You can promote your site to generate traffic in many different ways:
Search Engine Optimization
Helps you to get a higher ranking on the Search Engine and thereby increasing free traffic to your site. The link Search Engine Optimization covers this in detail.
Helps you to rank higher on search engines and thereby attract free traffic. This is of course ideal but it takes a lot of effort and time to reach this goal depending on the competition. Building link popularity is a long term activity.
You can find more information about link building in this article : 19 proven strategies for efficient link building
Tools such as WebCEO and SEO Elite helps you identify possible link partners and many of them will not require a reciprocal link. Especially WebCEO have very powerful functionality to find link partners.
Paid search through PPC search engines
Is the quickest way to drive traffic to your web site. You can within a few hours drive huge amount of traffic to your site (if you can afford it). Paid search doesn't have to be expensive if you find the right keywords but it depends a lot on keyword competition.
You can find more information about paid search and keyword competition in these articles.
A good keyword research software such as WordTracker, Keyword Discovery and Keyword Elite is indispensable when you determine which keywords to bid on.
Or newsletters is an incredible good way to attract traffic and generate sales and it's almost free. It takes at an average 7 impressions before a customer decides to buy and E-mail marketing is a tool to continously make impressions on your potential customers.
Read more about E-mail marketing in the article: Do's and don'ts when writing a newsletter
AWeber is the ultimate tool for E-mail marketing campaigns and it's hard to imagine running a busy online business without a autoresponder.
Is perhaps the best way to build link popularity for your web site but it also drives traffic to your site through the resource box you always should include.
There are many benefits by using articles to promote your site (and yourself) and they are listed in the article: Top 10 reasons for writing articles and give them away
The book Turn your words into traffic is a masterpiece that guides you through the whole process from how to identify a topic to write about to how to publish your articles.
Is an excellent way of driving visitors to your web site. It takes some time to post the comments but the benefits can be enormous.