Guest blogging, does it work?

I have done blog posts in the past, but mostly for my own personal social sites or my first blog I started back in the early 2000s haha. Anyway, to get back to the subject at hand, I am curious about guest blogging for SEO means. Does it actually work in helping draw traffic to your site/blog? I figure being a guest on someone's blog, does help exposure, but it also matters what blog you're guest posting on.

Is it a good way to draw in some traffic?

If you properly take to using some of the best platforms for blogging and article publishing as a business then you can greatly increase the effect of blogging for link building by gaining a separate following of people that can act as a means to direct traffic and potential customers to your site buy neatly places plug-ins . Such places like Medium and slack. Even making a Twitter following can be immensely useful in that regard.

If you guest blog on a popular site or blog, than it could potentially bring in a lot of traffic. It'll probably be short lived, but may create a new set of fans/followers to your sites.