Relevance
Search Engine Optimization (SEO)
Search Engines (SE) Will Always Try to Return Something
Search engines can not return nothing. By virtue of their business model, they have to return valid results. Often refered to as Search Engine Results Page (SERP). If users don't find what they are looking for they will change their query, or in frustration go to a different search engine. What this means is Search Engines not only have a moral imperative but a business survival impetus to provide valid results.
What is the Algorithm?
Note that SEs use the term index when discussing their ranking algorithm. Recall the index card system when you were doing your research in the library? The same construct is used to index webpages and determine relevance. Was the book name relevant (title tag)? Was the synopsis what you were looking for (meta description)? Were the keywords relevant (meta keywords)? Did the chapters cover the information you were searching (h1 to h5 tags)? Did the content of the book have the keywords?
You are the Librarian
Back then, it was the librarian's job to provide the index information and make sure it was accurate. Today SEs look at your pages much the same way a librarian does. You are your website's librarian for the search engines. Provide the proper information so your pages can be indexed precisely. Don't use deceptive tags, be accurate. Don't use keywords in meta tags that don't exist in your page. Don't stuff keywords in your tags and content.
Good Content Always Wins
Today, it is your job to provide value when constructing your web pages. Valuable content will always rank well. Don't write exclusively for the SEs, write for your viewers. By giving them value, your pages will rank well and will weather any storm.
What can I do?
Know your company, know your market, know your competition, know your product or service and most importantly, know yourself. Provide value to your viewers. Write content that is informative and interesting. Give your viewers a compelling reason to drill into your site.
Don't practice black arts when optimizing your site. This will eventually come back to bite you. In this day and age where businesses live or die based on SERPs, creating a value oriented website is the best insurance for longevity.
In The Begining
It was customary to have the "obligatory" links page. This was part of the illusory "web" concept that there was no "end" to the internet. People simply provided links to sites they felt offered valuable information. This heuristic provides the foundation that link popularity is based on. If a site offers valuable information, then people will link to it.
Related Sites, How it all Started
Savvy webmasters figured that if their site was a vacation destination, other websites for the same destination would drive traffic to their site. These were the beginings of relevant linking. Someone traveling to Hawaii, would be searching for hotels, activities, shopping, services, etc. Providing this information was a value plus for visitors. Cooperative marketing was a win-win situation. Cross-linking as it was called then was a great way to boost traffic. This was long before Google or any of the modern day SEs decided consider relevant linking.
What Happened Here?
Link popularity created a monster, a whole industry of linking. Is it going away, I doubt it. I believe it is here to stay. I belive it is to the SE's advantage that ranking requires popularity. They are after all advertising platforms.
However, lets not forget the basic tenets outlined above. Link trades with related sites offer value to your clients. They are a way of generating traffic. PageRank boosts benefit both sides and is a win-win situation for all.


