Some free methods you can use are:
Fb groups, Blog commenting, Youtube, Yt comments, Yahoo Answers, Chat rooms posting, Forums signature

Two ways; organic and paid. The former is best i.e social media, seo etc whilst the latter can be achieve with display/paid search ads.

There are more ways to generate traffic, but do you want to convert them into $$$. Social media brings tons of traffic, but some of them nothing turns into $ (StumbleUpon)
SEO is the long term traffic for free, but at the beginning you have to pay for work.

Social media marketing and also do SEO, it will drive Organic traffic. Webinars are also a great way to increase traffic to your website.

This is one of the most asked question.
I would like to suggest you have proper selection of keywords related to the website. Now a integrated online marketing is working well. Do submit your on popular social book marking sites. Create blog for your website and share them profiles on the popular on the social media networks. Make your content in to various forms like infographics, presentations, images and videos to make it interesting. Share them on the image sharing, slide sharing and video sharing websites.
Please share brief about your website and what kind of business is it?

It depends on how much time or money will you spend.
If no budget, better go social media or free classifieds.
If have some budget, find ad network to promote your site.

Basically, there are 2 types of traffic: organic (which means natural traffic, if you will) and paid traffic.

For paid traffic, find ad networks and set up a campaign for your website. Each time someone searches for you (your keywords to be more precise), they see your ad, click on it and you get traffic.

For free methods, you have SEO, social media sharing, offline strategies to drive traffic, there are actually a ton of free traffic generation methods, just browse through the forums and you'll find plenty of ideas

You could use forum signatures and use SEOClerks to hire people to post to these forums yourself or use a software like roboform to remember to login everyday and contribute to the forums.

To motivate yourself get a timer and use the Pomodoro technique to get the job done on several forums at the same time.

For free traffic I love Youtube. Apparently Pinterest is really good for free traffic also but I haven't done anything there yet.

For paid traffic, PPV is working very well for me, that is, in getting leads from my squeeze pages.

What niche is your website in?

You could comment on blog posts in the same niche, network on Facebook and Twitter, create YouTube videos

What about paid traffic, is that an option?

Hey Banddt,

Two things you must consider.

Time: Spend it using free methods like everyone has repeated - Social Media, YouTube, Articles, SEO, Blogging

Money: Paid Search Traffic (Google, Bing, 2nd Tier Networks), PPV, Media Buys, Solo Ads

If you want traffic fast, Pay for it.

That's the best advice that I can give you.

Set a budget and pay for it BUT most importantly TRACK your stats to know what's working and what's not working.

Even if you are new to the internet marketing, its worth really start spending money than to spend time without earnings. Buy targeted traffic thats it!

There are basically 4 methods to increase your visitors, for example:

Paid advertising (Google ads, Facebook ads, ecc...)

The first one is simple, you decide what keywords you need to rank for and you pay a website to show your URL when someone searches those terms.

Social media

Post often to Facebook, Twitter etc... to increase the change that someone stumbles on your link (or if you already have followers, to keep them coming back)

Participate in forums, conferences and groups

Meet new people, offer your expertise, experience and thoughts and tell them about your website

SEO

This is maybe the hardest one to master, but its principles are simple, target a keyword on your web pages, create great content people are willing to share and create backlinks (using the 2 methods above)

First, write down your business goals. After that, it is better to work with a coach that help you to SAVE money and make more $$$$$$

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You have many options but an advice from me you should take only ONE Method and stick with it till it works and you make profit from it