Generally, when people use the term "linkbait," they're referring to content that's particularly controversial, humorous, bizarre or otherwise created to attract attention. The idea is to get large numbers of other people "talking" on their own sites or blogs about the linkbait article, and linking to it.
While many times it is well-written (or at least clever
), it isn't necessarily what most of us might call "high quality" in the traditional sense of the term. In fact, in some cases, the "linkbait" content has been pretty far off-topic for the rest of the site. Since the goal is simply to attract the maximum number of links, it doesn't necessarily matter what the content is about
, as long as it attracts attention -- and most linkbaiters don't seem to care if the attention is positive or negative, as long as it gets links.
"Normal" high quality content -- the kind you should be publishing anyway, regardless of your "link building" strategy -- is usually just called "high quality content" or something similar.