Recently it was noted that Business.com started using nofollow on many of their outbound links. If you don't trust the content of a site then why link to it at all? To list it on your own site and then put nofollow on it is to say that you don't trust your own content. Which is especially stupid. And perhaps the quickest way to become irrelevant, if you are an editorial listing company.
It turns out they were likely using nofollow on the free listings to some of the higher quality sites, which in turn means that the links without nofollow are pointing at sites that are on average of lower quality than the sites they added nofollows to.
If I was a CRM company I would think that on average a link from a page that links to Salesforce.com is worth more than than a page that does not. If I was a software company I think that on average a link from a page that links to Microsoft.com is worth more than a page that does not.
I think it muddies their credibility. A lot. Think of the quality of their site from a search engineer's perspective
Oh, the only links they left live were the low quality ones. Outbound link authority nuked. Next.
A site which uses nofollow on most of their quality outbound links also reduces their outbound good link to bad link ratio. Even if search engines still counted Business.com links I think the loss of quality outbound links hurts their authority far more than whatever gain someone gets from having a link on a page with fewer links on it.
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