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Link exchanges and banner exchanges just fill your site with spam or direct viewers off your own site.
Top sites, and directories are ending up being omitted from search engines, plus no one is going to go to a top site or directory when looking for your site or products. While these supply extra links to you, really they won't come up higher than your site listing on any search engines.
These are certainly 'free' ways of marketing but end up being a waste of time in the long run.
Forums is a great way to get free advertising but also takes a lot of time. Some forums allow buying of signature space and this isn't a bad idea as other users promote your link. For $5 - $10 a month its certainly worth the price and saves you time.
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