Project: Feasibility Study for the Refurbishing and Resale of Digital Hearing Aids
Client: Scott Pechman
Vice President, Employee Benefits
Willis of Alabama, Inc. Birmingham
800 Shades Creek Parkway
Suite 600 C
Birmingham, AL 35209
Main: 205-871-3871
Direct: 205-803-5128
Toll Free: 877-740-4882
Fax: 205-871-0602
Digital hearing aids usually cost between $5000 and $6000. It is not unusual for someone with the financial means to make this investment with the knowledge that they will "trade up" to the latest technology once it has been perfected. There is a large segment of the population that cannot afford digital hearing aids so they are forced to use inferior products. However, is possible to change the molding of a hearing aid and re-calibrate it for reuse. The project team will:
1. Determine if there is a market for recycled digital hearing aids—limiting the study to the Southeastern US.
2. Determine where to find used digital hearing aids
-For example, what happens to the hearing aid once a patient is deceased or “trades up”
3. Determine what price the market will bear.
The team will need to talk with audiologists in the southeast--some will be asked about where to find the hearing aids and others will be asked if they see a market. The team should also talk with present hearing aid customers.
The feasibility study will include a preliminary marketing plan and business plan.