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The phrase "cost-effective method" is correct and usable in written English.
You can use it when discussing a method that provides good value for the money spent, particularly in business or project contexts.
Example: "After evaluating several options, we decided to implement the cost-effective method for our marketing strategy."
Alternatives: "economical approach" or "budget-friendly technique."
Exact(57)
In developed economies, switching from coal to gas power generation is a cost-effective method of achieving emission reduction targets.
It is certainly the most cost-effective method of deer control, since the hunters provide their labor free.
Clearly, primary prevention is the most cost-effective method of controlling disease.
This provides a cost-effective method of monitoring sensitive components in the environment, and of providing information about uranium levels to concerned local populations".
It was a cost-effective method, which promoted local capacity and built on the community-based approach Blue Ventures was championing in its conservation work.
It has proved to be a cost-effective method of introducing non-academic school leavers to work without their lack of qualifications being a barrier.
The report shows in total that nearly 1,400 schools from 118 local authorities implemented the strategy as a cost-effective method to tackle literacy difficulties.
The cloud flexes its muscles Increasingly the cloud is proving to be the most cost-effective method of doing IT "heavy lifting" – basically running resource-intensive applications.
Similar(3)
This cooling technique is considered as an attractive cost effective method of cooling [1, 2].
H.R. 2568 offers the most efficient and cost effective method anyone has proposed to redirect federal infrastructure spending to small businesses.
Resequencing microarrays provide a rapid and cost effective method for screening mutations in genetically heterogeneous diseases such as CMSs.
More suggestions(3)
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com