In my opinion, I think both of them are important.
If you have a good content but bad backlink then your website is never be on top, so everything you do is meaningless.
But if you only focus on backlink but not content, the only think you can do is only drive more traffic to your website, not the conversion rate.
I'm not saying backlinks can't provide value. They can if done correctly. Unfortunately all Google
has to do is update their algorithm and backlinks can turn worthless very fast..
At the end of the day, focus on Content first and a solid backlink strategy second for a powerful 1,2 punch.
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