It's wonderful to deal with keywords that have 5,000 searches a day, or even 500 searches a day, but in reality, these popular search terms actually make up less than 30% of the searches performed on the web. The remaining 70% lie in what's called the "long tail" of search. The long tail contains hundreds of millions of unique searches that might be conducted a few times in any given day, but, when taken together, comprise the majority of the world's search volume.
For a long time, I wanted to develop a tool for content marketers that would assist in the process of coming up with blog ideas and subjects. Upon researching developers for this concept I had, I stumbled across Long Tail Pro, and realized instead of developing a tool myself for fellow bloggers and content marketers, I would throw my support behind this one.
In Keyword Planner, formerly known as the Keyword Tool, you can get search volume and traffic estimates for keywords you're considering. Unfortunately, when Google transitioned from Keyword Tool to Keyword Planner, they stripped out a lot of the more interesting functionality. But you can make up for it a bit if you take the information you learn from Keyword Planner and use Google Trends to fill in some blanks.
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.