SEMrush is a very useful tool for both researching competitors when starting a site or for growing an established site. I really like to find weaker niche sites that still seem to be ranking for lots of keywords; SEMrush helps me see what they are ranking for and what I can potentially target. You can also see what keywords you’re on the cusp of ranking for with your established site - another very useful feature.
For example, assume your search ad generated 5,000 impressions in one day, of which 100 visitors have come to your site, and three have converted for a total profit (not revenue!) of $300. In this case, a single visitor for that keyword is worth $3 to your business. Those 5,000 impressions in 24 hours could generate a click-through rate of between 18-36% with a #1 ranking (see the Slingshot SEO study for more on potential click-through rates), which would mean 900-1800 visits per day, at $3 each, or between 1 and 2 million dollars per year. No wonder businesses love search marketing!
This tool allows you to type in your keyword phrase or keyword in the field that is provided and it will generate a long list of suggested keywords.  It has three button level and you can perform a deeper search by clicking on button level 2. You will get a list of keywords or keyword phrases that are related to the original list provided in level one. If you want to continue further, you can click on level three and then click the link at the bottom to download the data. The tool can assist you to discover those keywords that your competitors could be ignoring and use those opportunities to create fresh targeted content.
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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