I'm a writer, and I have a decent-sized audience for my Blogspot blog.
I get about 2,500 - 2,750 unique hits a day to the main page from bookmarks and about 3,000 unique hits to my older stuff from Google searches, with random spikes in the 15,000- 50,000 range when one of my posts gets posted on Digg or Fark or Reddit, etc.
It's a personal blog, and the majority of the content is "I went to the store today, and they were out of Dr. Pepper Cherry, and I spent two hours driving around town..." However, I do post random article-y type posts about writing or crooked literary agents or things that get picked up by humor-related link sites, etc.
Google loves me. If I post something with the word "weird" in the title, the post will be on the front page of Google's results fairly quickly. I've been chosen as Google's blog of the day, and I have many, many links pointing to my blog.
I have no ads whatsoever on the blog except a simple link to Amazon to buy my books. I don't even have an Amazon affiliate link, though that's about to change.
I would like to start generating at least a residual income from this, but I also don't want to overwhelm my readers with ads.
I am a complete, utter n00b when it comes to this marketing stuff. I've been reading many posts here, and I'm amazed at what many of you have accomplished. However, my traffic isn't really targeted to an industry, and if you look at the keywords people use to get to my blog, you'll see 500 different search phrases for the last 500 hits.
So if you were me... you woke up in my body and you saw you had access to this blog, what are the first few things you'd do?