We recently updated a large guide that takes the place of the original. The original has some nice organic traffic to it and I don't want to risk losing it. Should I 301 redirect to the new version, or update all the info directly on the original page?
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We don't have a lot of content that garners much non-branded organic, so this is something I don't want to risk losing. We do not have a whole lot of external links into the page either.
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If it's an updated article, then update the page, ensure that the URL remains the same though, clearly, the subject matter is in demand.
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I second this. Link authority being translated through 301s is subject to similarity checks as I outline here: https://moz.com/community/q/root-domain-change-how-do-we-best-handle-existing-backlinks-from-our-own-content-platforms-on-youtube-etc (just look for my answer)
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A 301 redirect is a permanent redirect which passes between 90-99% of link equity (ranking power) to the redirected page. 301 refers to the HTTP status code for this type of redirect. In most instances, the 301 redirect is the best method for implementing redirects on a website.