Link exchanges are mutually beneficial in that both of you get a link out there for potential visitors to find you, as well as those search engines.  If you tend the relationships of those you have exchanged links with I would suggest contacting them about posting each others links via twitter and facebook maybe, once or maybe on a regular basis.

You can also start what I like to refer to as a link club.  This is when many bloggers get together on a similar topic.  All the bloggers get to exchange links without even having to personally contact each other.  Here is a great example of how this works.

I’m always happy to hear from you please feel free to post your questions or comments.