Wachovia Bank Update: New Twitter Strategy Matches “Connectivity” Goals

wachovia-dm-on-strategy

Direct Message to deansguide from our friends at Wachovia Bank

If you have followed the deansguide series of critiques on Twitter.com business strategies, one of the companies I outlined was Wachovia Bank: “Bank’s Twitter Strategy: Lack of Strategy Hurting Brand.” In this critique, I pointed out the following:

  1. They had no discernible strategy
  2. Their lack of strategy in following people (audience of customers) could be perceived negatively
  3. They were not being true to their Twitter Bio mission

Wachovia’s Old Strategy: Follow a minimal percentage of audience-clients on Twitter

wachovia-bank-twitter1

The results can be seen in the “follow” and “followers” categories where Wachovia was following only 11% of their audience.

Wachovia’s New-Improved Engagement Strategy

As of today March 12, 2009 Wachovia has aggressively fixed their follow strategy by following every one of their followers. By adopting this strategy, Wachovia now has created the following:

  • Open line of communications with audience via Direct Messaging
  • Created the perception that they wish to communicate with their audience
  • Provided their audience with recognition by following each person or company who follows Wachovia on Twitter
  • Demonstrated their willingness to listen to their audience
  • Quickly tap into customer conversations and solve customer services challenges that may exist
  • Demonstrate they are one of the leaders in the Banking industry in regards to social media and audience engagement on Twitter

Wachovia Bank March 12, 2006 Twitter Account

wachivia-new-strategy

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Twitter Transparency: Inner Architect’s Strategy

For the sake of being transparent, honest, and forthright, I feel it is necessary, as the Business Director for Inner Architect, to state our Twitter.com strategy on Twitter. Over the course of the last month I have reviewed the Twitter strategies, or lack of strategy depending upon how you utilize Twitter, of the National Association of Realtors and Wachovia bank. Let’s take a look at what we are accomplishing here on Twitter:

Two Account Strategy: deansguide

deansguide-twitter-page

My Twitter.com deansguide has the following functions:

  1. Engage: Spend time investing in my Twitter relationships, my selected communities, conversations, individuals, and companies by following nearly everyone who follows me
  2. Communicate: Direct contact with people or companies
  3. Research: Gather content ideas, valuable links, and industry information for repurposing
  4. Go-To-Source: Try to be a go-to source and resource of valuable information by providing the best tweets as often as possible
  5. Recognize: Recognize great content, ideas, attitudes, and kindness by ReTweeting or writing about any person or company that is creating and giving value on a continuous basis
  6. Network: meet and network with people in Silicon Valley (near my home) and around the country

My goal here is to contribute to the twitter community as much as possible.

Two Account Strategy: Innerarchitect:

innerarchitect-twitter-page

Our Twitter.com Innerarchitect account has the following functions:

  1. Research: Find content that matches our business goals, provides fresh perspective, and helps us build our library of value
  2. Follow: The main focus of this account is to find content, research our industry. Consequently we are less active in following. We try to follow people specific to our industry, read, and listen more on this account.
  3. Recognition: We will not follow everyone that follows us as that is not the focus of this account. What we will do is recognize people and companies that inspire us and provide value on a ongoing basis
  4. Activity: We will produce less content (Tweets) on this account because our focus will be to listen to conversations and gather information

Conclusion

If you are a company or individual concerned with ratio of followers to those you follow, then consider deansguide as the place to be on Twitter. On deansguide, I provide value and follow most everyone to build their network numbers.

If you are interested in our company mission, information, and writing consider following or checking in with Innerarchitect. We will focus on companies interested in social media and