One way reciprocal link exchange is a good initiative to get your website recognized and introduced to a certain group of visitors.But then how do you do it to proper effect.Here is a small trick.See who your competitors are.Look for the bigger competitor.Try finding out his linkings.
First thing how do you find out as to who is providing a link??It isn't that easy and SERP'S doesn't depend on your link exchange (reciprocal) but on traffic garnered through backlinks (inbound).
I am providing you with a sure shot idea.First go to alexa and check your website's rank and the number of websites linking to your website.Check your competitor's rank and links.Extract those links.
When you go in for a one way reciprocal link exchange be sure that the website you are exchanging your link with is in your category by every means (approximate no of backlinks and same service or product category).
No website with a page rank of 4 would want to put your website in it's link page and let him place his website in yours.
So see to it that the page where your website is placed has a minimum PR of 2-3 and do the same for his page.
Extract his anchor text and place it in one of your rough link pages and send him a request stating that you would prefer a single one way link exchange but if interested the links can be moved to a page with a better PR.
If there is a reply then things are in Progress or forget about it.Wait for a week after sending them the request.Try their contact page.If not then move ahead for greener pastures.But prior to all these get your backlinks and PR up.Only then will you have a crop of websites trying to link up to.After all isn't it said "Success is relative,the more success the more relatives."