A few thoughts on this Wachovia using Twitter.

In order to be successful with Twitter, Wachovia needs a 3 prong approach.

1. Create a site that accepts and fosters new traffic (that will come from Twitter, or other medium). It should have targeted information on the site that is conducted after careful analysis of user goals and needs.
2. Experiment with Twitter and other tools (as this article discusses)
3. Analyze and track through robust metrics and then grow the relationship on the site and twitter

In short, Twitter is great for ‘shouting’ a message, news, insight, etc – but the note then dies or gets buried in other Twitter traffic. The winning model is one where Twitter creates traffic back to the site, and where the site then tracks, fosters and molds the interaction into a long term relationship.

Lehman Brothers filing for chapter 11. Merrill Lynch sold. AIG receives a lifeline from the Fed. Washington Mutual having issues. Fannie Mae and Freddie Mac under government control. Bear Sterns sold.

In any radically changing market, opportunities can be found. While bad credit policies and poor oversight are the common blames for the current financial crisis, the Internet will help foster and grow innovation.

Major financial institutions, which previously only focused on the end retail customer, are now broadening their online profile to include the entire buy-side and sell-side supply chains. Spending on increasing communication, building relationships, and creating conviction are common themes.

Conviction is the confidence necessary to convert a prospective client into an actual client, and the critical assurance to keep clients from defecting. Personal relationships between asset managers and prospects (from institutional gatekeepers to broker/dealer producers) are the main conduit to creating this conviction.

Without this perceived relationship, prospects cannot “bet” on the portfolio manager. But personal relationships can’t scale. With over 650,000 registered securities representatives in the US alone, asset managers need additional tools.

How are companies augmenting relationships and creating conviction in financial services? The internet is assisting by providing content and managing perceptions. The following rules are being followed: Read more