I'm now at almost 54000 followers and i'm only following my other 8 accounts.

Is it beneficial to follow people back? My kloutscore is 69 would it increase if i start following people back?

If you have an even ratio of followers to following more people will follow you, as they are looking for a follow back.

Yes you should follow them back. Most of the people now unfollow you after a few days because you're not following them back. Just an observation.

yeah, it is important to follow back people, If you start doing it, more people will have a feeling that you will follow them back.

Also make sure, dont follow more than 300 people a day and never follow more than 100 people in an hour.

If you follow more than 300 a day,there is a possibility that twitter might ban the a/c. , So, better be careful

well, i never follow back anybody, it can be a mistake, but don't forget one thing: if you follow back, you use slots what you can use for following new people, of course it's only important if you max out the daily limit, which i do

i think your klout score won't increase but decrease, not sure though
followers > followings = higher klout score, i imagine if you have 1 following and 54k followers you have a higher klout score than if you would have 54k followings and 54k followers with the same twitter account

Thanks for the tips guys! The idea that if people see some followers and then think i'm going to follow back is a good one. Maybe i should follow the people that have a lot of followers first so they will retweet me more.