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As strictly an affiliate I would say traffic. There is a huge difference between being doing basic amateur SEO or gallery submitting and being someone who knows their traffic inside out, just as there is a difference between a professional photographer and an amateur with a camera. IMO once you have a decent marketing method, you can tweak it until the cows come home and only see a small increase in conversions, but there is no limit to the amount of traffic you can get, and thus the number of extra sales you can get.
IMO you'll make more money with tons of traffic and shit content, than with great content and puny traffic.
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