Actually what it tells you is what percentage of alexa toolbar users have visited the site recently – and is not really to do with “searches” – and then this number is extrapolated to “guesstimate” the share of entire internet audience.
Alexa themselves say that they know that the database will be biased towards North American users and other specific niche groups where Alexa usage is higher … webmasters for one.
:wink-wink
At the higher reaches (say 500,000 and lower) then Alexa does a pretty good job of ranking traffic.
And … if you’re site is not breaking in to the top 1,000,000 rankings then you’re probably getting less than 100 different visitors a day.
So it does have some relevance – unless the sites users are pathalogically opposed to installing Alexa – possible but not likely.
:eh: