There are three types of links that you need to be aware of, each with it's own unique value.
Outbound Links
These are links away from your website to other websites or blogs.
Value: Some say search engiens see this and view it favorably. It's very unclear and unmeasurable although their does appear as though there might be a connection. The risk is that it takes people away from your website. I could make an argument that if they want to leave you haven't done a good enough job of keeping them interested in staying at your website.
Inbound Links
These are links to your website from other websites (or blogs).
They come "in" to your website and there is no link from your website back. When inbound links come from other well ranked websites, with the same theme, and the link uses the keywords specific to your products/services (i.e Marketing To Online Brides), you score BIG.
Value: Traffic, inbound link/link popularity value.
Link Exchanges
"You link to my website and I'll link to yours."
Value: Traffic, online visibility, perhaps some search engine value (link popularity) although it's easy for search engines to see the "two way" exchange. This could be interpreted as trying to build links for the sake of link value, so it may actually mean nothing.
Quality vs. Quantity
Most of the experts agree the quality of links is more important than quantity. That said, a lot of quality links will probably give you tremendous competitive advantage.
Chris Jaeger
Book More Weddings
http://www.bookmoreweddings.com
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