Without knowing the source of your original traffic, one can't really say why you've lost it. However, given you've posted this in the SEO forum, I shall assume most of it was from search engines.
I'm afraid the advice is basically a standard reply - write more good content, and get more good links. To paraphrase a prominent evolutionary biologist, "you have to keep running to stand still" - this applies completely to SEO, i.e. your competitors will be writing content and building links, so if you do this slower than they do it, they will overtake you.
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