The truth is this: There really shouldn't be an OR there. Good PPC strategies can enhance the effectiveness of your content marketing. However, without good website content in the first place, PPC has very limited value on its own.
So, if your budget is truly limited, you should start with content marketing since that forms the heart of your website. However, as PPC campaigns can be conducted quite inexpensively, there's little reason not to combine the strategies for better effect!
PPC and Content Marketing: Getting The Best Of Both Worlds
The first thing to remember about pay-per-click is what you're buying for your money. You get very precisely-targeted advertisements which can be dropped in front of virtually any user you want, based on pre-defined search keywords and demographics.