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I always underestimated the importance of a FAQ page, but I understand that in many case it can really provide a necessary added value.
I guess one should approach it like you can approach writing a good blog post, researching on keywords with the keywords tool and the Google magic wheel to emphasize SERPs performance, while still providing an easy way for your customer to access vital information.

@Jerry - glad the post was helpful.

@Ricardo - I can tell you're thinking about best options, which is good, since at best, most people or companies, do it as an afterthought. Like you, I have a collection of posts that I consider "timeless" on the sidebar. They are usually topics still very much alive with discussion, and evergreen subjects. Intelligent integration is a good approach to orienting customers and visitors alike.

I don't have an FAQ page on my personal blog but I just created a "Best Of" page: http://www.ricardobueno.com/best-of

It's a start and I think it gives readers a sense of what they can find in and around the site.

In regards to your second to last paragraph:
"adding helpful advice and hacks from customers. Maybe you have a customer forum, or a community, where there is great content you can help highlight in your FAQ page. I admit I have not seen too many great executions of this concept. So far, sites seem to not cross over -- a community here, a forum there, maybe the forum is linked to from the Website, and that's it."

I'm tasked with building out our Support Forum at our company: http://www.support.diversesolutions.com

The goals is to provide tutorials (written and in video) for each of our varying products but also provide and allow our customers to submit tutorials and tips of their own. We want to educate our community but also allow for our most passionate members to step forth and participate. We've yet to decide on how we want to inter-link everything (the blog, forum, etc.) but I think everything should be connected.

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