This document discusses how to better measure the effectiveness of link building efforts. It begins by comparing common link building metrics like number of links, domain authority, and page authority to the underlying mechanism of PageRank. PageRank is presented as a proxy for traffic and popularity that is sensitive to the number and quality of links. The document then recommends taking a phased approach to measurement using both faster indicative metrics for prospecting and slower actual metrics for reporting. It also stresses the importance of internal linking structure and link relevance. The key takeaways are to focus on the underlying mechanism of PageRank, measure in phases, consider internal links, learn from concrete metrics, and move beyond superficial metrics to traffic and rankings.