How can we help 2.2 Billion ears?

Due to that fact that we live longer than before, the population in need of hearing help increases every day.

Market insights

High potential, low penetration

According to The World Health Organization, WHO, there are around 1.1 billion people who are affected by hearing loss today. Out of these people, one third is of retirement age, but the majority are actually younger. Our industry has a great responsibility to develop hearing solutions to meet the increasing needs and to make them available for everyone.

Today, at least three in four people will never do anything about their hearing loss, and those who do, wait seven to ten years before visiting a hearing care professional.  These numbers are even lower in developing countries. Considering these facts, we need to ask ourselves: Why is the level of market penetration not higher within the hearing industry?

One solution doesn't cover all needs

One significant reason is the general lack of knowledge about modern hearing solutions and that people in common believe hearing products are just for the elderly. Another reason is that the hearing aid is considered the Holy Grail of solutions by the industry, not taking into account the vast diversity of needs that exists among people with hearing loss.

Aside from basic communication, people also need to feel safe and connected to the outside world. What if you missed that important phone call, or were late to work because the alarm clock didn’t wake you up? What if there was a fire and you didn’t hear the smoke alarm? Not being able to address these needs as well, we risk that our clients leave the consultation dissatisfied which results in lost business.

The path to future success

A rising trend is that a lot of hearing clinics around the world are evolving from the traditional business model that solely focuses on hearing aids, into a one-stop hearing shop that offers a much wider variety of solutions. By deciding to also incorporate listening systems, personal amplifiers, TV listeners, alerting products, hearing protectors, amplified telephones and alarm clocks in their range, they have opened up a whole new market.

These early adopters are offering a more complete portfolio to the end user and have both expanded their customer base and created more customer loyalty, growing their overall sales and profits.

Consumer insights

Take the next step

If we look at a typical day in a hearing impaired person’s life, it soon becomes pretty obvious that one single product doesn’t cover all needs. Instead, a wide selection of hearing products is required in order for people with hearing loss to lead a full and active life.

In an ever-changing market, where consumer behaviour and loyalty shift very fast, not being able to fully serve the customer’s real-life needs is a somewhat hazardous path to follow, leaving a huge gap for present and future competitors to capitalize on. Are you ready to take the next step? Learn more about our wide range of solutions and sales tools that can help you evolve your business today.

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