Link Exchange was and is always a major part of any link building campaign. Almost every site has a pages labeled as Links or Resources. These Pages contain links to other sites and in return other sites place a link of website eon their pages. Some times ago Google gives importance to how many links pointing to a site from different websites. But now It gives importance to from which site links are coming.
This not reduce the importance of Link Exchange but give this process a more non-spamy look. Before this purpose of Link exchange is only to get more and more links without considering the site from where its coming and at most only Page Rank is considered doing this. Result is obvious Google change its algo, which in general also moving to Quality rather than Quantity.
So doing Link Exchange will enhance your ranking but only if you consider the following points.
Always Do Link Exchange with related sites. For example your site topic is related to Health, do link exchange with only health related sites. You don't need to look for sites that exactly match your site theme means if your site selling herbal supplement, its not necessary that you do link exchange with only sites that are selling herbal supplements instead do the Link Exchange with sites that are closely related to your site topic such that a herbal supplement site can do link exchange with a site giving info about Health and Fitness.
Don't use same title for every Link Exchange.
Don't use a title more than three times.
Tweak your description also for every link if possible. Its a bit hard to provide a new description for every listing so you should at least use 4 descriptions randomly.
Don't do link exchange with sites that are a single product page. Means they just offer a single product and nothing more.
Now the question is How can you find related sites for link exchange. Here are some queries you can use to find websites that are closely related to your site and offering Link Exchange. Determine Your keyword first and then use it with these queries.
“Submit a link” + “your keyword”
“Submit a site” + “your keyword(s)”
“Submit URL” + “your keyword(s)”
“Submit an URL” + “your keyword(s)”
“Add a link” + “your keyword”
“Add a site” + “your keyword”
“Add URL” + “your keyword”
“Add an URL” + “your keyword”
“Suggest a link” + “your keyword ”
“Suggest a site” + “your keywords”
“Suggest URL” + “your keyword(s)”
“Suggest an URL” + “your keyword”
“Your Region” + “Add url” + directory
“your keywords” + “directory”
“your keywords” + “directories”
“your industry” +add url, directories,
“related sites” + your keyword + directory
“related urls” + your keyword + directory
keyword reciprocal + directory
keyword exchange + directory
keyword add site + directory
keyword resources + directory
keyword links + directory
Any more suggestions are welcome.