Compress SQL Server Back up file

What is the best way and fastest way to compress a SQL Server back up file with a good compression.
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Alternatively, if you prefer not to use a third-party tool for backups, you could run a normal SQL Backup and then compress the resulting .bak file via a command-line tool such as GZIP, or WINRAR

(If your backups are done from a script, you can have the system run the compression striaght after the backup.

However, a tool such as LiteSpped (or will probably make this job a lot simpler.
Use a tool like LiteSpeed that will compress backups on-the-fly:

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