Contest Sponsor - Is when a webmaster is looking for people to contribute something for their contest. It can be a product sample, discount, or advertising space, e-book etc. Most likely the webmaster will be advertising their contest heavily to the public. Most likely they will list the prizes of what the winner can win along with your name and business. It's a very simple way to get exposure for your product or business.
Guest Author - It's a neat way to get back links and increase traffic to your business or site by being a guest author on blogs. It may be a slow progess at first, but the more you blog the more exposure you will get. Blogging is a more casual approach than writing articles so if you've always wanted to write, but you don't feel you have it in you then blogging is a good way to build on your writing skills. Since we're on the topic of blogging, leaving comments on other blogs relevant to you will get you back links. Keep in mind though don't leave comments just for the sake of it. Many will see through it as a thinly veiled spam comment. You really don't want to leave that kind of impression even if it wasn't your intention.
Testimonies - Have you received excellent customer support, reviewed an e-book you couldn't put down or tried out a product that completely amazed you? Have you written a testimony to the company/business to let them know? It's a good opportunity for you to allow them to place your testimony on their site provided you're allowed to have a "little bit about you" blurb at the end. I can't see a company/business turning this down. Seriously, who would say no to positive feedback? No one in their right business-like mind would.
Keep these four free advertising methods in mind the next time you're networking online and see why contests, contest sponsors, guest author and testimonies are effective. It takes only a small portion of your time in exchange for some huge rewards.