Compared to building websites, blogs are easier, cheaper and faster to build, but does this mean that you should have more than one?

My answer to this is "yes and no."

A little bit of an ambiguous answer I know, but let me clear up the reasons for my answer …
If you're an intermediate to advanced marketer who knows how to a) get traffic to your blog and b) monetize your blog by converting more of your visitors into paying customers, then I say you have a solid reason for diversifying into other niche markets and build more blogs - so long as you know how to manage all of them of course.

The problem really comes when you don't know how to get traffic to your blog, you struggle with keeping it maintained, your blog posts are mediocre and even if people do land on your blog, they hit the back button in seconds … in other words, they escape your blog without even taking note of what you have to say.

This is when I argue that you should think twice before building more blogs unless of course, you really feel that you're currently blogging in the wrong market, either because your target market are unresponsive to blogs or to finding information online generally or because you just don't know enough about the subject matter to create an authority blog. Other than that, this is the strategy I would pursue to get more traffic and monetize your blog before building more of them:

Post at least 3 times per week and make those blog posts informative. Infomative could include doing a quality review of a product that you are an affiliate for, giving tips on how to use a particular product and even doing a trackback to someone elses blog post.

Ensure your ping list is up together so that you get the maximum benefit from publishing your blog posts.

Comment on other people's blogs - particularly those in your niche. I know my readers may be tiring of hearing this one, but it's relevant and new bloggers still fail to recognize it as a credible means to getting traffic and links back to your site. If you read comments on other people's blogs then you should be commenting because you already know the value.

Tag your blog posts. Each time you make a post add your keywords as tags at the bottom of your post as well as to your Wordpress pages. I would use the Simple Tags plugin to do this which, will allow you can categorize your content based on a tagging engine so your posts are indexed by services like technorati. This is something that I only started doing recently and so far, it's paying dividends.

Syndicate your posts. Once your post is pinged and tagged properly, you should syndicate your post, which will enable you to generate some immediate traffic. I recommend that you check out Web 2.0 Submitter to do this. Syndicating your posts can be a drawn out, tedious task, but with Web 2.0 Submitter, you can do this in a fraction of the time to about 30 social media sites and for $47, it's worth every penny.

There are a myriad of other strategies you can use to bring more traffic to your site but if you focus on these five and perform each task with due diligence and you'll see your traffic stats increase in a matter of weeks.

Once you've perfected or at least use these strategies comfortably, you can apply them to any niche.