My client's traffic started to significantly decrease around Nov 21 (Panda update 22). This includes traffic from all sources - search engines (G, B, & Y!), direct, AND referral.
At first we thought it was a G penalty but G answered our reconsideration request by stating that no manual penalty had occured. It could be algo penalty, but again, the site has been hit across all sources.
Client has done zero backlinking - it is all natural. No Spam, etc..
All of his on-site SEO is perfect (700+ pages indexed, all unique content, unique title and desc).
On Oct 16, he switched from his old URL to a new URL and did proper redirects. (Last year - Dec 2011 - he switched his CMS to Drupal and although there was a temporary decrease in traffic, it showed recovery within a month or so.)
He does zero social on his site and he has many ads above the fold.
Nevertheless, the traffic decrease is not source specific. In other words, all sources have decreased since Nov 21, 2012 and have not recovered.
What is going on? What can be the explanation for decrease in traffic across all sources? This would be easy to answer if it was only Google Organic decrease but since direct and referral have also been hit, we cannot locate the problem.
Please share your personal experiences as well as advice on where we should look.
Could this be negative SEO? Where would we look?
ANY ADVICE IS WELCOME !!!! Every bit counts
Thanks!!