Strategic plans that focus on only one or two elements often create gaps that can cause problems for businesses later on. The strategy diamond helps keep businesses focused and ensure that all business needs are met, instead of just one or two.
When to use the Strategy Diamond model
The strategy diamond is a helpful tool for thinking about the key questions that need to be answered when your team is developing a business strategy. By thinking about the strategy as a whole and how the different parts work together, you can figure out what your business goals are and the best way to achieve them.
How do you use a strategy diamond
You can easily complete your own strategy diamond by using FigJam’s visual collaboration platform. Simply select the Strategy Diamond template to get started.
The Strategy Diamond Model below shows how the five key elements are all interrelated and mutually reinforcing.
- Arenas: What are our main objectives? What are the characteristics of our products, services, distribution channels, and target markets?
- Differentiators: How can we make our product stand out from the competition? How can we win over the marketplace?
- Vehicles: How will we achieve our goal? Will we have to implement the partnerships?
- Staging: What are the next steps we need to consider in order to move our product to the next level? How quickly do we need to move in order to achieve our goals? What is the order of priority for the steps we need to take?
- Economic logic: How will we obtain our returns
