Another important factor to consider is keyword value. In other words, if you rank for a keyword phrase, how much money can you make from the resulting traffic? Or how much would it cost to purchase an equivalent amount of targeted traffic using paid ads?
To estimate keyword value, you can use a Google’s Adwords tool to see how much it would cost you to buy an equivalent amount of traffic.
Market value = Search Volume x CPC
Keyword value = Search Volume x CPC x CTR
Some SEO tools will display a keyword value estimate for you, like Ahrefs keyword explorer.
Calculating keyword value is a good exercise to perform to determine how much search traffic is worth, especially if you are running an e-commerce or business website.