While not as convenient, MacOS has the ability to do this within the OS. Just create a 'Service' using Automator and then add it to the 'Services' menu under the 'Keyboard' System Preferences menu. It will be listed in the 'Services' menu under 'Shortcuts. where you can also assign a custom keystroke to it. The advantage of this is that it is free, will appear as a contextual menu under 'Services' in many applications so you don't need to move your cursor to the menu bar to select it, and it doesn't take up valuable menu bar space. The disadvantage is that it is initially more difficult and time consuming to setup, and not all applications support 'Services' in the contextual menu. However 'Service's is still available for those that do not under the Application name in the menu bar. This method is especially useful when you have only a few items to setup or want a sequence of events to occur when the shortcut is selected.