The Hearing Aid Market — Where You Are Marketing (and, hopefully, Selling) Hearing Aids…

$ 1 Billion Is Up For Grabs in the Hearing Aid Market!

What’s Your Share?

We analyzed the Hearing Aid Market and your competitors at the national level, the state level, and the local level in a variety of areas.

We found approximately 5,003 firms with 6,352 locations in the U.S. that are in the same business as you (Providing Hearing Aids at the retail level). In evaluating the national data, we uncovered several key points:

For a Quick Answer Just Do The Math…

These companies generated over $1B in revenue ($1,245,452,175), with an average annual sales of $250K perCompany. However, 74% of these businesses have fewer than five employees and less than $200,000 in annual sales. ($1 billion / 5000 providers = $200,000)

$200,000 Is Nothing To Sneeze At; BUT,
You Need 3 Times That Much Just To Survive.

Approximately 23% of the companies in this industry failed in all of the last six years. However, the vast majority of the survivors had $600,000 or more in sales. That level of sales increases the survivability rate to 92%.

The remaining 77% of the companies that did NOT go out of business grew only 1.5% during the past 6 years.

Is $600,000 Attainable in a One Person Business?

Once again, it's all we have to do is the math. With the average yearly revenue being $200,000 and 74% of them below that, obviously, 26% of them are above it. Yet, 3 1/2%. $1 million or more. 19% were over $500,000. (See Industry Financial Models)

How Small Is Too Small?

According to industry trends, more than 90% of hearing aid providers have fewer than 25 employees. And that is the definition of a small business. As we saw above, more than 74% have fewer than five employees. So, how is a one person firm able to get the revenue needed to survive? The answer is…

With Low Costs and High Margins,
This Business Offers Quite an Opportunity.

The lifeblood of business is cash flow. And, with low costs and high margins there is plenty of that in the surviving hearing aid provider practice. That's not to say that the typical HA provider is in this for the money. From what we can see, the vast majority are in it to help people hear. But the money helps.

What Do You Need to Know to
Capture This Opportunity?

The Hearing Aid Market is composed of a number of components – the competitors, the prospects, the customers, the opportunity, and the outside observer/reporters on the market.

You should look at the competitors as a whole, as well as, the local groups, and each one individually. (See the page – The Competition – for local groups and individual competitors.) They are an important part of a good “ SWOT ” analysis. (See Industry Profiles)

What About The People?

Whether you call them patients, clients, or friends, ‘The Prospects’ and ‘The Customers’ (or the Hearing Impaired) can be studied and seen in a multitude of dimensions.

Those dimensions include:

• The ‘ Demographics’ or the personal attributes of the population of Hearing Impaired (HI) whether seen as individuals, in small local groups such as in one city, town, or a single Zip Code.

• The ‘ Geographics’ which are the attributes of dispersion and distribution of the HI population. Frequently people connect the ‘Geographics’ with the ‘Demographics’ – either rightly so or not. They are separate and yet related things.

• The ‘ Psychographics’ – yet another related view of the HI population, in which the thoughts, feelings, education, experiences, and predisposition to the industry as a whole, are summed and dissected to analyze the current trends, and to project and predict the future actions.

But, as you might imagine, from the above, the ‘Customers’ and the ‘Prospects’ are, and need to be treated as, separate components. This is quite unlike most other markets. They have such disparate views, yet, are so closely aligned in many ways to others in the market. We’ll see later what considerations need to be taken. (for an ‘Overview’ of the Hearing Aid Market for Retail Sales, click here)

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