I think it totally depends on the type of business you have and what it is your customers value and/or need to feel comfortable doing business with you. For example, I assist businesses with accounting, finance and financial communications (talking with current/potential investors, the board, employees, etc.). So my clients need to be comfortable with my ability to discreetly, professionally, and carefully handle potentially sensitive information. A flyer or an email blast isn't going to cultivate that trust. A personal relationship and an understanding of how I and my company do business will (or at least it plants the seeds). So I allocate my marketing budget accordingly: a larger percentage goes towards activities that cultivate a more personal interaction, and a smaller percentage goes towards activities that just make my business simply more "visible." A business relying on frequent interactions with a large quantity of customers (say, a dog walking business) may allocate things differently. Likewise for folks running a business that relies on foot traffic. I think the answer for any business lies within the needs of the customer (convenience, trust, ease of transition, etc.) and what kind of marketing best demonstrates that the business can meet those needs.