If there's one thing that the novel COVID-19 coronavirus has shown, it's that a widespread pandemic has massive implications for economies all around the world. This virus has touched the global market at a scale that perhaps has never before been seen.

In the wake of this pandemic, businesses are left asking several questions. One such question is how to manage customer demand during pandemics. In some industries, like basic essentials, demand can go way up. This could be a result of folks trying to stock up on basic supplies.

Other industries, like the hospitality industry, see their demand go way down as would-be customers become more and more afraid to travel. In the face of government restrictions, demand could even die down to a nil value.

So how does a company manage the ebbs and flows of demand during a worldwide pandemic? That's exactly what we will teach you in this article.

Flexible Supply Chain

One of the most important things that you can do to manage demand is to match your supply chain according to the current demand. As a general rule, during a pandemic, if you are an industry that is significantly affected one way or the other, you won't be able to have a significant impact on your industry's demand levels with marketing. Simply put, no one is going to be convinced to travel to the Bahamas and stay in your resort during a pandemic with even the best commercials.

Thus, you have to build a supply chain that is flexible. This chain should be able to scale up and scale down with equal agility. If your demand goes up, your supply chain should be able to keep up. But if the converse happens, then your supply chain shouldn't dry up.

Implement Pricing Strategy

Another demand management technique for those companies experiencing fluctuating levels of demand is to implement a pandemic-customized pricing strategy.

For instance, consider companies that have massive demand and aren't able to keep up. The increased price will ensure that only the customers who really need and want the product or service will purchase it. Those who don't will look elsewhere. This also translates into higher margins for your company.

On the flip side, during a pandemic, you can undercut the competition with lower prices. You'll have to sacrifice margins, but when the world's economy is being ripped to shreds sometimes you simply have to make short-term sacrifices so that you will be able to stay afloat in the long-term.

Match Supply to Customer Demand During Pandemics

We all know that for a market to operate at its most efficient point, supply has to match demand. This is no easy task during a pandemic, but by implementing these tactics you should be well on your way towards matching your supply to customer demand during pandemics.

For more business advice, be sure to take some time to take a peek at and browse through the rest of the articles available to read on the website!