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A simple equation for an effective marketing campaign :
Good content (info,service or product) + SEO + PPC, Targeted back links, Forum posts to similar niche, banners, etc. = Great traffic and more targeted traffic!
IMO, opting for paid ways contribute well to a good marketing mix especially at getting targeted traffic. In reality, getting 10 targeted traffic is better that 100 random traffic. Getting just mere random traffic doesn't constitutes your site's success - it's the conversion you get from your traffic. Getting traffic is just the first step, offering the right stuff to your visitors and conversion should be utmostly considered.
To sum up, SEO is great for the long run and shouldn't be left out. This is a long process and wouldn't always give you immediate results. Premium ways (PPC, paid targeted links, banner, etc) for faster generation of targeted traffic especially if you have time constraints.
