Link velocity - still a significant ranking factor?
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We have recently taken over the SEO for a site which had a pretty poor back link profile, lots of comment links, directories etc.
Although the quality of the link was very questionable, the previous SEO were maintaining a decent link velocity. Obviously I have no intention of carrying on with spammy crap links, and am looking to build some good fresh content.
This will obviously slow down the link velocity quite considerably, is that in itself likely to hurt SERPs?
Thanks in advance
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Quality always wins over quantity, or at least that's what I tell my wife.

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If it is an older site that acquired a lot of basic level links fast and you are going to be slowing down the process to increase quality I would not worry too much. Think about it from the search engine perspective for a second and how a normal linking trend, similar to your situation, could go.
a new site pops up its in trend people like it, maybe it even goes viral for a period of time, and a lot of links start pouring in. Then just like everything its 15 minutes are up, links drop. Then it comes out with the next hot thing and links shoot up again. Then its old news. Then its hot again..... ect
If you make good content for this guy, you are probably going to follow this trend. You will be doing it in a more legitimate way but if your client is already ranking with those bad links then your quality should reign supreme because good quality will bring good quantity (if done right).
As far as link velocity, no I'm sure you will not lose serp rankings because you built 0 links in a month. the only way this works is if your competition is out linking you (both q's) and you lose rankings that way. I dont think google says well this guy didnt do shit this month.... PUNISH HIM!!!
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FYI I edited your answer to abide by our Community Etiquette. Thanks!
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From what I have seen on sites that do not have active linkbuilding efforts - links arrive at a random pace, except for occasional spikes which are randomly distributed through time.
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sorry