If you’ve had to make concessions in order to get a reciprocal link, such as displaying a banner in exchange for a text link, you’ll want to monitor such arrangements very closely. If your site is consistently sending more traffic to the other site than you receive, it may be time to reopen the negotiations. This time, you’ll be playing from a position of strength, since you’re the one delivering the traffic.
Don’t forget, though, that you may have been on the receiving end of a lot of traffic during the initial stages of the relationship. Make the deal fair to both parties, and you will be successful. You don’t want to lose a good relationship by becoming greedy.
Even if you just trade links with anyone who agrees to it, and never manage your reciprocal linking program at all, your site will benefit from your efforts. However, a little management effort goes a long way. For sites with fewer than 100 visitors a day, checking once a month is probably plenty. As your traffic builds, though, you’ll want to spend more time managing this part of your marketing efforts, and do so more frequently. Decide how many links you want to carry, and only carry those that return a good benefit.