I just have the free version right now so I don't know all that the pro one can do. But even the free version has A LOT of tools you can use, I haven't even figured them all out yet. But one that I have used is their Content Optimizer. You can take a new or existing content piece of yours, and compare it to one of your competitor's pieces on a similar topic, and see where you might be lacking based on the keywords that are used in each piece.

Use the Google Adwords Keyword Planner to find new and related keywords, but ignore the search volume data! The search volume data in the planner is really only useful for keywords that you’re actually spending money to advertise on. Otherwise, these volumes are not reliable. While not really helpful to decide which keyword is most used by your potential audience, Google Adwords Keyword Planner makes a useful tool in coming up with ideas for potential keywords!

Long Tail Pro is a keyword research tool that helps you quickly find low competition keywords for your website.  In particular, the tool is built for people doing SEO (search engine optimization) as opposed to people doing paid ads (Google Adwords PPC).  I'm sure there are some advertisers that use the tool for paid ad keyword research, but the tool was built for SEO keyword research.
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