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The short answer is both. SEO gets you the "free" traffic, but there is so much value in PPC that it shouldn't be ignored.
People often think of PPC as a temporary measure. It's just there until the SEO campaign achieves the rankings you're looking for. But, there is no reason to stop PPC once you're on the first page with organic SEO. The double branding effect you have far outweighs the potential that you're paying for a click that you could have gotten for free.
Here's the thing, the tracking you can do with PPC allows you to track everything, down to a minute level of performance. This allows you to tweak and test your PPC campaigns to ensure every dollar you spend makes more than a dollar in return. That, of course, means profits. As long as your PPC campaign is profitable, there is no reason not to keep it active.
And, since only about 30% of searchers click on a paid ad, you're really not in significant danger of losing the "free" click.