This is always a difficult decision because you want to get the word out to as many candidates as possible but you don’t want to over expend your budget. I recommend you look at targeting the correct candidates by focusing on publications and web sites that relate to the position. For example if you are looking for a Chief Financial Officer for a Town, you might advertise with the Government Finance Officers Association. If you are looking for a Human Resources Director for a business, then you might advertise with the Society of Human Resource Managers and their various chapters. Advertising in a newspaper for these types of positions will not produce as many qualified candidates compared to advertising with the Professional Associations.
Another decision that needs to be made is whether to do a national or local search. Entry level positions lend themselves to local searches but most professional and management positions should include a national search. You would be surprised at how many people are willing to move to come back home or to be close to family. Sometimes it is harder to move from one side of the state to the other compared to across the country. Using professional association web sites will enable you to reach a local and national audience.