"Am I going about this the right way? Is there a better way to approach this?"
Well it depends... Are you building a site around the product or doing PPC?
KW research tips:
after you check "keurig Coffee Makers" - then check
allintitle: "keurig Coffee Makers"
When you just use quotes it will show all pages that have it anywhere on the page. allintitle: gives you a better picture of how many pages are really competing.
But you also need to check to see how popular the phrase is. You can use the
SEO Book Keyword Suggestion Tool as a starting point, it's free. If you only search Google competition, you could find something low competition and the reason could be no one is looking for it or interested.
Providing you 1st did KW research to find the general niche and know you want to focus on coffee makers (using that as an example.) What many people would do is 1st use SEObook (or free Wrodtracker or something).
Just type in: Coffee maker 1st. Then see what brands or search phrases come up fairly high in terms of # of searches.
Then pick some phrases that look good and check allintitle:. Then narrow it down to the phrases that have good search volume (demand) but lower competition.
Hope this helps a little!