Challenge: Introducing their hearing aid center to the market
David Gibson, an account executive at KSBW, has been in the media sales field for nearly thirty years but has been using AdMall for only less than a year. While he admits he’s still learning everything the tool has to offer, in that short amount of time, he was able to approach a local hearing aid center that he knew he could help with their marketing strategies.
“The [hearing aid center] owner had cut all of their advertising during the pandemic because business was so good,” said Gibson. “When you start to lose your hearing, your brain starts to have you read lips. With facial masks on you can’t read lips. The owners are very enthusiastic about helping people with their overall wellness and focus on what hearing loss does to you cognitively.”
Solution: Leverage AdMall’s hearing aid center Local Account Intelligence Report
While he may be new to the product, Gibson started with AdMall's Local Account Locator tool, which generated a hearing aid center prospect list for him. From there, he turned to the Local Account Intelligence Report for hearing aid centers, which helped establish him as knowledge expert in the field.
“AdMall provided the lead information, and we presented our closed captioning sponsorship which is a perfect fit for an audiologist,” said Gibson.
Result: A new client, willing to spend whatever it takes to get the word out
“The [hearing aid center] is getting a five-second billboard in all our local news programs indicating they are the sponsor of our close captioning service and a high frequency schedule of 30-second spots that focus on different areas of their services,” Gibson remarked.
Advice for Other Sales Reps
The hearing aid center signed an annual contract with Gibson for $114,000. When it comes to recommending AdMall to other sales reps, Gibson posed a simple question.
According to Gibson, “If I can find a new business account that will spend six figures with me, why wouldn’t [other sales reps] use AdMall and find one or more for [themselves.]"
Hearing aid centers fit patients with hearing-assist devices. These businesses may also sell other products that target consumers with hearing loss. Some hearing aid centers are staffed with audiologists who test patients and recommend the right type of hearing aids. Audiologists generally have post-college graduate program training in this special field and many have doctorates. Audiologists receive only 44% of business from physician referrals.
The U.S. market for hearing aids and audiology devices is worth an estimated $6.0 billion. Specifically, hearing aid centers have annual revenue of approximately $2.5 billion and total approximately 4,650 businesses. Note that the top-six hearing aid manufacturers control 33% of the market via retail networks.
Hearing loss affects more than 30 million Americans, though not all affected individuals wear hearing aids. Hearing aid centers target consumers ages 60 and over, and this population continues to grow. Hearing aid vendors have recently begun marketing to family members of hearing loss patients to increase sales. Key complaints about the devices include price and difficulty with use.
Major manufacturers dominate the manufacturing business and work through distributors to get to retailers and medical offices.
If new technology evolves that reduces cost and makes devices more effective, this market might grow because the population of the United States continues to age.
AdMall’s Local Account Intelligence Report is available for over 400+ business types and provides a myriad of research from the local, state and national level. It is the baseline report a rep should run before their first sales call that will put them on a level playing field with a potential client.
Latest posts by Adam Ambro (see all)
- AE Saves Liquor Store Account by Using AdMall en route to $75,000 Campaign — January 25, 2023
- Hearing Aid Center Buys Six-Figure Ad Campaign After Being Presented with AdMall Research — January 18, 2023
- AE New to AdMall Closes TV/Digital Ad Sale with Financial Services Company — January 11, 2023
- Oil Refinery Service Business Buys First Digital — December 28, 2022
- AE Closes $50,000 Home Improvement Radio/Digital Deal Using AdMall Co-op Data — December 14, 2022