The first thing that you need to do is tune up your site's contents. While for some people this isn't an option (if you're running a forum for example it's a lot harder) most people can make their AdSense sites veritable cash cows.
To begin, you should find out what your site's keywords are. This is a basic technique in SEO (search engine optimization) known as keyword density verification. A good tool for this job is SEO Density Analizer.
You should then take this list of words and search the Overture Search Inventory or Google AdWords Sandbox to find out what other words could be doing better then what you currently have.
Because of the way Google AdSense works this is a sure way to increase your earnings because you'll get better ads in your AdSense banners, similar to how you would get a better Google
It's also very important that you choose the appropriate formats for your AdSense banners and the best locations for them. While this is a much wider subject you should generally know that the top three Google AdSense formats are: 336x280 large rectangle 300x250 medium rectangle and 160x600 skyscraper.
On pages with a long text body, you might find skyscrapers to do better, simply because users get exposed to them for more time. Also, for sites with news or similar items, you might find a good position to be at the bottom of your content, because that's when people are finished reading your story and are looking for something else to do.
Just make sure you respect the AdSense policy regarding click fraud. As a pointer you could place a picture next to your adds, just make sure to leave some room in between in order to make sure this isn't regarded as encouraging visitors to click the link.
Of course there are more ways to increase AdSense traffic from your site, but these should serve as a good starting point for income maximization.
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