Concentrate linkbuilding on homepage or the page that Google deems more relevant?

Hi guys,

First time poster here...
I know a bit about SEO but I'm by no means a specialist. Basically, my boss has given me the task of improving our organic rankings for a number of terms (I'm not sure how realistic some of it is, because he wants us to rank for terms which we currently have no content on).
I have a dilemma: there are a few terms which we rank ok for, on the first page, but Google has decided that a particular page on our website is more relevant than our homepage (which it is for those terms) BUT this page has PR4 whereas our homepage has PR5. The homepage sometimes also ranks in the SERPs for the same search, but a couple of places lower.
Should I concentrate my linkbuilding efforts on A: the homepage or B: this more relevant page with a lower PR? Adding a load of copy with the relevant keywords to the homepage may not be an option.

Any help would be massively appreciated!
Thanks

B) Focus on your relevant page - both content optimisation and link building efforts.

Your homepage is almost always going to have the most PR, but don't get too hung up about it - PR is one of many metrics used to determine rankings but relevancy of content to searched phrase remains utmost importance.

As a general rule of thumb - ask yourself what would be most useful to the user, not a search engine. This is in essence what a search engine tries to do anyway. A page with unique relevant content is more useful than an overblown homepage with content that is there to try and please search engines.

And tell your boss he's a fool if he thinks the site deserves to rank without any mention of the keywords\phrases in the content! ;)

I agree with most of this - mainly just the last sentence....

If we never strive to obtain rankings for keywords which have not yet been developed, we would never grow.

If your boss wants to rank for keywords you don't have any content for...... find a way to create that content and develop those ranks (provided they make sense to do so).

Link building should always be done on more than just the home page in my opinion. If you can get someone to a page on your website that isn't the homepage then there is still a good chance the user will end up on the home page at some point. As has been said, if you don't have the content to suit these keywords your boss is looking to rank for, then your best bet is to start creating unique content to suit the keywords and then do your SEO based on these pages you create the content for.

both content optimisation and link building efforts.

That's great, thanks so much for your help!
I forgot to mention that we will be creating the content for the new keywords, I was just a bit sceptical of our ability to rank for them if we've just 1 page on each new topic and probably over 100 on our main topic...

To answer the question in a simple way, to the most relevant page to the search term, with a goal to maximize conversion.

For example, if the search term is about a product range, it should go to a category page about that range of products (if you don't have it, and the term is important for you, you should consider creating the page. Therefore I agree with jsteele823), to help the searcher find what he looks for and hopefully go to the next page, or take the next logical action (conversion); if the search term is reviews of a particular product, then build links to promote the page that contains the product information and reviews, so that the searcher is satisfied and hopefully take further actions that you want him/her to. Well you get the idea.

The thing with landing all or most of keywords to home page or other unplanned pages is that, every time the searcher has to click on a link to find something on your site, there is always a good chance that you will lose him/her.