QUOTE(pusan @ Nov 16 2012, 02:32 PM)
To me guest blogging and linkbait are the most safe backlink building strategies.Although these are very difficult and require lots of efforts to create but at the end of the day those effort really pays off.Even most SEO pros are engaged with those two techniques only.
Guest blogging has got to be the safest most natural way to get links back. The benefits go beyond any other short minded approach. Developing relationships with other bloggers can lead to getting the anchor text of your choice, PR and social exposure and even user testing to a degree.
Be careful though, there are some guest posting services out there that offer poor quality and I wouldn't be surprised if these got eaten up in the next update. Just do it naturally and holistically. Yes its more painful and less automates but at least you're freeing the risk of a penalty or even just wasting your time on links that won't do anything for your link profile.
Do you research on blogs before posting there, check their klout level, their page rank, their monthly traffic. Some blogs can look great but don't offer much in the way of leverage for your business. Just focus on quality and not quantity (that old argument).
Hope that helps