Guest posting, when done right, is still a very effective link building strategy for Panda, Penguin and beyond.
Get Google Authorship
Using Google Authorship in your Plus profile and in the author bio of the guest post will help to build authority to your content. More importantly a webmaster will be more apt to let you post on their site when he/she sees the authority in your authorship contributions. Put it to you this way, I wouldn’t let anyone post on this blog without it! Start with this here.
Stay Away from Splogs
AKA Spam Blogs… Don’t post on just any site especially, not one that has spun or non-CopyScape passed content unless it was syndicated properly. With all the spammy blog networks out there its important to be able to identify what Google considers “bad neighborhoods” and steer clear of them.
Hunt Down the Right Channels
Search around and look for quality blogs that are relevant to your site, product or service. No matter what your niche is, adult websites or mainstream there’s plenty of places for you to get great visibility and of course high quality links.
Collaborate and Contribute
Reach out to relevant, high quality sites and organizations in a common way to collaborate on a project together creating a legitimate connection and excuse to link to one another. Create appealing content, like what Matt Cutts would call “Link Bait” and earn links and other collaboration offers. Guest posting, as long as it done with class and creativity will always be one of the best ways to promote your site and increase rankings.
Execution
Make sure that your guest posts are not specifically marked as “guest post”, “sponsored post” or even put into a sponsored category or archive. Don’t use Exact Match Anchor Text more than 15% of the time and even make sure to spread that 15% out over many long tail keywords not just your top tier ones.