I had actually messed up already on a bunch of sites (by looking at broad matches instead of exact matches) and ended up third on the front page but still only got 500 visitors monthly instead of 4k. Learned my lesson there.Well there goes my theory... but I know for a fact that the traffic numbers you get, even though G says they're more accurate, are still way off. You really have to get to the #1 spot to get a good idea of what the traffic is like.
You can try playing with your Title and Meta Description to attract more clicks. This can also move you up in the SERPS for that keyword. In your Title and Description, don't forget to add keywords that are related to the keyword you're trying to rank for. I've done this successfully for a number of keywords.
I recently changed the titles on my autoblogs, hoping that it would increase traffic by attracting clicks like you said. I'm still waiting on the results for that since I made the change just recently. I don't see a considerable increase in traffic or anything though.
Maybe I should also mention that the CTR on my sites is less than one percent and is another reason why I'm not making any money
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