Strategy Diamond Template
Consider all the elements you need to create an integrated and powerful business strategy.
About the Strategy Diamond template
What is a strategy diamond?
To achieve key objectives, every business assembles a series of strategies. But what elements should you consider when building a strategy? How can you stay ahead of your competitors while also building your brand and bottom line?
A strategy diamond is a collection of elements forming a coherent business strategy. These elements include: Arenas, Differentiators, Vehicles, Staging, and Economic Logic.
What are the advantages of using a strategy diamond? Most strategic plans focus on just one or two of these elements, creating gaps that might cause problems for your business later on. A strategy diamond can help you stay focused and ensure you’re fulfilling all of your business’s needs rather than one or two.
When to use a strategy diamond
The strategy diamond is designed to help you consider the most important questions you’ll need to answer when your team defines your business strategy. Organizing the strategy as a whole, so each part integrates with the others, helps you figure out your business’s goals and the best way to achieve them.
Create your own strategy diamond
Making your own strategy diamond is easy. Miro’s simple whiteboard tool is the perfect canvas to create and share this integrated strategy model. Get started by selecting this Strategy Diamond template.
An effective strategy contains five key elements: Arenas, Differentiators, Vehicles, Staging, and Economic Logic. Remember that it’s important to consider each element in the diamond because they are all interrelated and mutually reinforcing. To ensure you’re meeting your goals, make sure you can answer the following five questions.
Step 1: Arenas - What do we plan to achieve? What is the nature of our products, services, distribution channels, and market segments? What geographic areas do we plan to expand into? What technologies will we use?
Step 2: Differentiators - What sets us apart from our competition? Image, price, product dependability, how quickly we get our product to the marketplace? How will we win the marketplace?
Step 3: Vehicles - How will we get there? Strategic alliances? Development? Licensing
Step 4: Staging - How will we advance our product or positioning? How quickly will we move? In what order we will move forward?
Step 5: Economic logic - How will we obtain our returns? By lowering costs to give value for the price? Providing premium services for premium pricing?
Product canvases are a concise yet content-rich tool that conveys what your product is and how it is strategically positioned. Combining Agile and UX, a project canvas complements user stories with personas, storyboards, scenarios, design sketches, and other UX artefacts. Product canvases are useful because they help product managers define a prototype. Creating a product canvas is an important first step in deciding who potential users may be, the problem to be solved, basic product functionality, advanced functionalities worth exploring, competitive advantage, and customers’ potential gain from the product.
Communicate your team’s goals clearly and measure your progress accurately. Nothing to it, right? Actually, it’s a fundamental challenge for many companies. A Balanced Scorecard is here to help. It puts a series of Strategy Maps on one screen—in one source of truth—which lays out team member tasks and sets them up to succeed. If you put your Balanced Scorecard to work the right way (and Miro makes that easy), you’ll improve in three key areas: strategic planning, strategic communication, and performance reporting.
Whether it’s a client party or a nonprofit fundraiser, your event needs one key thing to be a smashing success: people to show up. That’s why promoting it is such an important part of the planning—and creating and sending a flyer is the first step. These single-page files will grab your guests’ attention and give them the key details, such as the time, date, and location (and if it’s a fundraiser, who/what the funds will benefit). This template will let you lay out text and customize a flyer design.
Action Priority Matrix
You and your teammates probably have more ideas than resources, which can make it difficult to prioritize tasks. Use an Action Priority Matrix to help choose the order in which you will work on your tasks, allowing you to save time and money and avoid getting bogged down in unnecessary work. An Action Priority Matrix is a simple diagram that allows you to score tasks based on their impact and the effort needed to complete them. You use your scores to plot each task in one of four quadrants: quick wins, major projects, fill-ins, and thankless tasks.
When processes start to get messy, it’s a good idea to take a step back and visualize who does what and when. A swimlanes diagram takes a familiar, everyday physical place (a lap pool) and turns the idea of “swimlanes” into a metaphor for organizing processes within a team, work group, department, or multilayered organization. This digestible, one-stop visual representation uses the metaphor of lanes in a pool to clarify a complex process. Use a swimlanes diagram to clarify roles before a major project, to bring a new hire up to speed, to update your organizational structure, and much more.
Making difficult decisions gets easier when you can look clearly at your choices and visualize the outcomes. That’s just what a decision tree will help you do, empowering you to invest your time and money with confidence. A decision tree is a flowchart that looks just how you’d imagine—with “branches” that represent your available choices. It provides a stylized way to play out a series of decisions and see where they lead before you commit your real-world resources, which is especially valuable for startups and smaller companies.