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Sites that believe they have been adversely impacted by the change should be sure to extensively evaluate their site quality. In particular, its important to note that low quality pages on one part of a site can impact the overall ranking of that site.
I've got sites with really really thin content
Clearly having some thin content is not enough to get you hit. I especially think that it may have to do with pagerank sculpting. The sites I work with certainly don't feature the bad content or send a lot of link juice to it.
The reason a lot of authoritative old sites are hit? Convoluted sites, badly designed, poor navigation, etc. Their content is found elsewhere (albeit stolen) and taken to appear in sites that are clean, easier to digest by both bots and humans. It IS unfair in a way, but if you've got great content buried under chaos, then nobody can really read that stuff anyway -- might as well show something else?
Jane_Doe, I would suspect frequency of spidering is a factor here. If you are a bigger site, your site is spidered more often, and more risk of getting hit by Panda.
While my traffic has fallen badly, and over the last few days it seems to have dropped even farther, I can say one thing for sure my earnings honestly haven't dropped in a way that is commensurate with the amount of traffic I've lost.
No, unfortunately, I'm not one who systematically follows keywords in the SERPS, or even carefully analyzes analytics, so I can't say exactly why my earnings haven't fallen so badly, but I can only guess that for whatever reason, the traffic I've lost wasn't "converting-traffic" to begin with.
This seems particularly odd to me considering that I've mostly lost US traffic, and my site is an affiliate site, with nearly ALL earnings coming from US customers only, and possibly a few Canadian folks as well.
What I'm getting at is it might be more than 'finding and fixing' to get there...
I finally decided to go through my Google Webmaster Tools account, and take a look at exactly which pages lost ranking, paying particular interest to the pages that lost BIG. I'm talking drops of 50, 100, even 200 or 300 places.
[edited by: walkman at 8:06 pm (utc) on Mar 14, 2011]
As I've been mentioning earlier, I only see the big site getting copied extensively by copyright infringers. Its only sin (in my opinion as someone who runs these 2 sites) was that it was the popular one so it got scraped a lot.