If you have a manufacturer-owned chain as a competitor, you know the pain.

They outspend you on advertising. They are aggressive in their pursuit of new patients. They have a national brand. They have economies of scale.  They have many, many advantages. Yet they do have a kryptonite, and there are several ways you can use your superpower against them to fight back and grow your market share. In this week’s podcast, I share exactly what this is and how you, as David, can beat Goliath by using your brains rather than your bank balance.

This may be controversial.

But I believe you should be the most expensive practice in your area.

Three reasons why:

#1 - This is a business, and you deserve to build a great life for what you do (this isn’t a charity).

#2 - By charging more, you can deliver more (time/energy/focus/service)

#3 - The fight at the bottom and in the middle is a mess ... you either need to be the cheapest (impossible) or the most expensive to stand out.

However, this isn’t just a case of putting your prices up.

If you want to be the most expensive practice in your area, you need to understand price elasticity and how brands such as Rolex use a smart approach to positioning.

Enjoy!

In 2023, Starbucks revenue was 35 billion dollars. $21.68bn was from coffee/hot drinks $6.59bn was from food. $7.2b was cold drinks and merch. Essentially, if Starbucks ONLY sold their core product, they would be 39% worse off. Apply this to hearing care, and there’s a big lesson. If you only sell hearing aids, then you’re leaving money on the table. That’s why, in today’s episode of the Business of Hearing Podcast, I share 4 alternative high-profit revenue streams that you can build into your practice (including the specifics of how they work and how you can implement them) == Register for my upcoming webinar: http://join.orange-gray.com/invitation

Businesses like Ferrari, Michelin, and Ford have used (and, in some cases, still use) unique, low-cost strategies to shift perception and grow their perceived value.

In today’s podcast, I’ll share how you can do the same in your practice.

I’ll take you through five different low-cost (and even no-cost) tactics you can implement to make patients perceive your value as higher. This will make them more likely to choose you without having to change your actual deliverables.

This one is interesting, very specific, and super practical.

As a practice leader, you may have have heard that there’s famously only three ways to grow your practice.

• Increase the number of patients
• Increase the average transaction value
• Increase the frequency of purchase

For all intent and purposes, the above is correct. However, there is an alternative method that is growing in popularity in today’s economy.

That is, acquiring a competitor. In this episode, I share the specifics of how you can approach and buy a competitor through a creative deal without your own money, or debt.

==

Learn more at www.orange-gray.com

Back in the day, you could rock up to a physician offices with coffee, cakes and a smile and win referrals.

The problem is, this is now being seen as more of a hinderance, than helpful.

The question is, what should you do to win and develop relationships with local physicians?

In this episode, I share exactly what's working right now, how one of our Inner Circle members ran a campaign with a 25% response-rate (it generated meetings with 1 in every 4 physicians) and I explain why physicians refer to Costco. There's a lot to unpack.

Every future hearing aid wearer in your community can be split into one of 5 phases.

The challenge is, most marketing/advertising focuses on talking to people in the wrong phase (which becomes a blood-bath of fighting big-budgeted groups/chains).

In this week’s short and training-focused episode of the Business of Hearing Podcast, I show you exactly where to focus your attention to get the biggest bang for your marketing buck.

Genuinely, you can spend $5,000 in this area and get a bigger long-term impact than $50,000’s of ads.

==

Learn more at www.businessofhearing.com

This one is a little direct, and personal ...

 ... there's no market strategies or ways to grow your practice.

Instead, it's an honest conversation between me and you about the trials and tribulations of handling stress as a busy business owner.

If you find yourself stressed often, then this one is for you.

It's honest, raw and a little emotional.

== Learn more at www.orange-gray.com

Are you looking for a one night stand or a marriage?

Because depending on what you're looking for, you have to play two very different games, hang out in very different places and show up in different ways. It's the same with marketing.

You can chase short-term gratification/outcomes, or you can look for long-term value, but the way you reach both destinations is very different and too much marketing is focused on instant results with long-term repercussions.

In this episode, I share exactly this and how you can build more effective marketing strategies for the long-term.

==

Want to learn more? Visit www.businessofhearing.com Work with us? Visit www.orange-gray.com

Well, Apple have finally done it. After months of rumours, they have officially announced that they're introducing hearing aid functionality into their latest iOS software update, turning Apple Airpod Pro's into over-the-counter hearing aids.

But what does this mean?

How will it impact the future of the industry and how should you respond?

In this episode, I share my hot take.

What are your thoughts?