What do you know about your blog's bounce rate?

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What is bounce rate? So far, based on my research, bounce rate is how likely you are going to receive a repeat visit from your readers. I just got exposed to this terminology lately. I just realized that the lower your bounce rate is, the better impact it gives to your site. You can access your site's report card, which includes the bounce rate, through Google Analytics. At the moment, I am still exploring this tool. I am sure if I get to master this, it will help me in maximizing my blog's traffic. Does anyone of you here has a low bounce rate? What have you done so far to achieve that?