I am going to be starting a backlink campaign. I have identified 3 keyword phrases (each has 2 words).
When creating the anchor text should I:
Thanks!
Try not to keyword stuff by adding all 3 keywords to the anchor text. Use whatever is relevant to the link that your creating. I’m assuming that if you have targeted 3 keywords then you have 3 different pages. Use the corresponding keyword for the correct page. If you are using 3 variations of the same keyword and only have one content page then just mix it up or use them proportionally to the competition.
Each keyword is different (ie not variations).
I was just planning to have all the links point to the home page. the home page will contain all the keywords. Is this a bad idea?
Well it’s only bad if you have a more relevant part of the website. Let’s assume for a minute that you sell candy online. You have 3 different pages each associated with a different type of candy: chocolate, gummy and sour.
It would make the most sense to point each keyword to it’s respective page because if the user clicked on that particular keyword they’re most likely interested in that specific page. If you point all of the keywords at your home page then you’re forcing the user to do a further search for whichever candy they wanted once they reach your website.
From a search engine perspective, it doesn’t make much sense to point 3 different keywords at your home page either. Googlebot is going to see 3 different words that you’re attempting to associate with the same content and will essentially dilute the page.
The last option is better, rotating keywords means using single keyword at a time, this will give you more benefit for each keyword, because single keyword always carry more importance than a bunch of keywords. 
No!! this is not a bad idea at all, because home page always have the first priority in SE’s and even having good PR. And inner pages always take time in SERP. 
Home pages do not always have first priority in the SERP. Look at Wikipedia for instance. When was the last time you saw the home page for Wikipedia ranking higher than any particular article page?
I think working with only one keyword will be much better
Its not a matter of word, you need to select highly search able keywords whether it is single word keyword or long tail keyword.
Ok thanks. 2 of my keywords are pretty general so i will link those to the homepage. The other is more specific so I will link this one to an internal page.
I’ll only use one keyword phrase per link.
Hyperbolic has given you some great advice. Your home page should be targeting your most broad, hard to rank for head terms. Your inner pages should be targeting longer tail phrases…
Generally speaking, you are much better off with 3 different pages, each targeting a different keyword phrase. This gives you a whole page of content, a <title>, an <h1>, a set of <h2>s, etc… that you can use for EACH of your keyword phrase.
It’s not a good idea to try to make your home page rank for all of your targeted keyword phrases. This is a classic mistake made by rookie SEOs. It’s much easier to make 100 pages each rank well for a different keyword phrase (so you rank for 100 phrases) than it is to make a single page (like your home page) rank for 100 different phrases.
Another reason you should consider second pages is domain authority. Google sees sites with lots of external inbound links pointing to lots of page as more of an authority than sites with most of their links pointing to their home page.
And you followed up with some gems of your own… 
I think a rookie SEO would do well reading both your answers.
first u target on your site main keywords, with whenever rank will come to those main keywords then automatically rank come to your 2 phase and 3 phase keywords.
just work on the weakest keyword first and try to get the postition on them …yeah its good not to stuff the k/w and just use one or two at a time…after that move on to your high traffic k/w’s