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What I've found that works best for me is to optimize my pages for google the best I can using IBP (even had good success with the submit express free optimization tool), to get as high of a listing as I can for any given search term or keyword. I use overture to find out which terms or keywords I should use, and try to find a niche that doesn't get millions of searches.... usually the terms that get between 10,000 and 50,000 searches per month according to overture. That way you aren't competing against 100,000 other webmasters all trying to get into the top 10 results.
I use the free submit tool at submit express to submit new pages to search engines and directories, even though it only submits them to 20 or so. My main goal is to rank high on google, but yahoo and the other's are also included in the submit express free submission tool.
I refuse to pay for traffic, from trying that in the past I have been severely disappointed by the results. I find that most paid traffic is hollow and doesn't convert into sales, though I'm sure if I spent enough in the right places it might work, but I have a hard time spending money when a little extra effort in optimizing will pay off most times.
When I build a page or site to make money through, I don't try to get as much traffic as possible, but try to get the most targeted traffic as possible, which is why I research the search terms I want to use, and build the site around just one or two terms..... I may only get 500-1000 hits per site per day, but it's ALL from people who specifically searched that term, so my site has a high chance of being exactly what they're looking for.
As far as money goes.....
I have 2 sites that are for selling products that my business manufactures, and 18 sites that I promote products through affiliation and earn commissions on. I try to blend the affiliation products into the site as seamlessly as possible, so the visitor buys through my site instead of looking elsewhere.
I got a little off subject, but hope it gives some ideas.
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