: For highest value traffic - find blogs that are relevant to the topic of your web site and try to get them to write about you, participate in forums in related areas, find people who tweet

For highest value traffic - find blogs that are relevant to the topic of your web site and try to get them to write about you, participate in forums in related areas, find people who tweet about the topic and contact them, do guest post - whatever it takes to get your self out there.
For longer term traffic - create a blog to build your own following, use social media and get as many friends/followers has possible, create a mailing list and get people to sign up
For sustainable long term traffic - do SEO (this is mostly about publishing content - and that goes well with point 2).
For an expensive quick less-high-quality traffic use AdWords and other PPC advertising.

From my expiration learning to use AdWords is difficult, all the default settings are optimized to make Google more money not to get you good traffic - and until you learn all the major pitfalls you will spend a lot of money for nothing (also after you get over the major pitfalls you must continually tweak your settings to keep everything working).

For me AdWords was not cost effective and a single post on a mid-traffic blog (that recommended my product without me contacting them!) got me more sales than anything I've done.

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