There is a wonderful write up From Amstat News that could be of great value. Amstat News, Statisticians Have Large Role to Play in Web Analytics 1 SEPTEMBER 2011
An example of a web analytics application that will benefit from statistical technology is estimating the value (CPC, or cost-per-click) and volume of a search keyword depending on market, position, and match type—a critical problem for Google and Bing advertisers, as well as publishers. Currently, if you use the Google API to get CPC estimates, Google will return no value more than 50% of the time. This is a classic example of a problem that was addressed by smart engineers and computer scientists, but truly lacks a statistical component—even as simple as naïve Bayes—to provide a CPC estimate for any keyword, even those that are brand new. Statisticians with experience in imputation methods should solve this problem easily and help their companies sell CPC and volume estimates (with confidence intervals, which Google does not offer) for all keywords.