According to Google now no mean of guest blogging for the purpose of link building for their website. If we talk about the SEO strategy then many methods are included but the concerning part of it guest blogging is waste less for link building.
To raise the traffic on website, build reliability of new viewers are previous can be simply added by this method but not now. The new way to connect from people is put the right post & connect along Google+ account and gain likes more lovely faces that come in the SERPs.
In 2014 those company do not stop this method for link building in SEO are included in bad company because it is announce that guest bogging is dead but more guest blogging by you goes into spam and continuous process of it work as dead back link for your site.
So in simple sense the great advantage of guest blogging is now dead or not for the website aspects.