It depends on your size - but the answer for the vast majority of companies will be to focus almost entirely on direct.

Not only will direct likely have a higher return on investment, but because of your ability to attribute the performance to the actual marketing investment you can optimize over time.

If you decide to put up a billboard in your city, you can barely target who sees it and who doesn't, you can't properly A/B test messaging, and you can't know which of your increased conversions were impacted by that billboard vs some other marketing channel.

Big brands have the massive budgets and the huge scale in data to be able to get value out of brand marketing. The rest of us generally don't.