These are big questions!!! My first answer is: it depends on what you are promoting/ what your goals are. Because my business is about media relations I generally put more effort into securing news coverage (and development of media sponsorships) than in advertising. In terms of which media is best for what? Well, they all serve different purposes (e.g., TV is visual and emotive). Of course, the best strategy involves knowing who it is you want to reach and then determing which media outlets will reach the largest number of "them". An important key will be to sustain that visibility for as long as possible (frequency is essential). I can't speak directly to mail campaigns, online marketing, and such, but I do know that 1) understanding the strengths and weakenesses of your options and 2) realistically knowing what percentages of time, treasure, and/or talent you have available for a campaign can enhance the degree of success you will experience.
My own business is referral based and I am fortunate enough to be kept busy through word of mouth.
However, when appropriate, I do send out news worthy press releases about some aspect of my services, especially if it is community oriented. For example, I recently established and awarded the first Media Hero Award in the county where I live. While I don't expect this to generate business, it will (and already has) generated positive energy and that will surely find its way back to me in one form or other.
It will be interesting to read what others have to say in response to your questions.
best, Karen


