Selected answers from the Dumb SEO Questions G+ community.
Neeraj Kumar: If it has only one or two high traffic keywords and the site is very engaging, I think you can increase traffic. Write brilliant title, description, alt tags and let the world know that the site name exists.
SEO is not mere keywords these days. Brand building through citation, reviews, social media, PR and usability & user-experience is your way to moksha.
Alan Bleiweiss: Consider doing research to discover other phrases people search for that are most relevant to the purpose of the site. What are all the questions people ask related to the topic? This can be the foundation of a major content development effort. Except the goal needs to be about quality more than quantity. Trying or wanting to "rank for all the things" without quality and uniqueness in mind causes more trouble than it is worth most of the time.