So you've found the fish, you've learned where they like to hang out. Now you want to think about what kind of bait you want to use. Since you're hanging out with your customers you'll start to realize some of the things they need / want. Things that keep coming up over and over again. Add these offers to your site and use them as bait.
Say you have a gift basket site. Your focus is on teddy bears. You learn during your wonderings that a lot of people are asking about baskets for people that already own bears. You work on creating a basket that includes accessories (clothes etc) for current bear owners - you also create a jumbo basket that has the bear and some accessories.