From my point of view, you first have to look at the domain of the site. And I do not mean the domain as www. site...
The links you get from sites related to yours are very important, so if you anyhow want to do a link exchange, do it whithin the space of the theme, of the subject. Lately I have tried a different approach for link exchanges. Since the domain of activity is not that large BUT its quite difficult to get a nice backlink, I call the webmasters of those site. Its easier for me to show that I really am interested and I consider their site of quality. Yet, my rate of success was not that hight till now, maybe because most of the persons I called had just basic idea of what I was talking about...
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