Innovative Hearing Aid Marketing Strategies for Women

1 Decision-Making Marketing Role Students Name Students Number Course Studied Course Code Date

2 Audio Partners is launching a new product, the intelligent fashion accessory (IA), a hearing aid for women designed to look like an earring. The device comes with sophisticated technology that sets it apart from traditional hearing aids. It uses semi-conductor sensors to process and actuate sound. It also utilizes AI to connect to smart phones so the user can control its settings. Hearing loss is common in older adults and affects approximately 68% of Americans over 70 years of age (Everette, 2023). The National Institute on Deafness and other Communication Disorders claims 28.8 million Americans could benefit from hearing aids yet only 30% of adults over 70 and 16% of adults aged 20-69 use hearing aids (USDHHS, 2021). Adults who tried hearing aids in the past cited the following reasons for not using them: high cost, uncomfortable to wear, not enough features, they don’t work well, and they don’t like how they look (Everette, 2023). Hearing ability can greatly impact health and leads to higher rates of depression and cognitive decline (Hernandez, 2023). The prevalence of hearing loss indicates the need for Audio Partners new hearing aid device. The Matrix table below outlines features and benefits: Matrix table Feature Benefit A Benefit B Benefit C 1. No battery required It saves you money since you do not have to purchase batteries Eliminates need for charging or changing batteries It is eco-friendly, so you are not harming the environment. 2. Connects to phone You control the setting You can easily adjust the frequency response You do not need to visit the audiologist to adjust the hearing aid 3. Looks like an earing It is smaller than the traditional hearing aid, so it is more comfortable to wear It is fashionable and looks great on you! It is easy to put on your ear

3 Target Characteristics The target customer will be middle age to older women who experience hearing loss. Market Research Audio Partners should use the following sources to obtain customer insights and create an effective marketing strategy for hearing aid new product:  Market research reports: Information about hearing aid market size, trends, and consumer preferences can be gathered from data available with Euro monitor, Nielsen, or Deloitte. These reports also contain information regarding consumer demographics, buying behaviors, and spending patterns to enable marketers to target the right audience (Boyd, 2019).  Consumer surveys: Conducting surveys either online or in person with the target groups can help understand their preferences, needs, and opinions about the equipment. Surveys may also be used to understand the features and benefits that are most crucial to consumers to define the product and marketing strategy further.  Social media listening: Monitoring conversations about the devices and related keywords on social media can provide information about consumer sentiment, preferences, and complaints in real-time (Boyd, 2019). This information can be used to correct any problems and enhance a product or service.  Online reviews: Comparable hearing devices have online reviews and ratings, which can assist in getting useful information on things that customers like or dislike about the current products, as well as getting to know what features they look for while purchasing a product. This information can assist in positioning the product appropriately.

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4  Focus groups: Through focus groups with the target audience, their motivations, preferences, and perceptions of hearing devices can be understood (Boyd, 2019). Group discussions can also create new ideas and suggestions for the product and marketing strategy. In summary, using primary markets combined with secondary research sources can offer a complete insight into the target audience and their interests to help come up with an effective marketing plan for Audio Partners' new hearing product launch.

5 References Boyd, J. (2019, October 24). 10 Essential Market Research Methods . Brandwatch. https://www.brandwatch.com/blog/market-research-methods/ Everett, C. (2023, August 11). Reasons for low hearing aid usage in America. National Council on Aging. https://www.ncoa.org/adviser/hearing-aids/low-hearing-loss-treatment- reasons/ Hernandez, N. (2023, November 8). Hearing loss statistics 2023: Numbers we can’t ignore. National Council on Aging. https://www.ncoa.org/adviser/hearing-aids/hearing-loss- statistics/ U.S. Department of Health and Human Services. (2021, March 25). Quick statistics about hearing. National Institute of Deafness and Other Communication Disorders. https://www.nidcd.nih.gov/health/statistics/quick-statistics-hearing

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