Hi Tim
There are many effective strategies you can do for increasing your site ranking and visitors, you have discussed about the link farming it is exchanging reciprocal links with website. i have suggest some simplest points which will be helpful for you in building Penguin-Friendly links:
Since Google launched their penguin updates so millions of website have been falling down it's ranking.
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Get more social presence, social signals are more important than ever , if you post new blog post then share it in Google+, facebook fan-page or on twitter
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Link to your inner page : I see lot of people doing link building on their home page. Google will show red flag if bulk of back links are point to your home page, so internal linking is best solution.
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Do variation of keywords and brand building: If you use only one keywords then it would be over optimized.
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Focus on quality not quantity: Give fresh and natural link so it will surely rise your keyword position.
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And make sure you are producing link-worthy content