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If you get the opportunity to do a guest post for someone else's blog, you can get access to a new audience-hopefully one that coincides with your target audience. It can also help you poise yourself as an expert in a certain field/area.

You can establish or enhance a strategic relationship. If you want to establish one, providing a guest blog (as well as the opportunity for your partner to send you a guest blog), is a great first step. If you already have a partnership in place, posting a guest blog is flattering. It's a great way to develop rapport.