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I would say SEO because it indicates if the site (blog) is compliant with SE best practice to rank high and be found, assuming content is relevant to the target audience, and readers will want to share it (people like to share what makes them look good).
I will try to link with influencers and try to get some backlinks from them, but this technic is also beneficial with other blogs as long as they have a descent traffic and are quality sites.
Sending the notification to search engines about the new blog is also worth doing even though SE will find it eventually. Increase conversation by responding to comments to foster loyalty and leaving comments with your blog’s URL that are relevant to other site’s blog is an easy way to generate traffic.
Reverse engineering the backlink by linking to other sites because owners will get curious and visit your blog. Any SEO technics apply to a blog in term of content, information architecture, usability and so forth.
I think we shouldn’t pay if we want to generate traffic through blog because the very essence of a blog is to provide quality content that people want to consume. If done properly, content marketing will entice users to access the blog and become loyal to its publications. This is powerful enough to generate traffic to a site without shelling out a penny! And again, I trust SEO efforts are more viable in the long run than paid campaign which last the time of your budget.