Link building (alternative spellings include linkbuilding and link-building) refers to the process of getting external pages to link to a page on your website. It is one of the many tactics used in search engine optimization (SEO). Building links is a difficult, time-consuming process as not all links are created equal. A link from an authoratative website like the Wall Street Journal will make a greater impact on a SERP than a link from a newly built website.
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