Mayvin I have not tried it yet but I am hoping to start doing so soon. It defiantly should not be done in a way that you simply submit as many articles you can to any site out there on the web. Rather you should look for sites where you can write in article sharing your expertise in a specific niche that is the same as that of your website.
When I first heard about guest blogging I opened up my
travel blog to accept
guest posts and received requests to publish a whole bunch of articles. Being I was happy to get all the free content I accepted their offers without first checking the link they were submitting with the article, something I now regret. So it ended up that I got a whole bunch of great travel articles but many of them are linking to sites that are not relevant to mine which does not help the person who submitted the guest post or me either for that matter.
I think if you are going to do guest blogging then you should do so on websites that are relevant to yours so that when people get around to your link they will click it because they see that you are knowledgeable on the subject.
The reason I think guest blogging is a good idea is because you get to get yourself out there before the eyes of a whole new readership who may not have known a thing about you or your website before and as if you provide them with valuable, helpful content they are more likely to click on your link and check out your website.
To sum it all up, I think that guest blogging if done right is a great way to get yourself out there as an expert in your niche and to ultimately get more traffic to your site.