Forum Moderators: Robert Charlton & goodroi
It looks to me like sometimes they do and sometimes they don't. My current guess is that it depends on how "ephemeral" the blog is. For example, do solid mainstream news and other authoritative sites link to it, or is it only part of a relatively small community of blogs who read and link among each other.
Looking at your numbers, the first thing I wonder about is the source of your "3 million searches per month" data. I'll bet the margin of error on that could be quite significant. I've seen search estimates that are 10 times too high. It might be the data sources themselves are corrupt, or there is uninituitive combining of semantically similar queries. Anyone selling ads tries to present their inventory in the most attractive light, so that also comes into play.
Beyond questioning the hard number of 3 million, not every search results in any click at all. I think the AOL data leak back in 2006 showed something like only 50% of any searches resulted in an actual click, and that percentage varied quite widely by search term.
Still, your actual number does seem quite low. Your url may not be consistently at #5 - especially not considering geo-located results. But for there to be a cap on traffic, your rankings would also need to yo-yo in some pattern or other.
Is your search traffic number pretty much flat-lined? Or does it show natural spikes and drops?