Article marketing is effective only for those who know how to make it works.
For me, article marketing accounts for 50% of my traffic. In fact, everytime I need a boost in my traffic, I will just submit an article and i can guarantee that my subscription count will increase.
My experience tells me that:
1)A keyword focus article produces a better result than a general article without specific focus
2) An article with a long tail keyword give me more targeted reader than an article with a general (or common) keyword
3) Most of the time, despite submitting to hundreds of article directories, only 1 or 2 really give me the traffic I want (the recommended one are goarticle, ezinearticles, ideamarketer, buzzle)
4) The more articles you submit, the better result you will get. You can't really get much result if only submit one article.
5) You don't need to be a good writer to write article. Sometime, a short article (less than 500words) with content in bullet form produces a better click through rate than a long article
6) Even if you can't write, you can buy PLR article, modify them and submit them to article directory. It will work.
Hope this helps
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