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You can ask it out on several webmaster/SEO forums, but you'll just get mixed responses. In here, I will give you the REAL answer! According to Eric Enge's interview with Google's software engineer Matt Cutts way back in 2007, there are differences in using NoIndex, NoFollow, and Robots.txt.
In The Robots.txt File
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In addition, websites that disallow crawling can still accumulate page rank and be visible in search results. Why? If another website links to it, PR juice will be passed on. Google can sometimes use the information of a website submitted to ODP (also known as DMOZ) in order to display it on their results page, or when another website links to it.
In The Meta Tag
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The Nofollow is usually used on outgoing links, when declared in the meta tag, it means “do not follow all links on this page.” With this, you are also telling the spider not to pass PR juice. However, the nofollow on the meta tag also applies to your links that points to the other pages of your website. This also means that you are depriving the flow of PR juice to some of your pages.
On the other hand, the Noindex means, “do not index this page.” Pages with noindex can still accumulate page rank if a there's a dofollow link pointing to that page.
Dofollow is the opposite of Nofollow - a link with no “nofollow” attribute assigned means it's a dofollow link. A term used by webmasters and SEO experts.
To sum it all up:
- NoFollow means you're telling the search engine spider not to follow a link and also not to pass PR juice to that link.
- NoIndex means you're telling the search engine spider not to index your website or webpage and not to show it on SERP.
- The website or webpage in a Nofollow link can still gain PR if another site links to it without the nofollow attribute.
- Pages with the Noindex tag can still gain PR if another site links to it without a nofollow attribute.
- Pages with the Noindex tag can still be visible on SEPR using the information collected from ODP (DMOZ) or when another website links to it using a dofollow link.
- Nofollow attribute on the meta tag of a webpage, applies to all the links on that page.
- Nofollow attribute on any link applies only to that link.
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Commonly, SEO services do provide complete analysis of a website as well as recommendations. So whenever you are looking for a good search engine optimization service, never forget to ask for a website analysis first, don't just jump in and hire someone who said he can do SEO for your website.