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We kept a spreadsheet of who we contacted when, follow up dates and results, etc.
I used Google as a base measurement - wanting to know if Google increased the number of incoming links. So far, Google has not increased the number of incoming links it shows for our site.
MSN and Yahoo have increased the incoming links...but those links are attributed to posts I have made in another forum where my signature has a link to our website.
So, 2 months after a great deal of energy was spent on a linking campaign, I am not sold on it's merit, though I will fully admit that these things can depend upon the industry, how you request links,etc.
Are the rest of you measuring success and ROI in terms of time and effort with your linking campaigns?
If you work in my categories, I'd say it won't really pay off. Waste of time. Focus on other things...
If you don't work in my categories, I'd say it will pay off, especially if you acquire a good number of links from quality, related sites, and do not just focus on one kind of site. One day your site will pop up, and you'll be glad you put in the time and effort. ;-)
Be patient, think quality and it will work out