How to manage sudden demand spikes?
Product or Service getting the buzz and creating a viral demand is the dream of every entrepreneur.
But what if it happens very fast that you have very less time to react?
Keep yourself prepared
Before you release a new product or service prepare a clear plan for how to meet demands in case it becomes successful.
How to plan?
Have planned data points and research people to identify the surge in advance.
If you need more resources for meeting the demand, have a backup plan for the extra resource.
For example if you are product manufacturer, you might need more raw materials, production line, working hours, packaging etc. to meet sudden spike in demand. Plan for everything well in advance.
Though there are no 100% proof effective way to predict success, you can look for signals when you are in the process of making.
For example, many probable clients showing high interest in your new product during a pre-launch demo or multi-fold requests for your new service brochure are good signals for predicting early success.
You should work with potential growth in mind.
What if my demand exceeds prediction?
Even after preparing yourself, if you are not able to meet the demand, handle your clients smoothly.
Whether you are selling a simple sweater or a super hi-fi stuff, customers like to be treated in a super-godly way.
So try to communicate your situation effectively to the customers. You can ask them to sign up to your e-mail or mail newsletter so that you can inform them whenever your product is available or if affordable, you can provide slight discount to your waiting customers.
What’s the catch?
There’s a catch here.
All fire die after a while. So even your product or service demand might slow down after some time.
It is important that you are prepared for this slow down also.
The demand life cycle of every product and service is different. But it is important that you keep a tab on this keenly.