Here are a couple thoughts about what a company can do (on the cheap) to promote a new product or service using new media:
- Start a blog and let people register to write about their experiences with the product/service
- Start a podcast where company leaders answer questions about the product/service
- Allow people to upload videos/pictures of themselves using the product/service. Maybe tie-in a contest where the best (people vote on the best) submission receives a prize. But make sure to think about how you'll handle criticism....
- Start a Facebook group for people to discuss the product/service.
There's got to be more tactics that I'm missing. Feel free to comment and let me know about what you'd do from a social media standpoint.