Which is more important Traffic, Conversion or Process? It is almost like the rhetorical question "Which came first the chicken or the egg?"
Each one of those components fails based on the lack of the other except traffic. Traffic is the life blood of any online marketing effort and websites allow us to bring in very targeted traffic if they are properly optimized and marketed. You do not need conversion and process to build traffic. Traffic is needed to engage conversion to enter the process.
Building traffic can be done in so many way it would be chore to list them all here.
Where does traffic really fall in the puzzle?
Ideally we would have high traffic, high conversion with superior process.
What if we have high traffic and the other two fail?