Google Ranking Factors

Efficient internal onsite linking is important. “Internal linking is important to your overall ranking. Make sure your linking structure is easy for the spiders to crawl. Most suggest a simple hierarchy with links no more than three clicks away from your home/index page. Creating traffic modes or clusters of related links within a section on your site has proven very effective.”

Anchor text is important. The more specific is the reference, the better Google can evaluate it and consider it in relates search queries.

Google penalizes link farms. "Google is only concerned with pages of over 100 outgoing links. Google considers overly linked pages to be link farms, and they are penalized as such."

Headers (h1, … ,h6), strong tags and semantic content are important. (Update: But it doesn’t improve PageRank.) “Place it in the description and meta tags, place it in bold/strong tags, but keep your content readable and useful. Be aware of the text surrounding your keywords, search engines will become more semantic in the coming years so context is important.” [Let Google's Algorithm Show You The Traffic
"The anchor text of a link is often far more important than whether it's on a high PageRank page." 

"If you really want to know what are the most important, relevant pages to get links from, forget PageRank. Think search rank. Search for the words you'd like to rank for. See what pages come up tops in Google. Those are the most important and relevant pages you want to seek links from. That's because Google is explicitly telling you that on the topic you searched for, these are the best."

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