Hi Shoba,
Maybe this will help.
Creating unique and relevant content for your Blog readers is a time consuming task.
After the initial euphoria of Blogging passes creating unique, relevant and engaging content actually becomes a chore.
Hence a great way to deliver awesome content to your readers is - accepting Guest Posts.
All you have to do is be very choosy about whose Blog post you release on your Blog site.
There are any number of guest Bloggers who are actually, pushing our barely tolerable content for clients. They often deliver, sloppy, duplicate 500 to 600 word content, just for the backlink(s) they can get for a client who pays them for this service.
I avoid those guest blog posters completely.
Create a simple set of guest posting rules for your Blog site, then ensure that those rules are obeyed.
Now about advantages:
1. When you publish a GBP, the blogger who wrote the post, normally markets this event on their Social Media channels.
They indicate your Blogsite's URL, driving traffic to your Blogsite.
2. Their Blog followers may become your Blog followers.
Then it's all up to you, how to convert them to registrants and from there to paying customers.
3. If some of your GB's are connected to authority Bloggers, then your Blogsite can get noticed by the authority Blogger(s) as well.
When you market the GBP on your Social Media streams, AND you know that the GB poster is connected to some authority Blogger, do remember to Hashtag your SM post, with the Hashtag of the authority Blogger to help catch their attention.
4. A really wise thing to do is identify a couple of great Bloggers in your niche, then write in and ask to interview them.
Publish the interview on your Blog post (as a GBP) and market this strongly on SM. It's very likely that the Blogger who's been interviewed will also market their interview on their SM channels but the URL will your website. There will be a good surge in site visitors when that happens.
5. Finally, do Google for - Advantages Of Guest Post Publishing - and spend a little time reading about how GBP adds value to your Blogsite.
Do Follow and No Follow links
Most serious Bloggers today set their website links to No Follow.
If there are specific links that they want followed, then those links will have in-line, do-follow, attributes set.
That way, the control of rewarding specific GP's with do-follow links is completely in your control.
That said, I assure you Google and other major search engines, like Bing, Yahoo, Baidu, AOL, Ask.com, Excite, DuckDuckGo and more have tweaked their indexing algorithm and are intelligent enough to deal with which link to follow and which link need not be followed.
I hope this helps.
BTW, what's your Blogging niche? My niche is Digital Marketing.
On a final note I never pay for a Guest Blog post.
Warmly
Ivan Bayross