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This depends on what you are marketing. It is that simple, what is not simple is a cover all answer to this problem.
If what you are marketing is already mainstream and viral in nature, then youtube may be the ticket to success, But if it is the new brand of denture cleaner, chances are that youtube will not be as effective as keyword searches in Google.
You would not advertise a rock star in a gardening magazine, would you? Every product, service and business has certain ways to market that are best for them. It is our job as marketers to decide what is best, and test, test, test!