This might sound a bit extreme, but I’m recommending that if you advertise on Google Adwords, then you should build a campaign for each root keyword phrase.

A root keyword phrase would be defined as a root phrase built around supporting keyword elements.

For example, let’s say you sell gold bracelets.  The phrase “gold bracelets” would be the root keyword phrase, and some supporting words that may be attached could be “gold bracelets with diamonds”, “pendant gold bracelets”, etc…

And for each root keyword phrase, I’m suggesting you build a campaign for only that root.  This will allow you to optimize and track conversions at the root phrase level.  And in turn, allowing you the highest valued data and feedback on the performance and conversions of your targeted keyword phrases.