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MarkeTrak VIII: 25 Year Trends in the Hearing Health Market How do we get on the fast track?

MarkeTrak VIII: 25 Year Trends in the Hearing Health Market How do we get on the fast track?. Sergei Kochkin, Ph.D. Agenda. Review MarkeTrak VIII findings: 25 year trends in the hearing health market (2008) Customer satisfaction with hearing aids (2009)

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MarkeTrak VIII: 25 Year Trends in the Hearing Health Market How do we get on the fast track?

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  1. MarkeTrak VIII: 25 Year Trends in the Hearing Health MarketHow do we get on the fast track? Sergei Kochkin, Ph.D.

  2. Agenda • Review MarkeTrak VIII findings: • 25 year trends in the hearing health market (2008) • Customer satisfaction with hearing aids (2009) • Impact of HHP on consumer success with hearing aids (2010) • General observations on why the hearing aid industry is underperforming. • As we review this data: ask how can I turn this problem, obstacle, misinformation, consumer disappointment, etc into an opportunity? Focus on why we all work in an under-performing industry.

  3. Other planned publications in the MarkeTrak VIII series • Impact of hearing loss on job effectiveness (2nd edition). • Customer satisfaction with on-the-ear (open fit) hearing aids compared to traditional style HA • Prevalence of tinnitus and efficacy of treatment modalities • Sources of noise which most impact satisfaction with hearing aids • Perceptions of benefit and changes in quality of life due to hearing aids. • Impact of hearing loss on traffic accidents

  4. Other planned publications in the MarkeTrak VIII series • Use of assistive listening devices • Use of inexpensive listening devices (<$50) in lieu of hearing aid adoption. • Factors which would influence hearing-impaired non-adopters to purchase and use hearing aids. • Comparison of customer satisfaction in other professions and with products and services in other industries (non-adopter population only). • Media habits of the hearing-impaired populations (owners and non-adopters). • Reasons for hearing aid returns

  5. 25 Year Trends in The Hearing Aid Market October 2009 Hearing Review

  6. Are we really on the fast track? • Original cover for the first MarkeTrak VIII publication • Changed to “Headed for the Fast Track?”

  7. Led to funny editorial“…or Slow Train Coming?” and some alternate titles • Are we on the right track? • Are we on the track at all? • Are we headed for derailment? • Throw Mama on the train! • Why isn't there anyone under 70 on this train? • The train has left the station leaving behind three-quarters of its passengers • People are in denial about their need to get on the train; it takes them 3 to 8 years just to get aboard • Why are train rides so expensive? Why can't we deduct them from our taxes? • Some still believe the train is too big and noisy—and the whistle drives them crazy! • My family doctor told me trains don't work • One of my friends told me that the train ride stinks

  8. MarkeTrak Methodology

  9. Method • National family opinion panel • 80,000 households • Balanced to 9 key census variables • Used since 1984 starting with HIA survey. • Does not include institutional settings. • Screening questions–Phase I(11-12 /2008) • Hearing loss • Hearing aids • Tinnitus • Physician screening for hearing loss • Detailed employment status beyond NFO panel data • Traffic accident data

  10. Method • Screening survey: • Returns – 46,843 households • Identified 14,623 people with hearing loss and or tinnitus • Response rate: 59% • Detailed survey - Phase II (1/2009) • 7 page legal size survey • 3,779 hearing aid owners (total population) • 5,500 adult non-owners (random sample) • Response rate 84% & 79% respectively • $1 incentive

  11. The Hearing Loss Population

  12. Incidence of hearing loss per thousand householdsThere is no hearing loss epidemic only the aging of America

  13. For more than a generation the incidence of HL has been about one in 10 people HIA* * Adjusted by +.7% to account for multiple hearing-impaired per household

  14. Physician screening for hearing loss has increased primarily among younger segments when you include paper and pencil screening

  15. Key HL population data • Incidence of HL in U.S. population = 11.3% • Up from 10.7% (2004) • Admitted HL population = 34.25 million people • Up from 31.5 million people (2004) • 6 out of 10 are male • 60% are below retirement age

  16. The Hearing Aid Market

  17. Key hearing aid owner population data • Current hearing aid owners = 8.41 million people • Up from 7.8 million (2004)

  18. Hearing aid adoption rates are now one in four people with admitted hearing lossGrowth primarily VA and direct mail

  19. Binaural rates continue to grow impressively

  20. Evidence for growth in third-party payment

  21. Sources of third-party payment.Average third party payment discount achieved = 84% Note: Total percent greater than 100% since respondents indicated they received financial help from multiple sources.

