2. The Sounds of Success
According to the Hearing Industries Association (HIA), hearing aid sales have increased significantly during the last three quarters: Q4 2015, +6.98%; Q1 2016, +9.7%; and Q2 2016, +10.1%.
Total 2015 net units were 3.36 million, or a 7.17% increase over 2014’s 3.13 million. With a strong first half of 2016, net units are forecast to total 3.7 million for the entire year, which would be a 10.1% increase compared to 2015.
Considering that the best estimate is that 30 million Americans (12 years of age and older) have hearing loss in both ears, the hearing aid industry is only serving a bit more than 10% of the potential market.

3. The Sales Environment
According to data gathered by Hearing Health & Technology Matters, approximately 79% of sales come from the private sector and 21% from the public sector, predominately through Veterans Affairs.
Although most sales occur in the private sector, 50% of sales are generated at manufacturer-owned outlets/franchises and/or large retailers, such as Costco. Independent channels and small chains account for the other 50% of sales.
Costco and GN (Beltone) had the largest share of the manufacturer-owned outlets/franchises and/or large retailers sector during 2015, at 10% each; followed by Starkey (Audibel), 8%; Amplifon (Elite), 8%; and Amplifon (Miracle Ear), 6%.

4. Patient Growth Through Referrals
In the latest (2014) business and practice benchmarking study for the hearing aid market, the data showed that hearing aid professionals (HCPs) in non-medical practices should allocate more of their marketing expenditures for physician-generated referrals.
Hearing care medical practices spent twice as much on marketing to physicians for referrals than non-medical, hearing care businesses, 8% and 4%, respectively, and generated 68% of their new patients from physicians compared to 19% for non-medical businesses.
Among non-medical, hearing care businesses, patient referrals were their largest source of new patients, at 26%, with traditional print advertising generating 20%. These businesses spent 49% of their marketing budgets in print media.

5. The Hearing Review, May 2015 *saw during past 5 years
Patient Satisfaction with Hearing Care Professional* by Owner Status, 2014
Satisfaction Level
Non-Owners
Owners
Level 1: very dissatisfied 1% 0%
Level 2
Level 3 2%
Level 4
10% 3%
Level 5
14% 9%
Level 6
30%
27%
Level 7: very satisfied
43%
50%
The Hearing Review, May *saw during past 5 years

6. A Future of Improved Hearing
In an attempt to make hearing aids more affordable (current average price of $2,363), the US government is recommending the creation of a new category of over-the-counter hearing aids for adults with mild to moderate hearing loss.
A recent study at The University of Texas at El Paso found that “hearing aids improve brain function in people with hearing loss.” Those without hearing aids tend to utilize so much of their cognitive skills to hear words that it affects their job and life performance.
HearAngel® is a smartphone app from a company called LimitEar that helps parents determine if their children, especially teens, are being overexposed to high volumes of music when listening with earphones and headphones.

7. Advertising Strategies
Although print media appears to be a strong component of hearing aid centers’ marketing programs, to reach older adults, complementary TV advertising flights can build awareness since this age group has the highest TV viewership.
TV spots and/or ads on your station’s Website can target Generation X adults, who are more likely to have teenage children, with the message focusing on the effects of loud music. The calls-to-action of these messages can direct parents to a Website for detailed information.
Since events also appear to be significant sources of new patients for hearing aid centers, they should plan and implement a proactive plan of appearances at community health fairs; free screenings at malls, senior centers, etc. All of which can also generate trust.

8. New Media Strategies
Hearing care professionals (HCPs) would be well served authoring a blog, both to build trust and integrity and provide the public and potential patients with the extensive information they seek to understand hearing loss and the cost and value of hearing aids.
A feature on a hearing aid center’s Website and/or social media platforms could be the reproduction of the sound of tinnitus, with a video with a teen host explaining the dangers of listening to music at high volumes through earphones and headphones.
Invite new customers to upload videos explaining the improvement in their quality of life with hearing aids and emphasizing the importance for younger adults to have regular hearing tests to determine early hearing loss and the eventual need for hearing aids.