Happy happy, joy joy! Google has updated their Keyword Tool. You can now get the exact number of searches on particular keywords.

That may sound pretty benign to you, unless you're an internet marketer of some sort. In which case, it's HUGE news. Enormous. In the past, you had to guesstimate the amount of traffic you could receive from each keyword. But without exact numbers, all you'd have were relative measures of effectiveness.

So why is knowing the number of searches on a keyword important?

You'll know which keywords are important to your customers
Say you sell portable GPS units. If you use Google's Keyword Tool, you'll find that the phrases "navigation system" and "portable navigation" are typed into Google much more often than "portable GPS unit". With this information, you can write product descriptions with those keyword phrases and bring in more traffic to your site.
You'll be able to estimate customer demand
If you are thinking about a new section to your site, the number of keyword searches can give you an idea of customer demand. This can even apply to non-web businesses. In John Battelle's book The Search, he calls search engines a "database of our intentions." Want to find out if there's existing customer demand for a new product line or service offering? Google's Keyword Tool can give you an answer to that.
You'll be able to estimate potential revenue for a new web niche
Affiliate marketers are always on the look out for new and untapped web niches. However, not all niches are created equal. Some generate more traffic than others. With Google's updated Keyword Tool, exact searches can be determined. This can be plugged into a financial model used to estimate monthly revenue per keyword. With this data, you can know accurately which new niches to tap into.

Up till now, internet marketers have been using the handy keyword service Wordtracker. One of it's more useful features was offering an estimated number of searches on particular keywords. Google's update now trumps that, since Google is able to provide the exact number of searches.

This doesn't mean Wordtracker is out of the game, however. They still offer other useful features, such as estimating the level of competition per keyword and a Keyword Effectiveness Index (KEI), which helps find untapped keyword niches within a general topic.

The internet marketing world is buzzing with this news right now. Ed Dale, internet entrepreneur and marketer extraordinaire, even provides some information on how to determine the exact number of searches from Google's Keyword Tool.

And as Dale says, this is enormous! ENORMOUS!