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Featured Snippet Update is killing our small Blog!!
I have a small blog which targets around 40 kw's all over. Now most of these kw's already have heavy rich snippets. And they were ranking well until now. Their positions were scattered between page 1 and upto 4 or 5 of the SERP's.

But after this snippet update from Google they have been pushed to positions where they don't even get a view to their links. They are gone to positions in pages 10 or 11. Some are suggesting me that I should re-write the snippets and re-submit them to google. But what should I do here? I don't want to jinx what I have right now. Yeah, traffic is reduced by 40-50% or so but atleast ther are scoring some traffic right?
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Your concern is not wrong at all. If I were you then I too will be worried.

Here is what you should do right now. Choose atleast 5 Kw's from your bunch of primary kw's which were ranking. Choose those ones which aren't getting traffic at all or pushed to a position where their visibility is equal to none.

Re-write them and re-submit them & see how they turns out. Once you see things turning your way you should act accordingly. But I will tell you this that this snippet update is only out for a few days now. The dust hasn't been settled. So, why don't you give it a week or so before go on changing anything.
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Redid and resubmit for three kw's, waiting for things to improve.
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