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A customer of mine has another approach: paid listings. It's a real estate parisian company paying for being included on some real estate web sites publishing classified ads. Even if he has very limited traffic on his website from those third party sites, that traffic is very qualified, since people come for a real interest to the promoted web site.
Another way for a web site to attract new customers is to publish ads in other medias. Traffic is still coming from Google (who has 90% market share in France), but with terms directly related to YOUR website (be careful of cybersquatting and typosquatting then!) This solution has a real cost, however.
Finally, community is essential. If a student can open a blog on your service, he's going to attract his friends by himself, who's going to come for his blog first, then for the entire site. Blogs are not the only easy to setup services. You have other solutions to attract young people than your main service.