In a state that many people considered his best opportunity to match his strong fund-raising with enough votes to shake up the Republican race, Representative Ron Paul came up short on Tuesday.
Despite what seemed like a solid pairing of Mr. Paul’s libertarian leanings and New Hampshire’s “live free or die” ideals embodied in its independent voting bloc, he placed fifth, the same as in Iowa, and 2,000 votes behind Rudolph W. Giuliani.
In his speech on Tuesday night, Mr. Paul, of Texas, indicated that his unorthodox Internet-driven campaign would continue.
“There’s really no reason for us to be letting up,” he told several hundred supporters. “It’s really only the beginning.”
Exit polls showed that Mr. Paul took 18 percent of the Republican votes from people younger than 30 in New Hampshire, a demographic reflected in the crowd on Tuesday night. It included many college students and others in their 20s.
Mr. Paul’s supporters were nothing if not visible this week, waving signs along the main street of Manchester and outshouting Senator Hillary Rodham Clinton’s backers at a polling place in Concord that she visited Tuesday.
Since October, the Paul campaign spent $3 million on television, radio and direct-mail advertising in New Hampshire, said a spokesman, Jesse Benton. Even so, Mr. Benton said, Mr. Paul spent 19 days campaigning in the state, fewer than some rivals.
“New Hampshire citizens really want to see the candidates on the ground,” he said. “That put us at a disadvantage.”
Mr. Paul, who raised nearly $20 million in the last quarter, has enough money to propel him into the Feb. 5 primary states where he intends to compete.
His campaign has spent $1 million on advertising in South Carolina and Nevada, which vote on Jan. 19, and plans to buy air time in large and expensive media markets. His commercials are already running in Florida, which votes on Jan. 29.
Mr. Paul can also draw on thousands of volunteers. In New Hampshire, a flock, many from out of state and even from overseas, knocked on doors, wrote letters and made telephone calls.
Ryan West and his wife, Amelia, flew from Indiana on Friday to volunteer for Mr. Paul. At the election night party, Mr. West said he was attracted to Mr. Paul’s message of personal responsibility.
“The core of what Dr. Paul is about is peace, freedom and prosperity,” Mr. West said. “Who could be against that?”
Violet Zharov, a student at Carnegie Mellon, also traveled here this week to volunteer. Ms. Zharov is active in a MeetUp group for Mr. Paul that has grown from a couple of dozen supporters to more than 1,000.
In conversations with undecided voters this week, she said, she found herself explaining to some why a vote for Mr. Paul would not be wasted.
“I tell them that you’re not the only one who is asking yourself that question,” Ms. Zharov said. “If everybody just voted with their conscience, we’d have Ron Paul in front of candidates like McCain, Giuliani and Romney right now.”