Rankings dropping after small URL-change WITH 301-redirect
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David, you might have received an over optimization penalty by Google. They have been penalizing a lot of sites for excessive optimization of on site elements like title tags, header tags etc.
Rand did a really good whiteboard session on this topic
Barry also covered it in a good post along with a couple of presentations on this topic
I suggest removing the excessive optimization on the pages and waiting for Google to reindex the pages. You should be able to recover your rankings over time.
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Thanks for your answer.
Does an over-optimization penalty normally affects all rankings or only the rankings of those keywords, you over-optimized for?
In our case, rankings for all the other keywords stayed the same or even improved during this time.