What is your Twitter strategy?

Never outsource, social media is not a marketing channel, it's part of your culture.  Either you embrace and do it, or you don't.  And don't, is fine, it's not a requirement to being successful, but yes, you have to embrace it if you want it to work for you.  Think of it this way, you have either a networking personality (you meet people, you socialize, you are comfortable in unfamiliar settings), or you don't - you can't hire someone to be that for you.  Twitter, and all social media, is like that, it's not a good or bad characteristic to have, it just is; you either are that (and your business/brand is that), or your aren't.

Paul's advice is excellent: social media is your public persona. Make sure it portrays the image you want it to.
I also need to check out some of the tools he recommends.

As a general philosophy, my approach to all of social media is: post only if you have something interesting or useful to say. There's a lot of pressure to post on a regular schedule and general wisdom is to tweet x times per day, blog only if you can sustain the frequency etc.
I think you get more followers if you only produce content when you have something meaningful to say, rather than produce to a schedule. People are already swamped by too much content. Generating noise just because you're supposed to, brings no added value and costs you time.

In terms of getting followers on Twitter, what I've noticed works best is brand association. If someone with a huge following mentions you or follows you or you are somehow associated in a tweet, then all these other people will start following you, too.

For my business the challenge is the different types of content I produce. Still figuring out at which point to break out the different threads into separate accounts.

Twitter is good for broadcasting info that will be searched by keyword &/or that is perishable. It is good for 'this is happening here, now' type info or for starting or joining a conversation about a specific topic with people who are not necessarily already in your core audience. (Unless, of course, you're a star with groupies desperate to know what you had for breakfast.Then, you can tweet anything.)

I've discovered some interesting people, products & services based on Twitter follows. Either they started following me or someone I follow tweeted about them and got me interested. It's a good way to keep abreast of the complementary and competitive landscape.

@Gaurav, you can always watch and participate in Twitter's trending topics. At this moment you might tweet about your free ticket give-away to 'Vegas' for example... https://twitter.com/search?q=Vegas&src=tren. I can't say if it works or not. It depends on whether or not your target audience is reading/participating in the trending topic, the action you want them to perform, and whether or not your tweet is relevant enough for them to click-through.

@Paul - These are some great tools. Do you know of any tools that help in content generation? For example provide you trending topics or suggest content that you can use in your messages that is industry specific or resonates with your brand instead of spending hours trying to find/generate content?

Shoot, one other things, I can't figure out how to edit my answer... 

We use SocialSonar: socialsonar.com Cheers

Got my target audience segmented and at the moment I post twice per day a mixture of different content. I normally get good advice from a great company called Purr Traffic.