TL;DR

A page just below page one can be worth fixing, even when the upside is less than one click a month. The bet depends on whether the fix costs less than the bigger project waiting in your backlog.

is a page just below page one worth fixing?

It can be, even when the upside is less than one click a month. A small gain still deserves a look when you can measure it.

The size of the opportunity is only part of the decision. The cost of the fix matters too.

how do i decide between a small fix and a bigger project?

Compare the cost of the small fix with the bigger project waiting in your backlog. If the fix is cheaper, I’d take that bet.

Would you?

FAQ
Should I fix a page just below page one?

It may be worth fixing, even if the upside is less than one click a month. First consider whether you can measure the gain and whether the fix costs less than a bigger project in your backlog.

How do I prioritize small SEO gains?

Look at the measurable upside alongside the cost of the fix. The question is whether it is cheaper than the bigger project waiting in your backlog.