Take paid Amazon reviews for example. This is advertising, just one of the most scummy possible forms of it. It's effective because people like me look to reviews to provide a third-party take on whether or not a product is any good. If I have a choice between two otherwise equivalent products, I'll pick the one with better reviews. But usually this just means rewarding the company that paid more to "advertise" on Amazon.
I realize you're probably talking about "real" organic mentions, but those are growing increasingly harder to find. A good example is the last time I bought headphones. I got suckered by a bunch of small review sites that had either been paid or gotten free samples in exchange for reviews. I bought two pairs, and when they arrived the sound from both was distorted. One pair broke within a few months. It was clearly trash that had been pumped using fake organic marketing. When I went back to find the sites that had provided the reviews in the first place, a few of them did mention (in very tiny print) that the reviews were paid. Me, suckered by advertising?! More likely than you'd think.
Back in the day, Johnny Carson reading an ad was convincing to the median consumer because they could be led to believe that the ad really was an endorsement of the product. That doesn't work any more, or not nearly as much at any rate. The basic strategy hasn't changed: it's still an attempt to find someone the consumer will trust. This is why, in my opinion, ads have always been and always will be bad, an attempt to subvert human rationality. Johnny Carson endorsing a product didn't mean that the product was good, it meant he was paid to endorse it. A review site endorsing a product nowadays doesn't mean that the product is good, it means they're paid to endorse it. In both cases the breakdown between what the consumer believes is happening and what is actually happening is the very thing advertising is trying to create, its raison d'être.
The niche ones have mods which allow genuine dissent as well as other recommendations from competing solutions.
Smart marketers don't try to get you to buy from an ad click. They want to move you one step down the funnel, which is usually getting your email/contact info if it's the type of product that has a longer nurturing process and sales cycle.
On the other hand, brand recognition I do believe has value but is hard to quantify.
I also never click on an internet ad EXCEPT if it links to a price -not to buy.