According to the National Institute on Deafness and Other Communication Disorders (NIDCD), Roughly 15 percent of American adults (nearly 38 million) aged 18 and above report some trouble hearing. What’s more, the NIDCD says that age is a powerful predictor of hearing loss among adults aged 20-69, together with the most critical quantity of hearing loss in the 60-69 age category. Statistics aside, the intensity of the issue really hit near home watching my 85-year-old mommy deal with hearing loss. After some investigation, she settled on a solution from the business Eargo, a company I previously was not familiar with.
I wrote extensively about my mum’s life-changing experience with Eargo past year. It afforded me the opportunity to meet the leadership team behind the Business and know its strategy To interrupt the buck hearing aid industry. The business has historically been dominated by a tiny number of stodgy companies (e.g. Siemens, Phonak, and Oticon) with expensive products (costing generally $3,000 or more). Furthermore, they function in a somewhat primitive distribution version, with little”mom and pop” local dealerships that do not often provide a consistent customer experience across multiple geographies.
Launched in 2010, Eargo’s initial hearing aid started in June 2015, featuring a unique, nearly imperceptible design that looks like a fishing journey. The business has always followed up with new and enhanced solutions since then. The market received the company’s products warmly; Eargo has won numerous innovation awards over the previous 3 years. The business has successfully closed multiple investor funding rounds, for example, most recently, a $52 million funding tranche in March 2019.
Eargo’s product and market strategy
Upon close inspection, it’s easy to understand Eargo’s strong market And investor response. Eargo approaches the hearing aid market within an multi-prong method. To start with, it knows that most individuals don’t wish to wear a hearing aid solution if they could avoid it, given the societal stigma, comfort, and needing to worry about the battery life. Eargo’s nearly invisible design is, in many ways, the ideal solution for those that do not want to wear a hearing aid.
Secondly, the technologies of Eargo, although striking, is part of its Value proposition for the customer. Eargo’s options, including its packing and oval-shaped charging instance, look more like Apple AAPL +0percent AirPods compared to a medical device.
The situation automatically charges the different Eargo models, which is incredibly convenient–simply put them back into the case before going to bed. The case is also Bluetooth-enabled, allowing you to easily alter the solution’s user preferences and make custom sound profiles while it is charging. Though the Bluetooth functionality does not allow you to command the apparatus when it is being worn, you can easily control the device’s sound sensitivity levels by tapping the side of your ear. My video podcast with just two of Eargo’s senior product technology leaders extends into more of this company’s product design philosophy.
Eargo’s solutions are relatively cheap, ranging in cost from $1,650 from $2,750. This is a bargain, Taking into Consideration the innovation packed Into the goods, and compared to legacy solutions on the market. It Should be mentioned that Eargo provides financing for its Goods, with monthly payments ranging from $77 to $127 based on The version that you pick.
The recipe for success doesn’t rely entirely on invention and Technology; Eargo’s go to market strategy is also noteworthy. Eargo Deploys a concierge-like sales experience unlike anything you’d find With a hearing aid merchant. Consumers have been paired with a Personal Hearing Professional who provides invaluable tips and insight to Help them maximize their Eargo experience, and unlimited service is Supplied as part of the buy price. My audio podcast With one of Eargo’s customers a couple of months ago will give you an insight Into how successful this support can be through the initial purchase.
The Business also recently conducted its initial live webinar on Facebook FB +0% that provides an superb deep dive on the organization’s products and its customer engagement philosophy. It is worth checking out.
Some closing thoughts
Eargo’s options are designed to change people’s lives. It definitely changed my mother’s own life, and based on the Organization’s customer reviews, She is not the only one. Eargo’s internal signals that the average Consumer with some amount of hearing loss waits as long as seven decades Prior to acting upon it. That’s a terribly long period of time to wait Given how fundamental hearing is to how we live and revel in our lives. Eargo’s products go a long way towards eliminating the stigma of Wearing a traditional aid, plus they have the potential to provide Individuals with moderate hearing loss a new lease on life. It’s a Breath of fresh air in a business that has long been ripe for disruption.