Ya, that pretty much sums up the value of link swapping.
Actually, this link building scheme worked well, a decade ago, for about a month.
Rather than relying outside of your web site to empower your webpages, work with what you have; your content, your internal linking structure, your optimizable web page components. You'll never waste one second while spending the time to craft a good Title.
I have to go with Fred on this one. I have set up sites with reciprocal links after optimizing content and internal links and have seen little if any SEO benefit. The benefit my clients have seen from reciprocal links has been that in spreading a bigger net and opening up new paths to find their site they have seen an increase in web traffic.
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