How much better is 1st place in SERPs?

So I'm looking at the difference between the singular and the plural form of one of my keywords.

I rank first for the plural form ("blue widgets"), and fifth or sixth for singular ("blue widget").

According to adwords, there are about 2.25 times as many searches for "blue widget" than for "blue widgets".

My traffic for "blue widgets" (my 1st place) is about 10 times higher than for "blue widget" (my 5th-6th place).

So, based on that, is it reasonable to say that 1st place is about 20x better than 5th-6th place?

Yes, I know it depends on a lot of factors, what the other search results are, etc. I am trying to come up with some rules of thumb for my own experience.

I'd say Title text is as important or even more so than the difference between position 1 and 2.

In my own experience, I noticed a greater traffic increase by having a more attractive title, than I did when I went from second position to first.

Based on my experience with my e-commerce site, the difference in sales conversions (not visits) between 8th place and first place is not as great as many would think.

My sales conversions are best when I appear for specific long-tail keywords.

For example, someone searching for Blue Widgets may just be browsing and window shopping.

Someone searching for Blue Widgets with Chrome Trim knows what they want and probably has their credit card in hand ready to buy.

Title & product offering matching the search term are extremely important. Unless someone is in an extreme hurry, they'll find you (as long as you're on page one).

Ed

I think the competition is really important. If you are renking on 5 or 6th position, the average user will try the first the second ... if he finds what he's looking there he stop looking.

The second think is what is displayed in the SERP for the competition and for your result. If the previous results are uninteresting while you're is very interesting you'll be cliked.

I don't think there is a constant rate or a furmula there.

See this link previously provided by Channel5: http://www.seobook.com/how-much-1-google-ranking-worth

and this previous thread. Hopefully they will be of assistance.

http://forums.seochat.com/google-optimization-7/is-there-a-study-finding-on-the-difference-between-1stt-206082.html