In the modern world, the idea of innovation has to meet a number of criteria, and one of them is to be useful to the people in need. In addition, in business, marketing success includes the possibility to solve customer pain points and develop interesting entrepreneurs’ stories. In this project, attention will be paid to Eargo, one of the new representatives of the hearing aid market. Despite the fact the company was founded and launched its product several years ago, not many people are aware of its propositions to customers.
Vena is the Forbes author who has been investigating the latest technological innovations, including those of the hearing aid market that promote life-changing experiences. There are many reasons for Vena to focus on the Eargo product as its success depends not only on technology and innovations but on an outstanding marketing company.
Millions of people around the globe, including Americans, suffer from hearing loss or other hearing problems. Vena (2019) states that about 38 million Americans aged 18 and over officially report problematic hearing. The National Institute on Deafness and Other Communication Disorders (NIDCD) contributes to the discussion of hearing loss, its predictors, and severity. Therefore, the solution offered by Eargo is a unique chance for the NIDCD and people in need to improve the quality of their life and find out a convenient, effective, and easy-to-use product. In the majority of cases, the Eargo models are introduced in a multi-prong manner (Vena, 2019).
Its developers have investigated the needs of potential customers and came to the conclusion that people do not want to wear hearing aid devices if they may avoid it and related problems (battery life or comfort). The solution of Eargo is to create invisible products and help people hide their needs for hearing aid from the outer world.
Along with the level of comfort offered to clients, Eargo’s employees combine their supply with the value proposition. Eargo focuses on a number of aspects, including packaging and charging cases (Vena, 2019). In the chosen article, the author explains that the case may automatically change various models, use Bluetooth-enable systems, and sound sensitivity control, resulting in convenience and increased interest among customers (Vena, 2019). Price is one more aspect that attracts people’s attention in the hearing aid market. The latest investigations show that the price varies from $1,650 to $2,750 per device with a monthly payment of about $70-130.
Finally, the marketing campaign of the product is strong due to the existing audio podcast and live webinars for the users of Facebook. Customers are able to develop their specific engagement philosophies and check for news and interesting offers any time they want. Therefore, Eargo is not only a significant technological innovation but a good social and medical device for people of different ages and social statuses.
In general, the world of business undergoes multiple changes regularly. The creation of a new product may be a failure for one company and a successful achievement for another organization. In the case of Eargo, the hearing aid device has a number of positive feedback and recommendations. Obtaining more than $50 million in funding, employees are able to introduce more effective approaches in marketing and health care. The solution to design a device that changes human lives is provocative each time, and the attempt taken by Eargo results in the establishment of new standards for other companies and their market strategies.
Reference
Vena, M. N. (2019). Eargo: The smart hearing aid solution to beat. Forbes. Web.