I am convinced that it is really accurate. This is the main reason why most bloggers/webmasters are working hard to attract visitors and well I am one of them. But there is a trick to influence your Alexa Rank the natural way by driving organic visitors and with some black hat tools that I have developed.
First off, I have noticed that Alexa is owned by Amazon.com, so your Alexa Rank will be noticed easily by Alexa if you have some Amazon advertisements on your blog, to do this, you must sign up as an affiliate of Amazon.com. Next, so that your blog/website will be cached in Alexa's servers, you must invite someone to post a review of your blog/website in Alexa. You will notice the in the next couple of weeks, your Alexa Rank will start to improve very rapidly to seek its true level as compared to other blogs/websites in the internet assuming that you have a lot of visitors.
The next step is to invite as many visitors with the Alexa Toolbar installed in their browser. There are certain blog advertisement platforms available whose members have the Alexa Toolbar installed in their browser. I did advertised on this scheme and the result was ok but it had cost more than $100 bucks but the result was very satisfactory. I have seen my Alexa Rank dropped very rapidly from 1.6M to 120K. That was the time when I lost my day job so I have stopped advertising regularly and I because of this, I am seeing my Alexa Rank going up again. That is the consequence of inflating the Alexa Rank, you need money to stay there. But that is not advisable. Now that I have a lot of spare time, I thought of developing a systems that will help me improve my Alexa Rank without ever having to spend any money. I will show you how on my next article coz I am still experimenting...actually it my first day today after tediously drafting how the software will function and being able to create the actual software itself.