I recently picked up a high traffic domain. I have the website running on wordpress so it automatically redirects to a 404. Does anyone have any recommendations on what I should be doing with the 404 traffic? Should I keep the 404 page or redirect to the main page?
I would make a unique 404 page, throw some ads on it. At least that way you can make some revenue on an "empty" page.
You could create a really cool 404 page (hire a designer here at digitalpoint). Check out some cool examples Or you can use your 404 page to promote your newsletter, to get people to sign up.
I would build a custom 404 error page that included a site map so that the visitor could at a glance know what is available and how to get there.
I was going to say this too. You could setup free offers or use it as an optin page. You could say...Oops this page is no longer available but while you're here check out this special offer we have...
I mean... if people are arriving to your page, you may want to offer them something of value. So just give your visitors what they want, or expect from arriving to your site.
You could also do a 301 redirect for all of the 404'd pages, moving the visitor either to your home page or another page you'd like them to check out. This helps as it doesn't just show the visitors an error message, and it lets search engines know that the page links aren't there anymore.