There are actually many processes and techniques for link exchanges and some are clearly better than others. The value and utility has continually been refined, and that has been driven primarily by Google. But, overall, this is something that necessarily needs to be executed properly if you want to avoid negative SEO points from Google. There are never any guarantees, but there are certain practices to help you get the kind of links you want.
If you recently launched your website or blog and it hasn't gained that much traction yet, then it doesn't make sense to go out there and ask for a link exchange with sites that are reputed/established. The only exception being that you already know the webmaster/blogger, or you've gained some kind of a reputation. Search for any possible candidate (site) that shares the same general qualities as your site. But do keep in mind those sites you found earlier because one day you will be able to contact them. High PR sites are probably bombarded with link requests, plus they have no real reason to share their links with a PR0 site.
Pay special attention when you decide what text to use for your backlinks. It is just good business practice to reciprocate with the other site regarding anchor text.
Having a brief title doesn't bring up any space issues and makes it easy for the others to link to your site. Just make sure that the title you have for your site contains your targeted keyword and is meaningful. Avoid making the huge mistake of choosing something that will not really help you in the SERPS, although the link is better than not having one. Stop words will not help you, and besides you are using your keyword phrases - right? Instead, just keep your title to the point and use only the main keywords that you're supposed to use.
Do a sanity check before hitting, send, and make sure include important items such as your URL. It happens all the time and is something that's viewed as unprofessional. If you email someone with something like, "Hey! I started this new website and was wondering if you'd exchange links with me?". Be sure to explain why this exchange will be good for both parties involved.
These are just guidelines for link exchanging, but some of them are more like highly recommended rules you should follow. Just make sure you're taking consistent action to reap long term benefits.
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For more tips
successful link exhanges check out this
Total Product Blueprint review. There are a lot of great tips in there!
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