You don’t really need to worry about the volume size either. Too big a number just means you will have to work harder to get ranked in Google. It’s now quite commonplace to see SEO people say it’s best to just go with your gut feeling on a keyword. Just go for something you would type into Google search yourself instead of beating yourself up trying to find that ‘one’ killer keyword.
And so on and so on. The point of this step isn't to come up with your final list of keyword phrases -- you just want to end up with a brain dump of phrases you think potential customers might use to search for content related to that particular topic bucket. We'll narrow the lists down later in the process so you don't have something too unwieldy.
Long tail keywords can find people who are later in the buying cycle, and more ready to buy. For example, somebody searching for “tents” is probably early in the buying cycle, just starting to research what they want. Whereas somebody who searches for “North Face Kaiju 4 person tent” already knows what they want, and is more likely to be ready to buy.
You can also ask Long Tail Pro to get extra information like “Global Search Volume” (amount of monthly searches globally for each exact-match search term), “Domain Availability” (to see if exact-match domains are available), “Google Title Competition” and “Bing Title Competition” (this is the “allintitle” search that checks the number of sites that are using the same keyword in the title of their pages).
Depending on your topic / vertical and your geographic location the search engines may have vastly different search volumes. The tool can only possibly offer approximations. Exact search volumes are hard to find due to vanity searches, click bots, rank checkers, and other forms of automated traffic. Exceptionally valuable search terms may show far greater volume than they actually have due to various competitive commercial forces inflating search volumes due to automated search traffic.
In addition, you can dig into the paid side of search and find out what keywords your competitors are bidding on, and then leverage those keywords for your own organic benefit if you're not already doing so. Search Metrics does this as well, but I've found SEMRush to provide a greater range of keywords and they save more historical keyword data than Search Metrics.
I want to share how and why I sold the company in order to both educate and inspire potential software entrepreneurs. I certainly don't know everything and obviously companies sell for much more than I sold Long Tail Pro for (I won't be featured in Tech Crunch anytime soon); however, I'm willing to share what I have learned and hopefully that can be beneficial to a few of you.