The most valuable way to get the word out about your company and/or event is through word of mouth. It has been a long lasting successful tool. According to a study by Yahoo! in the end of 2010, word of mouth as a marketing tool still proves valuable in passing along that all important message about your company.
The study also pointed out that although social and new media in marketing is growing, when people are discussing the brand, they reference the company website more often than the various social media platforms. To me this makes sense, since the most concrete information needed about a company will be primarily on their website. However, social media has played a role in assisting word of mouth.
Yes, you can still turn to your friend down the street and ask about where is the best place for some clam chowder, but social media allows you to get more opinions and options. Your friend down the street only knows maybe a few places, versus asking your friends on your social media platforms through a simple tweet or status can give you back even more places to choose from. Having this ability to ask so many people so easily gives you a better chance to find what you are looking for. Why would you trust these people? Because the idea of your friends on these sites is that you have built a connection and a relationship with them that provides you with a reason to trust their recommendation.
Word of mouth marketing is what I believe, as well to be one of the most valuable marketing tools available and luckily cheapest as well. The key then is to find the right people to pass the word on to…but I will leave that up to you to discover.