A lot would depend on what type of business you have. Are your customers really ON the internet and able to be reached that way?
Are you business to business? Social media isn't recommended.
Manufacturing? They use trade industry magazines and newsletters. Not the internet.
Are you a service oriented business with direct one on one interaction with your customer? (Such as hair stylists, massage therapy, chiropractic?) Is the internet, a worldwide thing, actually going to help you find local customers?
What DO you do as a business? Who are your direct customers? What age group/demographics? If you're high end, is your customer base actually spending time surfing the internet or are they reachable directly by other means?
Paid online ads get less than a 2% return, the click rate is super low. For the cost, it's rarely worth it.