Is there any point in reciprocal linking anymore?
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I have the opoprtunity to exchange links w/ some partner sites relevant to our industry.
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If it is a trusted website that is relevant to your industry and would be helpful to your visitors, yes. There is still a benefit to reciprocal linking - as long as you don't go wild with it.
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In terms of pure SEO benefit, it is not very helpful. It also can get you penalized, if it's abused/the majority of your backlinks. However, there can be very legitimate reasons to do and can bring you traffic.
For example, if you sell widget X, and people who buy that widget tend to buy widget Y, then mutual linking could help you both. Perhaps something like, one person sells iPhones and you sell iPhone cases.
- Ruben