What is the best: one big site or several small ones?
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Sometimes I've felt that my choice was incorrect. I know taht with a big amount of content on the same subject a bigger one is better: it’s easier to maintain, and a big number of pages is good for Google ranking, but when you have many small sites, each one focusing on a totally different subject, you can crosslink them and this will improve your rankings. Furthermore, many small sites allow you to focus in specific niches and help you rank better for different keywords.
So, what is the best choice?
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I'd say one site per market.

So if your content is about 5 different types of sport cars, make 1 big site.
If your content is about sports cars and printers and fishing, make 3 sites.
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Do you think it would be important for the 3 sites to use unique templates/ip addresses?
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No, I would not be trying to get Google to think your sites are unrelated. I would accept that Google will realize my sites are related and may factor that into evaluating any links between them.

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Better for those 3 website to be on different hostings. Otherwise cross linking may not be effective and will not make an impact on your rankings. However I think it depend from the number of websites located on 1 hosting. Maybe if it is 3 still fine compare to 100's )
Russel
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Yes, you want to be careful.
Keep in mind that having your websites on different IPs isn't enough to trick Google. They can also look at domain registrar info, contact info, linking patterns, etc to figure out that the same person owns the sites.
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Thanks for your comments, Adam.
I've always thought the same as you. If the site has term consistency, then one big site is preferred because it's easier to optimize. The problem comes when we deal with multi- approach sites. Then we need to differentiate.
I agree with you about IPs. It's about all the information involved, not only IP number.
Thanks again!
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As well as Google Analytics and Google Adsense IDs.