It will heavily depend on your product and your target market.
It is very different to do B2C marketing vs B2B for example. And for each, the marketing strategy will still depend on your product.
For example ifor you are selling a consumer product targeted to a niche, it could be an efficient strategy to do a direct marketing campaign, leveraging on partners that are already engaged with your target, using social media and direct emailing. In this case a small budget could work, highly targeted to your highest potential customers (always watching that you acquisition cost doesn't go above your CLV)
In the case of a product for mass consumption, you need to make a "splash" in order to build your sales pitch to distributors and retailers, to gain distribution and finally build momentum.
If your product is highly innovative or controversial, the best way to go would be to put a limited budget on PR and leverage on media (traditional and digital) as well as social networks and blogs.
If you provide more info on your company you'll surely receive better recommendations.