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Originally Posted by SunTzu
It's not an either or, both have their place...
SEO should be part of your ongoing marketing campaign, for the long-run. It does take time, but the rewards far outway PPC. Use PPC for the short-run to fill the traffic gap while waiting for your SEO efforts to kick in. Just repeat the process for each niche you're trying to target.
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Good advise, Sun Tzu. BTW, that's an awesome book you wrote!
Seriously though, the ART OF WAR is extremely relevant in online marketing as it with other activities that involve conflict and competition.