Aspects of the subject disclosure are directed towards managing sponsored online content based upon advertiser behavior. Defining mini-markets to represent such advertiser behavior may be accomplished by clustering queries that generate revenue from one or more campaigns. Query revenue data between queries and a set of campaigns may be used to determine such mini-markets. To illustrate, a query whose highest revenue is attributed to a campaign may be selected for that campaign's mini-market. When that query is entered as a search term, the campaign's mini-market helps allocate space for advertisements.