How Can I Recover Traffic Following Google's Algorithmic Update Of March 4-8, 2018?

In episode 184 of Semantic Mastery's weekly Hump Day Hangouts (https://www.youtube.com/watch?v=5V1PLIrjhxI), one viewer asked for the team's advice for recovering from Google's algorithmic update of March 4-8, 2018.

The exact question was:

I've been hit like a train by the 4-8 march google update, but google was very vague about this particular update, have you guys deciphered what to do to recover the rankings for those of us who have been affected by this ""broad core algorithm update"" (google dixit). Many of us are trying everything to recover our traffic but we're shooting in the dark, we don't know if this was really about link building and anchor text overoptimization, about content or about relevancy, or any other matter

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