  22. Average out-of-pocket retail price paid by consumer increased 17% (includes free, direct mail hearing aids, & all third-party discounts but excludes VA fittings)

  23. Audiologists fit nearly two out of three hearing aids

  24. The average age of hearing aids has dropped to 4.1 years Mean age of hearing aids: 1991 = 3.1 yrs 1994 = 3.7 yrs 1997 = 3.8 yrs 2000 = 3.8 yrs 2004 = 4.5 yrs 2008 = 4.1 yrs

  25. New user rate(%)We are unable to attract new users to the market

  26. Average age of new hearing aid usersWe have not tapped into the younger markets

  27. The typical HA purchaser has an average household income of $54,000 & their modal income is $125,000

  28. What’s the REAL market for hearing aids? • Used subjective measures to segment market • Number of ears impaired • Subjective view of HL • Gallaudet scale • BHI quick hearing check (based on revised AAO-HNS 5 minute hearing loss screener) • Difficulty hearing in noise • Created single HL index (factor analysis) • Divided total HL population into 10% HL segments called deciles • Decile 1 = Lower 10% of HL – mild • Decile 10 – Top 10% of HL – severe to profound

  29. Hearing aid adoption heavily dependent on degree of hearing loss Decile 5-10= 83% hearing aid owners 43% non-adopters

  30. Hearing aid opportunity by age group. The viable hearing aid market in the U.S. is about 11 million more people with untreated hearing loss Deciles 5-10= 6.98 Mil. HA owners 11.1 Mil. non-adopters

  31. Hearing aid adoption rates redefined • One in four people with admitted hearing loss own hearing aids. • 40% of people with moderate to severe hearing loss • 9% of people with milder hearing losses

  32. We are at the right place at the right time • The hearing loss population is growing at the rate of 1.6 times the general population growth– primarily aging population. • Digital technology and the supporting software is superb – and it will get better. • We have the capability of meeting the needs of the vast majority of people with hearing loss.

  33. So why are we on a such a slow moving train? • Explore customer satisfaction with hearing aids • Explore HA fitter’s role in user success • Summarize with other observations

  34. Customer Satisfaction with Hearing Aids 2008 January 2010 Hearing Journal

  35. Key HA satisfaction measures

  36. Satisfied & very satisfied customers have not grown during the digital revolution

  37. Dissatisfaction has dropped to 14% but…. 8% of new hearing aids are in the drawer

  38. More than half of hearing aids in the drawer are </= 5 years of age

  39. Hearing aids in the drawer • Has varied between 11.7% and 17.9% historically. • Current rate: 12.4% • New hearing aids (</=4 years) : 7.5% • Brand new HA: 5.2% • 1,040,000 customers never use their hearing aids. • Why do so many people spend $2000-$6000 for a product that does not meet their needs?

  40. Hearing aid usage patterns virtually unchanged

  41. 30% of new user fittings are probable failures

  42. Causes for hearing aids in drawer • Poor benefit • Poor fit and comfort • Poor performance in noise

  43. We have failed to improve positive word of mouth advertising and brand loyalty

  44. Customer satisfaction with hearing aid product featureshearing aids are <= 4 years old.

  45. Customer satisfaction with hearing aid signal processing and sound qualityhearing aids are <= 4 years old.

  46. Customer satisfaction with hearing aids in various listening situations hearing aids are <= 4 years old.

  47. Customer satisfaction with hearing aids in various listening situations (continued) hearing aids are <= 4 years old.

  48. Hearing aid multiple environment listening utility (MELU) is not impressive.

  49. Multiple environment listening utility (MELU) is highly related to brand repurchase and positive word of mouth advertising.

  50. Satisfaction with benefit is highly dependent on the number of listening situations hearing aids work…and Somewhat satisfied is hardly an endorsement

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