Employing Facebook ads? You need a keyword list.
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Running a Google adwords campaign? You need a keyword list.
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Compiling blog content for your website? Keyword list.

You get the point.

Without a solid keyword list, you’re shooting in the dark hoping your market finds you. On the other hand, with a keyword list, you’re making important digital marketing decisions based on real data. In essence, keyword research shows you what your market is actually looking for online, instead of what you think they’re looking for.
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Pretty neat, right?

A good keyword list will also include negative keywords, or words you should avoid using in your ads and content. This will prevent you from attracting the wrong audience online.
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Even nuances such as plurality matter when it comes to using keywords.
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Take an eCommerce site that sells tablet PCs. If they make the mistake of focusing on the pluralized version, "tablet PCs," they would end up generating 91% less searches than "tablet PC." That’s a lot of missed revenue. When you have a comprehensive (and accurate) keyword list to make important decisions based on, including targeting and copywriting, your traffic, conversions, and revenue all have the potential to increase—by a lot.