Select the right keywords. You can use keyword research tools, competitor analysis, forum, blog, google auto suggestion tool for keyword selection. Increase your website authority in our domain through building natural links.
Today, SEO is moving forward. Quality link building is little challenging today. After google algoritham panda and penguin update, so many website lost their SERP position in search engine. So people should use high quality link building techniques. Guest blogs and Community blogs are effective in 2013.
I think today the main technique that Google appreciates a lot is guest blogging. Do some guest posts for your keyword, I am sure this will bring you keyword back to #1. For traffic do some forum postings and classifieds adds.