1. Identify the top 200-400 search terms on your website. These top 200-400 terms will usually represent a very significant percentage of search volume.
  2. Identify the correct search result for each of these search terms.
  3. Test each of these top search terms in your search engine.
  4. Measure how often the correct result appears in the first three results. (Research shows that 60% of people will click on one of the first three results.)
  5. Compile a success rate. You will then be able to say something like: Our search has a 45 percent success rate. Then you can plan for how you will increase that success rate.

http://www.gerrymcgovern.com/nt/2007/nt-2007-05-14-search.htm