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I have purchased traffic before and it did not convert at all. The traffic I bought was from pop-unders. Now I didn't run a pop-under campain, but only bought 10,000 visits.
It did not work well for my site, which is very targeted.
Manual TEs can be a great way to go in my opinion, but your site needs to be a real attention grabber. TE views are for maybe 5-10 second, so the site needs to sell itself quickly for it to be effective.
Traffic swarm is my favorite TE as it is HUGE.
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