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In the past there were lively debates about whether content is king or traffic is king. In the current climate the reality is that conversions are king. 200 uniques that result in 3 sales are worth 3x as much 200,000 uniques that result in 1 sale. Buying massive amounts of traffic that doesn't buy anything or having great content that can't generate enough momentum at the point of sale to complete a transaction may look nice on a stats report about traffic or look good on your monitor in your office... but it doesn't make your bank statements look any better.
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That is a very good point.