Are you planning to launch a new product or service, but you have no idea what exactly you could offer consumers? The remedy here may be a morphological analysis that will help you come up with unique solutions and increase profits in your business! Read on to find out more.
Initially, the morphological analysis developed by Fritz Zwicky was used for research in astrophysics, however, it later found wide application in other scientific fields – also in business. It is a method for exploring possible solutions to complex problems.
It allows you to look for creative ideas when developing strategies, launching new products, optimizing processes, etc.
Before applying the analysis in question, it’s worth keeping in mind the following assumptions that stem from this technique:
When can you use this method? There are several options:
The entire process can be done in the following 4 steps:
Let’s say your goal is to create a digital product with valuable information and tips from the industry you specialize in. However, you need to make some decisions about what kind of product it should be, for what target audience, and so on.
What kind of product would you like to offer? Who is your target group? What revenue model will you choose? What are the unique features of your product and what is your brand message?
To do so, you can take inspiration from your competitor’s strategies and online sources or hold a brainstorming session with your team. Eventually, you should pick out a few variables for each category. For example, some digital products you can offer – an ebook, a podcast, an online course or a newsletter. Do the same for the other categories.
To make your further analysis easier, present the information you’ve gathered so far using a morphological chart (also known as the Zwicky box).
At this stage, you can start choosing your options for achieving your goal. You can combine solutions freely. Not every result you receive will prove valuable, but there is a good chance that you will be able to use some of the ideas you get. For example:
Option 1 – creating an ebook for beginner freelancers, at an affordable price (a one-time revenue and an attractive price), which will support them in their further development,
Option 2 – creating an online course dedicated to students, at a certain price (a one-time revenue), allowing them to expand their knowledge and develop anywhere, anytime (convenience and flexibility),
Option 3 – creating a newsletter for specialists in a particular industry, which will be available after buying a subscription, its purpose will be to spread specialized knowledge.
The morphological analysis is worth testing in your business model for several reasons:
However, it also has some limitations:
As you can easily see, the presented method has its drawbacks that can discourage you to use it. A lack of standardized parameters affects the accuracy of drawn conclusions and can lead to unnecessary costs.
However, it’s worth noting that it is a great way to develop creativity and look for non-obvious solutions, which is an extremely valuable skill in business management. For this reason, you can combine it with other analytical techniques, for example, in assessing a company’s financial position using a ratio analysis.
Read also: What is a supply shock? 2 important types of supply shocks.
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Author: Andy Nichols
A problem solver with 5 different degrees and endless reserves of motivation. This makes him a perfect Business Owner & Manager. When searching for employees and partners, openness and curiosity of the world are qualities he values the most.
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