Strike with 1 mighty blow and get at the top of google. Only when youve achieve success you can deep link. Thats my opinion