Blogger now provides web savvy users with the option to manage search engine preferences. SEO -- an acronym for Search Engine Optimization -- helps increase traffic to your blog and connect your content with the intended audience. For more background on SEO, read through this article in the Webmasters Help Center, and be sure check out their SEO Starter Guide (pdf).
Here is a run down of all the new SEO features
Blog Description - Add a description of your blog search engines can use to index your blog.
Post Description - Add a description to each post.Note - I found the post description option does not appear until you set your blog description.
Custom 404 Error Page - A 404 page is displayed when someone lands on a page that does not exist, often because of a spelling error.
Redirects - Automatically redirect from one page to another.
Alt and Title tags for Images - Adding Alt (Alternate text) and Title tags to images will help search engines index your images and display them in image searches.
Robots.txt and Robots tags - Both these options should only be used by experienced users.
These are options you need to take advantage of and they can lead to not only increased traffic but also target traffic.
You can see the Blogger post on the subject and also make sure to check out an in dept explanation by Harish on Way2Blogging.
Drop Your Comments And Questions Below.