Well, you could do other things, but should you? Like everything, it depends. I mean, who is saying you can’t get more out of your existing traffic? Go ahead and try your hands at conversion optimization! If it works, you still have enough time to indulge in other projects. But how do you go about it? First of all, you need to make sure that your sites are technically sound. There should definitely be no broken links or 404 pages. If you use WordPress, there are plug-ins that help you remedy such problems (Brokenlink Checker, for instance). Once you have taken care of that, check the site speed.
Quick page loads are among Google’s site evaluation criteria, so you should definitely check your sites, for example at http://www.pagespeed.de/. This is a free tool that tests the load speed of the site and provides you with helpful improvement suggestions. Now it is time for the next step. To find out which areas of your site hold dormant potential for optimization, I recommend using a head map on your high-traffic websites. You can do that for free with Google Analytics’ In-Page Analysis, to give just one example. If you are ready to spend a few euro, you could go to crazyegg.com. This site is a perfect solution for WordPress blogs since it also provides you with a plug-in.
In order to get meaningful data, you should run the program several times a day, depending on how much traffic you get on your sites.
Alright, so now you know that your sites are technically sound, you know that they load quickly, and you know which elements of the site get most clicks.
Now it’s time for an A/B test. Create 2 different versions of a website or landing page to find out which version is better suited to help you achieve your goal, i.e. sales, leads, etc. Once you have these two different versions, traffic will be directed to them at random for a certain period of time, the goal being to analyze which version achieves the higher conversion rate, i.e. more sales and/or a lower bounce rate. As for the duration of this A/B test: Depending on the amount of traffic, you should definitely continue it long enough to get conclusive and reliable results. You should also take things such as the season or holidays into account (this is no joke). Once you have reliable statistics, you can go ahead and permanently implement the more successful version. Later on, you can create yet other variations of the site or page and test them if you want to. More information about A/B testing can be found here: http://abtests.de/was-ist-ab-testing (German site).
I hope you’ll discover interesting and helpful things, and I wish you lots of success optimizing your conversion rate!