Linkbaiting is focused on getting links while viral marketing is about branding and exposure, the two can work together if hit with the right combination. Even though they are different, there is compatibility. The two can work great to produce high traffic and conversions.
Measuring your success with proven tools like webmaster tools and analytics can help you drastically change your tactics and gain insight on what is important. Traffic and clicks are great, but without proper backlinks and content, it could all be scattered and cost you some serious time and ranking.
Linkbaiting can be great if you don’t go overboard with it. Everything is good in moderation, too much of anything could cost your company visibility and ROI.
So, what is good linkbait? Well mostly any good content (videos, articles, widgets, etc.) spread out all over. With proper management this can be an effective tool to get top ranking. Just do your homework and really get to know what this is all about.
I posted below a very short video that discusses Linkbaiting briefly. Again, be careful with the strategy as it can backfire, but if you master it and do it properly it can be very beneficial.