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The Changing of the Guards: Why 2024 Is The Time for Private Practice Hearing Care Clinics to Play Offense, Add Significant Bottom Line Growth and Become The Premium Boutique Part of a Vastly Growing Industry

The hearing care industry is in the middle of a huge transition. 

The biggest in the past 20 years. 

Yet most people in the industry (including most of your competitors) are completely unaware of what is happening. 👀

Allow me to explain ...

Between 1928 to 1945, there was a total of 19 million babies born in the USA.

This generation was labelled ‘The Silent Generation’. 😶

  • They were children or teenagers during World War 2
  • Many grew up surrounded or heavily influenced by the impact of the Great Depression
  • And these defining years resulted in this generation being known for sharing a common set of beliefs and habits.

The Silent Generation are famously known for being financially frugal – often valuing necessity over luxury and being the biggest user of coupons in the country.

They have great respect for authority; whether government, doctors or institutions.

They often feel uncomfortable around technology and have strong preference for formal face-to-face interactions and trust traditional modes of communication, whether direct mail, newspaper or radio.

And they are known to value stability, security and are often incredibly brand loyal.

For the past 20 years, the hearing care industry has been predominantly serving this generation.

As of today, it’s made up of people aged between 79 (born in 1945) and 96 years old (born in 1928).

This has been your audience and patient database for the past 20 years.

And it explains a lot, right?

  • It explains why direct mail has traditionally worked so well to this generation
  • It explains why newspaper has traditionally been a go-to place to advertise 
  • ​It explains why ‘coupons’ and ‘discounts’ have been so popular to a famously frugal demographic
  • ​And it explains why high-touch, in-person hearing care has been greatly appreciated 

The problem is, the youngest person in this generation is now touching 80 years old, and the market size of the ‘Silent Generation’ is naturally diminishing.

This is why there’s a big ‘Changing of the Guards’ happening in our industry right now.

Following 20 years of serving the Silent Generation, we’re now in a transition to serving the next generation of patients.

Who is the Next Generation of Patients? 👶💥

Well, this is where things get very exciting for our industry.

Between 1946 and 1963, 70 million babies were born in the USA, making it one of the biggest baby booms ever recorded.

Naturally, they were labelled the ‘Baby Boomers’.

Growing up in a period of prosperity and leading an era of social change, baby boomers are known to be significantly different to the generation before them.

  • They are often far more work centric, defining themselves by their professionals and are set to retire later than any generation before them
  • They currently hold 70% of the disposable income in the US with ‘health and wellness’ being one of the biggest areas that they invest in.
  • They are more likely to spend on experience and comfort, commonly being the biggest purchases of premium travel, vacations, premium cars and health services
  • ​And they have comfortably adapted to technology with the large majority of boomers having social media, using email daily and a large part of their research and buying habits living online

This generation makes up our patients for the next 20 years. Yet there’s 3 times more of them than in the previous Silent Generation.

It’s an immense opportunity, and the main reason why hundreds of millions of dollars is being heavily invested into the industry from manufacturer owned chains and Private Equity companies.

  • The market of potential hearing aid candidates is going to treble
  • This generation has more disposable income than any other generation
  • They’re comfortable and happy to invest in health and wellness
  • ​They are happy to pay for experience and/or premium services
  • ​And unlike previous generations, they educate themselves before making a buying decision

When I first started digging into the research, the data and putting two and two together.

I found that this ‘Changing of the Guards’ not only filled me with immense excitement, but it also explained a lot.

  • It clarified why things like direct mail, newspaper and radio is no longer working, and why the traditional approaches are not resonating with younger patients.
  • It explained why some clinics have had so much success with coupons, discounts and special offers 🤢
  • And it explained why many clinics are seeing a shortage of new younger patients coming through their door.

It’s interesting, right? 

And it essentially means that one of two things is going to happen over the next several years for all private practices.

They’re either going continue to do the same thing, continue to serve the ‘Silent Generation’ but know that their patients will slowly diminish over time ...

... or they change their approach to ensure they’re correctly positioned and marketed to benefit the big gold-rush of ‘Baby Boomer’ patients and future-proof their clinic for the next two decades.
Right now, we’re in the cross-over between the majority of the potential hearing aid candidates in the market being the ‘Silent Generation’ to them being ‘Baby Boomers’.

"Yet over the next 10 years, the number of ‘Baby Boomers’ that are going to be over 70 years old is going to reach 70 million people (compared to the ‘Silent Generation’ that is going to diminish to less than 8 million people)."

The opportunity to benefit from this curve is NOW, as nearly everybody else has their head in the sand.

The Inner Circle is a group of industry-leading practice owners and practice growth specialists that is striving to set industry benchmarks of excellence to attract and retain the next generation of patients.

If the above rings true, then the Inner Circle may be the right fit for you. 👀

"Before joining the Inner Circle, my marketing plans consisted of the same thing over and over: direct-mail pieces, commercials, upgrade letters, physician visits and luncheons. I was going through the motions but I wasn’t seeing the response I wanted with any of it. Since joining, it's been the best decision I've made for my business since I purchased it. I could share with you all the astounding results we've had over the last 2.5 years, but I'd be no different from any of their members who chose to trust them with their marketing. Their level of insight into this industry coupled with how to strategically and effectively speak to your audience, is pure genius. My opinion, you would be doing yourself (and your practice) a huge disservice in not paying attention to what they have to say. They’re the difference between surviving versus thriving in this current market.” 

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Dr. Kelsi Mangrem
Holland Hearing Center

"The team at Orange & Gray have become one of my most valued partners. Phil has this story about what it means to fly first class, the exclusivity of it, the comfort, the privilege … Being a part of the Inner Circle of Orange & Gray gives me that same sense. I feel like I am part of an exclusive club of practice owners that get it, that are all committed to being the best practice in our respective communities, we learn from each other and feel supported by each other. We have this amazing marketing team that has transcended beyond what I thought a marketing firm did for an organization." 

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Erika Shakespeare
Audiology & Hearing Aid Associates

“The Inner Circle is pure marketing genius. They have a knack for understanding business, branding and messaging. They can craft a creative message to the audience you are targeting that costs you very little and makes your phone ring. Just do what they says…. don’t do part of what they says, do it all! It will pay off. They help business owners build a foundation, making their company worth more in the long run. Little by little your messaging gets to the right people and it and changes things. They works behind the scenes to make you look good. I have been able to remove all other marketing expenses in my business. Also, if you have an idea that you would love to implement, but it seems too impossible to tackle, tell them. They will simplify it, work ninja magic and kick it back for you to implement. They should write books about how to work and accomplish tasks. They’re the best.” 

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Dr. Julie Hubik
Cornerstone Audiology

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