The Hearing Aid Service Practice is a business that sells and maintains hearing aid devices for those in need of auditory help, as well as assist audiologists in providing equipment and maintenance of that equipment for prescribed hearing aids. The true power of this service is that the majority of the population, the so-called “baby boomers,” those born post World War II and into the 1960s, are entering an age in which they often need help with auditory problems (“My Hearing Health). Additionally, those born post 1970 and beyond often listen to their music at a level in which there is likely damage to the ear-drum, thus creating a larger market for the future(“More on Hearing Loss”).
Additionally, since hearing is one of the most important senses for functioning adults, the market is open for simple, non-surgical, procedures and equipment that will help people hear the radio, television, communicate at work and at home. It is also true, from a vanity perspective, that the groups we have identified above want a small, non-obtrusive device that they are able to wear without calling attention to the fact that they are experiencing hearing problems, and are willing to pay for that convenience (Aucoin, 2007).
There are, of course, several brands of hearing aids, but – and this is an important competitive advantage, there are not a great deal of certified audiologists. Partnering in the office of an audiologist effectively brings the client base to us, and most, once being diagnosed, are more comfortable allowing a trained professional to assist them with their purchase. We can, then, provide a stratified level of products (low end, medium range, high end, vanity, etc.) to fit the client needs the best. Since we are in the position to test, diagnose, and service, fit, and maintain, the devices, we are in a great competitive space; not quite a monopoly, but certain a destination service that stands apart from many of the other, more “dime-store” type of products (“Hearing Aids 101”).
The products we purchase must be of a niche that the consumer cannot find them elsewhere (through mail order, discount stores, etc.). They must be of a much higher quality, for example, the Nordstrom line of the industry, rather than the K-Mart, Target, or Wal-Mart. Additionally, the products may be more expensive, but they all come with a guarantee, and we are able to service and fit personally, rather than have a “once size fit all” program. We are able to choose our suppliers from some of the nation’s top manufacturers of hearing and auditory equipment, and we ensure that each one of these products is backed by solid research, data, guarantees, and convenience in service to the client (availability of product, length of time to order custom product, availability of repair parts, historical reliability of product) (“Cost of Hearing Aids, etc.”).
An additional concern in this industry is whether one can be certified to provide the appropriate level of product and service so that major insurance coverage, and most especially Medicare, will cover the product or a portion for the client. Pricing of the product needs to be fair, but within an appropriate line for the type of quality and service provided – rather than being the least expensive on the block, it is our desire to be price-competitive, fairly-priced, but providing a level of service that is exemplary and will cause consumers to recommend and offer repeat business (See the book overview of Audiology: Practice and Management).
Market adaptation will be crucial as the population ages, and, as younger and younger individuals seek help with hearing issues. We will need to market in different ways that are non-traditional (e.g. in publications that are not designed for older individuals, or on television programs that are geared towards an older audience). Instead, it will be vital for this industry to show that hearing aids can be chic, designer quality, or almost invisible, and that the benefits and features one is able to glean from use far outweigh any issues regarding the stigma of “wearing a hearing aid” (See: “Hearing Aids Are Cool”).
References:
Aucoin, Don, (07.30.07), “Can You Spot The Personal Communication Assistant? As
Boomers Age, Product Like Hearing Aids Are Getting A Style And Marketing
Makeover,” The Boston Globe, cited in:
http://www.boston.com/yourlife/health/aging/articles/2007/07/30/can_you_spot_the_personal_communication_assistant/.
“Costs of Hearing Aids, etc.” cited in:
http://www.highlydistinguished.com/search.aspx?dwa5=Cost%20Of%20Hearing%20Aids
“Hearing Aids 101,” cited in: http://www.hearingaids101.com/.
“Hearing Aids Are Cool,” cited in: http://www.adrants.com/2007/06/newsflash-hearing-aids-are- cool.php.
Hosford-Dunn, Holly, et.al. (2000), Audiology: Practice Management, Thieme.
“More on Hearing Loss,” in http://www.asha.org/about/publications/leader- online/LettersArchive/2006Letters/ltr060523b.htm.
“My Hearing Health,” cited in: http://www.myhearinghealth.com/archive/2007/10/08/hearing_loss_affects_boomers_financially .aspx