forget the directories, too competitive. I search for sites/pages to directly submit my articles to, I usually have a pretty good response. In terms of SEO benefit it usually takes7-8 months before links aquired via article marketing campaigns payoff.
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How often should one submit sites? Daily, weekly, monthly?
I personally would say every three or four weeks to the same site anyhow. If you were to maintain a list of places which accept your articles you can do some today, some tomorrow etc, and basically make it an ongoing thing. This would be good from the point of view that it would appear more natural to Google, however the sites you submit to last may see your content is not that fresh and has been published elsewhere and thus might reject you.
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Article submission brings one way links to various pages of site and with it comes all the benefits of one-way links-improvement of prospects in search engine ranking.