Pre-panda I had some great success having a link-exchange page help out with keyword ranking in google. It got penalized once but I stopped linking to from the main page and now its not even indexed. Yet people still will take links from it.
For the people that contact me only a small few cared that it was Page Rank non existent and even less cared that it was basically a crappy link page.
Post-panda I haven't had much success with the keywords, but it is able to build up backlinks. I'm on the fence if I should continue this strategy just to build up the number of backlinks on a new site of mine and worry about keywords later.
Part of my desire is to build up a decent PR and sell some advertising to get some cashflow and pay back expenses. This will (presumably) allow me to then use the funds to continue building backlinks via articles or blog posts and not rely on link exchanges. From my limited experience trying to sell advertising, most are just looking at PR and backlinks before plopping down the $100 for the link.
I've read a lot of comments about these pages and there is never a clear answer. A link is a link is a link?
Thanks,
Jeff












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