AdWords' Broad Match can reveal a gold mine of relevant keyword phrases that your competitors might have missed! Once you've enabled Broad Match, simply watch your server logs for referals from Google and note the search terms visitors used. This might open up entirely new sales channels for you!

But don't stop there! Take the terms revealed by Broad Match and create Exact Match entries for them, enabling you to track their performance. 

After several months of refinement, you'll wind up with a comprehensive list of effect keyword phrases, many of which your competitors have overlooked. Not only can you optimize your ad creatives with these keyword phrases, but you can also take the opportunity to optimize your website copy.