What is considered to be more important, creating content or building backlinks?

content is considered to be most important factor, if your content will be effective enough then and then only you can attract the readers. if your contents are not effective enough no one will going to read it out. content is good automatically the back links will be created. i personally advise everyone to improve their content rather than looking on to back links.
 
Both are important for SEO, you need to implement both to increase your traffic and improve your page rank on Google.
 
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