It's a dilemma that most small businesses and startups face: You must market and advertise, but you're strapped for cash. Fortunately, ideas, energy and imagination can make up for meager marketing budgets. Whether you're an established company or a nascent business, the marketing formula is the same. You'll need to start with:

1. The right message

2. To the right audience

3. At the right time

Here are a few secrets to getting the most bang for your buck:

* Maximize Internet marketing opportunities

The Web has opened up a world of low-cost marketing opportunities, from email and e-newsletters to blogs and podcasts. Also, consider search engine marketing and programs like Google's "Ad Words," which charge on a pay-per-click basis.

More Ideas: If you want to send an e-newsletter or conduct a low-cost email marketing campaign, try Constant Contact (as low as $15 per month). To get a great list of prospects, sign up visitors to your Web site (a no-brainer) by offering a gift (a short report, 10 tips from an expert, or something humorous) or rent a targeted email list at Postmaster Direct. Find out more about pay-per-click ad opportunities at Google.com.

* Seek publicity

Send out press releases and look for "hooks" to get your company covered in print or on TV or radio. Also, make the most of trade showsby speaking on industry panels to position yourself as an expert in your field. (Speakers and panelists at trade shows often receive free registration.)

More Ideas: PR Newswire.com details the components of a press release and offers other tools for publicizing your business. This Marketing Sherpa article provides tips for getting on panels at conferences and trade shows.

* Adopt Guerrilla Marketing techniques

Guerilla Marketing is described as "a proven method of achieving profits with minimum money." After 14 million books in 41 languages, Jay Conrad Levinson's low-cost tactics are still going strong. Some of his tried and true tips include writing a column for your local paper, sending "off-season" cards (instead of holiday cards), and even slipping your business cards into relevant books at the bookstore or library.

More Ideas: Learn more about Guerrilla Marketing at gmarketing.com.

* Harness the power of Word of Mouth marketing

Word of mouth, or buzz marketing, has been generating buzz of its own as a powerful and inexpensive marketing discipline. Create your own customer evangelists and let them spread the good word.

More Ideas: Visit Bravenet.com to add a free "tell-a-friend" tool to your Web site, e-newsletter, or emails, or try the low-cost Tell-a-Friend Wizard. For more ideas on how to generate buzz, visit WOMMA, the Word of Mouth Marketing Association.

* Consider low-cost, "do-it-yourself" media options

Before you invest in an elaborate direct mail campaign, consider sending less expensive mail such as postcards or birthday cards to clients. Piggybacking on existing community promotions such as participating in town days, and developing loyalty or frequent-buyer programs are other "frugal" methods.

More Ideas: Try a low-cost postcard service such as ModernPostcards.com. Your business can join an existing loyalty program such as MyPoints.com or establish a custom loyalty program with companies such as Maritz. Find dozens of frugal marketing tips at FrugalMarketing.com.

Tips & Tactics:

In a world of spam and impersonal emails, try sending personal, hand-written notes.

Find a related but non-competitive partner and join forces to share marketing efforts.

Do "grassroots" marketing research by talking to your customers one-on-one.

Join newsgroups and online discussion groups to position yourself as an expert.