UPDATE: Google has retired this tool (bastards!)
Finally, there is a decent lateral keyword tool! It’s called Google Sets.
When you launch a new keyword targeted campaign, initially you want to build your keyword list out with WIDE keyword terms. Instead of finding every variation of a root keyword, you want to cast your net out wide. For a refresher in building strong keyword lists, read Keyword Research : Go Deep or Going Wide First?.
With keywords, there may be 2 that mean basically the exact same thing. For example:
Only good keyword and market research would uncover the ‘fafsa’ keyword, yet it is laterally related to the keyword ‘scholarship’. When you type ‘scholarship’ into the Google Keyword Tool, it will give you the ‘deep’ results, which are basically just variations of that core keyword.
I’ve been noticing the tool gives you much better results when using TWO or more keywords. Try it out!