Traffic is important. You obviously need it on your blog to make money. However, by creating multiple income streams, you can earn more money without increasing your traffic.
Here are some income streams to consider.
Ad networks like AdSense are where many bloggers get their start in monetization. Bloggers are attracted to these networks because they’re easy to setup. You simply add a piece of code to your blog and you’re done.
Check out Publisher Spot for excellent reviews of many different ad networks. Also, check out Adify for niche ad networks.
Out of all the ad networks, AdSense is definitely the most popular network. However, many bloggers have AdSense as their only income stream. This is not a good strategy because you can add income streams that can earn as much money as AdSense.
Direct ads take more work than ad networks. However, if you search hard enough, you can often find other webmasters that are willing to pay good money to place an ad on your site.
You can go to webmaster forums like Digital Point and V7N and create a thread telling everyone that you’re selling ads on your blog.
I like to contact sites directly. If you know your niche well, you should know of other sites in your niche that want more traffic and exposure. Contact static sites, blogs, online stores, and forums in your niche and see if they would be interested in purchasing an ad on your site. It doesn’t hurt to try.
Make sure you have a good advertising page. Here are some examples, Entrepreneur’s Journey and Dosh Dosh. Also, blog about your advertising page and you might get readers to advertise on your site.