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It does depend on your target market and product/service but generally I'd say printed media is effective for the majority of businesses. It all comes down to how targeted the publication is and what your actual advertisement is. If the sales copy and concept of the advertisement is poor then you'll get barely any sales no matter how well suited your business is for printed media.
Boxby is right though. I'd say 90% of the time printed media PR gives a higher ROI than advertisements. However you also need a suitable media angle or it won't be very effective.
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