3. Set your pre-search filters. Depending on whether you are looking for a new niche to build a site around or trying to find keywords to target on your already existing website, the minimum amount of local monthly searches (LMS) you set might vary. For new niches my LMS criteria is 1,500-5,000 searches, for posts anything from 10-800 is fine. Also, depending on one of these goals you can add a lower or higher number of words in the respective filter: for new niches 3 (or, at times, 2) words minimum, for new posts from 3 or 4 words up.

Once I have a list of phrases, rankings, and volumes from these tools, I'll look to internal tools (maybe Excel, Access, or another database) to organize, classify, and forecast opportunity. This is where I'll estimate a competitor's traffic based on volume & position CTR, set goals for a target position, and estimate traffic based off that position's CTR and keyword volume.
In a nutshell, Long Tail Pro helps you quickly find keywords in bulk based on a seed keyword that you input.  In addition to returning hundreds of related keywords, the tool also shows search volume (monthly search volume), advertiser bid, number of words, rank value, and my favorite Keyword Competitiveness (helps you judge the competition and keyword difficulty).