The recipe is simple. Once you made sure your on-page optimisation is top notch, all you have to do is advertise and to publish quality content.
So in two words that would be: Ads + Content.
I'd like to add one more thing...
People often ignore getting the traffic they get into a funnel so they can leverage from it again and again.
Build a list. Do it today. That way you control traffic at your own will. ;)
I guess I should probably put my two cents into this one. As far as traffic goes I think all the posts above have really touch on the heart of traffic. I see traffic as two seperate things 1. Social Traffic and 2. SEO Traffic.
Over the past year having tested traffic on a couple adsense blogs that I have, I have noticed that social traffic works and is quick i.e. If you have a new blog and want instant traffic then digg, propeller, twitter, facebook are all great ways to get traffic to your blog fast. The problem I find with social traffic is that it sucks as far as monetizing a blog. For example I have a blog with adsense in the cancer niche. Traffic from natural SEO gets me around $1.19 a click. Traffic from facebook, twitter, ezinearticles gets me 0.07 cents a click. I have another blog on colon cleansing and convert on an ebook at 1.5% with natural SEO traffic and 0% with social traffic.
Social traffic is just traffic. If you are looking at making money from your blog then you need to develop good SEO strategies, write great content using Latent Semantic Indexing and have patience that the traffic will increase the more quality posts that you do.
With proper SEO you can get noticed quickly by the SE's. Submit your Google sitemap and ping (but not too much). Article marketing can get you some fast traffic too. I've also had success in places that I post slide presentations or documents (slideshare and scribd) and this has resulted in some OK traffic as well.