There is one report in an Amazon account that contains information no tool can supply: what real shoppers typed before they bought from you. Everything else is inference.
It is also the report most accounts glance at, sort by spend, and close. Two decisions come out of it every week, and both of them compound.
The search terms report shows the actual queries that triggered your ads, against the keywords or targets that matched them. The keyword report shows what you bid on. Those are different things and the gap between them is where the money goes.
A broad keyword can match hundreds of queries. Some of them are your product described differently, some are a competitor's product, and some are nothing to do with you at all. Only the search terms report tells you which.
Any search term that has converted more than once, at an acceptable cost, deserves its own exact match keyword with its own bid. That takes the term out of the auction lottery a broad match runs and gives it a bid set by what it is worth.
The same terms belong in the listing, because a query that converts in advertising is a query the listing should rank for organically. That is the loop between paid and organic, and it only runs if somebody carries the terms across.
Any search term with clicks and no sales, past the point where the absence is meaningful, becomes a negative. How many clicks is enough depends on your conversion rate: if you convert at one in ten, ten clicks with no sale is normal and forty is not.
Negatives are the cheapest work available in any account. They cost an afternoon and they stop paying for traffic that was never going to buy.
The mistake is negating too early on too little data, which removes terms that were converting at a normal rate for your category. That is covered in the article on negative keywords.
Product research. Terms appearing repeatedly that describe something adjacent to what you sell are demand you are not serving, and they are demand recorded in your own account rather than in a keyword tool's estimate.
The same is true of the words shoppers use. A catalogue written in the brand's vocabulary and searched in the customer's is a catalogue with a translation problem, and this report is the dictionary.
Weekly on the campaigns carrying most of the spend, monthly on the rest. The cadence matters more than the depth: a report read every week catches a term burning budget after seven days rather than after a quarter.
Automatic campaigns deserve the closest reading, because their whole job is discovering terms you did not think of. An automatic campaign nobody mines is a discovery budget with nobody collecting the discoveries, which is the point of running automatic and manual together.
Volume. It reports what your ads matched, not what the market searched, so a term absent from it may be a term nobody searched or one your bids never reached.
And it withholds some queries, especially rare ones, so the rows never quite add up to the totals. That is Google and Amazon both protecting individual searches, and it is worth knowing before somebody spends an afternoon reconciling the difference.
Reading it is part of the weekly routine in
Amazon account management, and the terms it produces go in two directions: into the campaigns as keywords and negatives, and into the listings as the words shoppers actually use.
The equivalent report exists on
Walmart with thinner data, and on
Google Ads where the same discipline applies to a much larger match surface.