Next, take your top-level target keyword phrase and throw it into a suggestion tool like übersuggest.
Übersuggest is a Google suggestion keyword scraper, which goes out and does the tedious work of running your keyword phrases along with every letter of the alphabet from A to Z, and number combinations 0 through 9, capturing the most frequently searched permutations.
Übersuggest takes your root phrase, for the purposes of this example I'm using keyword research, and then scrapes all of Google's suggested results, so instead of just this:
you get this:
This is really helpful because it captures all of the potential permutations related to your target keyword based on actual search behavior.
You can now drill down into phrases and select the child keywords to be added to a list. Then click the 'get' button to generate a modal window that allows for you to copy and paste.
Paste your selected related keywords back into the google keyword planner (with option #2) and rerun for more keyword data goodness.
Chances are you have identified a handful of high volume, highly competitive head and body keywords at this point, but now what?
If your website (or audience) requires fits into one of the following scenarios, then the Keyword Planner's Multiplier tool is your new best friend
Here's an example scenario I just ran into on a recent project...
The website targets people looking for specific types of events, so the first keyword list was synonyms for events, for example:
The second list was the different types of events that the website was targeting:
And the third list were the geographic areas where the website's target users (and searchers) might be looking:
The power of the multiplier is you can place each of those lists into one of the columns, and with one-click, get search data for all 288 keywords (8 x 6 x 6).