Link Baiting is the quantity and valuable inbound links are two of the many metrics utilized by a search engine ranking algorithm to rank a website. Link bait creation declines under the task of link building, and aspires to increase the quantity of quality or relevant links to a website. This is something on your site that people will notice and link to. By linking to your site, other sites are saying they value the content of your site and that they think other people will be interested in it, too.
The art of targeting, creating, and formatting information that provokes the target audience to point high quality links at your site.
Ref: wiki Link bait is any content or feature, within a website, designed specifically to gain attention or encourage others to link to the website. Matt Cutts defines link bait as anything "interesting enough to catch people's attention. Link bait can be an extremely powerful form of marketing as it is viral in nature. The term often has a negative or dismissive connotation.
Linkbait is essentially a piece of content placed on a web page - whether it's an article, blog post, picture, or any other section of cyberspace - that is designed for the specific intention of gathering links from as many different sources as possible. Link baiting is a technique of writing good quality contents and submitting it right sort of site in the right sort of field.