Key observation #1 – Consumer inertia Problem 1. “Consumer inertia” is the single biggest marketing problem • “Cost” is the primary source of inertia and the #1 reason first‐time buyers delay purchase of hearing aids 2. “Vanity” is the 2nd source of inertia • Vanity and perceptions of being old, weak and frail are the second leading reason for consumer inertia. For Boomers, who believe “sixty is the new forty,” this is all about ego. Admitting you’re aging and your hearing is declining is a huge life event, and not one easily embraced Solution 1. Reduce the cost and risk barrier • 36‐months free financing (no interest) • Buy one get one 50% off • $500 of any purchase • 90‐day money back guarantee • 3‐year extended warranty • No payment for 90‐days 2. Reduce the “Vanity” barrier • Increase the push away: Show how bad their existing situation really is • Increase solution magnetism: Promote how well the product solves their problems • Decrease the fear and uncertainty of change. Assure consumers that switching is quick and easy • Decrease their attachment to the status quo. Remove consumers’ irrational attachment to their current situation 2 Source: The Hearing Review, Online survey among 179 US hearing care professionals, Dec. 2013