Good Things Come to Those Who Blog

General Motors'(GM Quote) vice chairman Bob Lutz does it. Boeing's(BA Quote) vice president of marketing, Randy Tinseth, does it. And Carl Icahn is reportedly going to do it.

Blog, that is.

But blogging isn't only for business bigwigs. It can be an inexpensive and effective way for small businesses to promote and publicize themselves.

Here's why and how to do it well:

Cheap Labor

A blog is less expensive to create than a traditional Web site. Plus, you're the employee.

But if you're not versed in embedding video, uploading photos or any of the other things that make a blog, well, a blog, then entrust the job to an employee or employees you know will present the company in a positive way. After all, a blog not only helps you get a toehold in the Internet, it can also be an introduction to potential or existing customers.

"Small businesses don't have a budget for focus groups," says Debbie Weil, a corporate and CEO blogging and social media consultant. "A blog lets you have a conversation with readers. Maybe they can tell you something about the products or services and ways to improve it." You can also become a resource for journalists looking for quotes.

Content Is King

Do post up information about the company on the top of the site or have a "contact" button, recommends Russell Bailyn, a wealth manager with New York City's Premier Financial Advisors, Inc., and a blogger who writes about financial planning matters.

But it is not a place to rehash press releases or rehearse the company line. A successful blog has a point of view, a voice, offers insight into an area of expertise, and should be a good read.

Don't Be Tone Deaf

Just as it's important to think about content, it's equally important to think about tone.

"Be careful to strike a balance between informality and formality," says Bailyn, who is also author of Navigating the Financial Blogsphere: How to Benefit from Free Information on the Internet (Wiley).

"People expect blogs to be quick reads, not dense treatises on boring subjects. By the same token, a business always wants to convey at least some air of professionalism."

So run that spell check and read up on The Elements of Style.

Slackers Not Wanted

Post at least a few times a week, or don't post at all, warns Weil, author of The Corporate Blogging Book (Penguin Portfolio). If the content isn't fresh, there is no incentive for people to read you, and, hence, learn about your company. Test the blog out for a few months before launching to see if you can keep up the pace. This will also let you see how long it takes to get an entry cleared by the press office.

Be Prepared to Be Famous

You won't be the next Paris Hilton, but be prepared to become a public personality. After all, blogging is about sharing your thoughts and opinions with whoever is on the Internet.

"People you've never heard of will say terrible things about you online," cautions Weil. But "if you blog, you can determine your digital identity."