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Google has released its new Keyword Tool which generates accurate traffic data for keyword terms. See :

https://adwords.google.com/select/KeywordToolExternal

With the new Google tool you can search for any keyword or keyword phrase and see the estimated traffic.

The first column shows Advertiser Competition. The bar graph represents the number of advertisers that are bidding on each of the keyword phrase in you results. From this you can determine quickly whether a PPC Adwords campaign will require a high bid price and large budget.