Combating Low CTRs
You can't drive conversions unless users actually click on your ads -- so Joe advocates improving CTRs through writing and testing new ad copy. Take your best-performing ad and use it as a control, then see how the new ads measure up.
To counter low ad position, increasing bids is the first and most obvious step -- and while you need to keep ROI in mind, bumping bids up a bit may be what's needed to snag more clicks and conversions (and make it a wise investment in the long run).
Joe notes that the previous tips are all applicable to the issue of low traffic, but adds that testing out the content networks and expanding your geo-targeting sphere may be the extra steps needed to boost traffic.