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From the page: "I came across a table in which direct marketers ranked which tactics generated the strongest ROI for customer acquisition. 34% of the respondents said direct mail gave them the strongest ROI. In comparison, only 8% picked search engine marketing -- and only 6% chose advertising on web sites."
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I think the reason for this may be that we're comparing poorly run PPC campaigns with highly targeting direct marketing campaigns. Why? Marketers need to build up the leads, so they expand keywords and bid up PPC prices -- utimately ending up with a lot of wasted clicks from the wrond audience. They end up with higher total clicks, but lower ROI and conversion. On the other hand, no direct markter would expand their list to include people outside their target market.