It’s important to remember that the AdWords > Keywords report in Google Analytics lists bid phrases only. If you have bid on “hiking boots” and have allowed all three match types, visits resulting from an Exact Match for “hiking boots”, a Phrase Match for “waterproof hiking boots”, and a Broad Match for “hiking and rockclimbing boots” will all appear under “hiking boots” in the Keywords report.
If you have enabled Autotagging in your AdWords campaign, the AdWords > Matched Search Queries report lists the actual search phrases that generated the paid Google clickthroughs to your site.
You can take advantage of the data in this report in a variety of ways. You could directly bid on Phrase and Broad Match phrases to manage them more closely within AdWords and create landing pages and additional content that will be more relevant for these phrases – for those that are already converting well, and perhaps for those that are not. By including more content on your site that is relevant for these phrases, you may also increase your corresponding organic rankings and save some PPC spend.
Regardless of your specific follow-up tactics, the Matched Search Queries report can provide some fundamentally useful insights into visitor intent.