As new Google update highly attacks on link building. So, does it become important to change our link building strategy ?

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Yes - the strategy is that Google's algorithms put less weight toward linkbuilding and more toward content considered "useful" by users. You should focus in investing in unique content that encourages visitors to share your links via social media and other sources, as opposed to straight old link building. If you diversify your site portfolio you wil encourage more long term growth and remain safe in SEO listings.

The same way that Google's Panda algorithm was designed to focus around more of the on-page stuff (thin content, quality of content, content farms, etc.), the Penguin algorithm is designed to focus around the off-page stuff (backlinks!)

The first itiration of Penguin has already been rolled out a few months ago, and Matt Cutts has warned that an upcoming iteration is on the horizon that is going to shake things up and affect a large percentage of search queries.

Many people are speculating what about links is going to set off the Penguin flag. From what I understand, this algorithm will slam sites appearing to sell links for PR just as much as devaluing the links themselves. Most certainly, nofollow any external links that might so much as resemble ads or content that is not in your direct control (such as blog comments). Also, make sure your existing backlink portfolio consists of a wide diversity of anchor text. All the same anchor text is a flag to Google that you're buying these links to rank for the particular keyword in the anchor text.

Don't buy or sell text links that are embedded in sitewide sidebars or footers, because those just reek of being bought. It's always better to have links across as many different domains as possible. It's better to have 10,000 backlinks spread across 15,000 domains than it is to have 200,000 backlinks all coming from 10 different domains.

Google has started putting a lot of emphasis on branding recently as well. Your domain name is your brand. How many times do people mention your company/brand/website throughout the web?

As Josh says, encourage your visitors to share your links via social media with Facebook and Twitter widgets ... and, reluctantly, Google Plus as well. Google has announced they are factoring these social signals into their algorithm already, and I can see Penguin taking that to the next level by putting more emphasis on backlinks earned from tweets/shares/likes/etc.

Make sure that you are publishing an RSS feed and making it very easy to syndicate. Encourage other sites to republish the latest items from your feed, if possible. Links to your deep pages are the best, and links to all different various deep pages are even better.

Good luck!

Many people are speculating what about links is going to set off the Penguin flag.

From what I have been able to see when examining the SERPs and linking profiles of sites that have been hit by Penguin, is that relevance in linking is the key.

Penguin was a recalculation of a site's linking profile with relevance instead of PageRank being the basis of the new PR algos.
Google has been telling us for years that PageRank, (linking), is not a valid metric when it comes to influencing search results.
Even as far back as 2008 we were told that PR had been demoted as an indexing signal. Instead of being a major influence on SERPs it was demoted to "one of over 200 signals".
The SEO industry did not seem to notice, or care.

When Google restructured the PageRank algo to be based on relevance in May of 2010, few noticed.
By the time Penguin rolled around linking had no measurable effect on SERPs.

However, linking still had an effect on Google's processes.
Go back just a year and look at the SEOMoz "2011 Search Engine Ranking Factors".
80% believed off page more important than on page. Link building continued unabated.
Since Google had to follow all links, the overhead demanded by valueless links was significant. They still had to be weighed, examined, evaluated, and indexed, when their only value was to artificially boost PageRank.

What Penguin did was to reset a website's link profile's SERPs effect based on relevance and not just the PR of the linking pages.

Off topic, no or low relevance between linking and linked pages were calculated and penalties imposed based on the anchor text.
It was the non-relevant links' anchor text that was the trigger, not the percentage of use.

I am with the persons who are really felt the importance of Changing strategy for common link buiding methods. The key of these all Question is What we will need to do now for protecting sites and thier ranking from effects of Panda-Penguin. The answare I think "Make your Contents fresh and Unique".

SeoDataService helped me to improve my rankings dramatically.

after google panda updation there is not the need to change stratergies of link building..
rather than that focus on over not over optimize ur sites that are overoptimized are being considered spam by google..
aslo take care to publish unique and relevant content on ur site that is helpful to the users..!!
happy blogging..

The only strategy which works after penguine update is no spamming . spamming should be strictly avoided . Also too many posting at a time should be avoided.

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