Link bait is content on your site to which other sites link naturally because they want to, not because you ask them to. It creates more links to your site, which really do help you in the web promotion. you don't have to get on your knees and beg for the links because you will get many links naturally.
Check the following tips for link baiting.
1) Quality of link bait should be not just great but it should be good looking.(Good colors scheme).
2) A great “title” for your link baiting.(It has capacity to convert your visitors into costumers).
3) Add images to your link bait beside each paragraph.(Image will change your mind perceptions on it).
4) Post your link bait in blogs and forums.
5) Add social bookmarking websites links at the bottom of your link bait.
6) Launch your link baiting articles on social bookmarking sites.(Please choose an appropriate time when you think most of the visitors will be online at that time).
7) Promote your videos on videos sharing websites.