Finally! Google has added some volume estimates to their keyword research tool (located here). This is a good thing as you can get a better idea for the total volume of terms vs the relative strength of terms you would get through Keyword Discovery and Wordtracker (still important tools to have in you kit).

First, the good things about the updated tool:
1) AdWords competitiveness indicator. How many people are bidding on the same term.
2) Look at different match-type: broad, phrase, exact and negative
3) Search for Synonyms - turn this on or off
4) Input a keyword or have Google crawl a web page for keyword ideas
5) Download to excel, text, csv
6) Add keywords to a list that can be used for your adwords account (of course!)
7) You can select the language and region to focus results on

However, the new Google tool is far from perfect - here’s why:
1) The volume is over estimated. My tests show 60-80% more volume in the term than what I see in specific campaigns for specific broad matches. I’ve seen online reports that show 100% inflation of actual impressions.
2) There is not the ability to drill into a specific term (need to re-type it in)
3) No misspelling assistance

All in all a great addition to the tool kit. It will definitely take some business away from Keyword Discovery and Wordtracker. I didn’t check to see if there was an API feed/access for the tool set, but it’s a worth while first check. Especially since the Overture tool is now officially dead .

Special thanks to RonCastle.com for the tip on the data around the new Google tool!