Website Closers® presents an immensely profitable eCommerce business thriving in the ever-growing field of affordable Hearing Solutions. This highly defensible target has a branded website where they offer an in-house brand of FDA-Registered Hearing Aids that have been designed by a Board-Certified Otolaryngologist (ENT Physician). A rapidly expanding industry now worth over $6 billion, this Internet Business has spent 5 years cultivating a strong customer base for their 6 exclusive SKU models and now attract a staggering 33% Repeat Customer Base.
Driven by extensive website upgrades and SEO, the company now has 3 valuable distribution channels including, their own state of the art website, Amazon.com and Walmart.com. By focusing on sales from their own website, the business has improved margins, driving profitability through D2C sales.
This company established itself by selling nonprescription, FDA-registered hearing aids direct to consumers. Providing hearing solutions at a fraction of the average cost of traditional hearing aids, this company’s brand awareness and sales have grown tremendously with minimal marketing efforts. In fact, profits have increased by 34.5%+ year over year with a high average order value, including $128 on their website, $232 on Amazon, and $300 on Walmart. The website sales carry a higher margin profile and have driven increase profitability. The company has strategically focused on website upgrades and SEO, as the website sales are more profitable due to lower fees and advertising expenses. The global market for effective hearing aid products is massive today, projected to grow to $11 billion by 2028.
Combining paid and organic strategies, the company effectively utilizes PPC ads on Google and Facebook, along with SEO tactics to boost organic traffic to their website. Currently, their blog alone generates 500 new visitors a month. Both tactics have worked exceptionally well to deliver lucrative traffic to their website, which boosts an average of 10,000+ new monthly visitors as well as 1,000+ returning visitors. Equally as impressive is the company’s email database, which carries 31,880+ active addresses. Management estimates that up to $80,000+ in revenue has been generated by email campaign funnels.
This brand makes a strong connection with its customer base and regularly attracts highly enthusiastic reviews, positioning the company for scale opportunities, such as upselling, cross selling and leveraging their unmatched reviews to attract new customers. There is a massive opportunity to upsell the company’s loyal customer base for upgrades to their hearing aids and by marketing new ancillary products such as ear domes, batteries, and hearing aid dehumidifiers.
Operating for more than five years, this company sells, affordable hearing aids directly to consumers. They offer 6 proprietary models, in addition to hearing aid batteries and standard hearing aid accessories. The brand made the decision to cut out the middleman and have their own non-prescription, fully trademarked, and branded products. A long-standing supplier relationship provides them with discount bulk pricing, with savings that are passed on to the customer.
While there are just 6 base models, the company has developed more than 120 SKUs of hearing aid accessories for those models.
Their average order value by platform ranges between $128 and $300, which include accessories. Profitability has been steadily increasing as the brand gains traction across their audience and on their own website. A typical customer is between the ages of 55-60 and consist predominantly of men with a household income of $55,000+, a key demographic group with tremendous spending power. While sales remain steady throughout the year, they typically experience sharp increases in the spring and again around the holidays. The slowest period tends to be around the start of the new year.
The company now ships an average of 20 packages a day, using Fulfillment by Amazon (FBA) and Walmart Fulfillment Services, and their own fulfillment. New inventory orders are placed every one to three months, depending on the pace of sales. Inventory is maintained at Amazon, Walmart, and the company’s own warehouse. Due to the small nature of the product, minimal storage space is required.
The brand also leverages Facebook, Twitter, Instagram, and Pinterest, where they get 11,300+ monthly views. This has helped to boost the number of new average monthly visitors to their website by more than 10,000+. Their approach to social media posts has been to educate viewers, promote their products/special deals, and to entertain.
The company is enjoying a growth in profits, web visits, and positive online ratings, putting this brand in the ideal position to grow at an even more accelerated pace. Using Amazon’s platform to develop a presence in Canada, the European Union, and other countries, sales could be expanded internationally, giving the company a significant boost financially. Another lucrative opportunity could be achieved through increased spending for the brand’s PPC ads. Targeting by key demographics and lookalike audiences will drive further improved results.
This brand could also expand SKUs while emphasizing their powerful email marketing campaigns to effectively upsell those products to existing customers. With lucrative options from upgrading their current hearing aids to expanding into new product categories such as new hearing aid technology and accessories.
The company could also expand its affiliate marketing program to increase website conversions.
Responsible for all operational tasks, the current ownership works an average of 20 hours per week. The owner has two full-time employees, a customer service manager, and an inventory processing and shipping representative. The owner also employs contractors to assist with the management and marketing of the website, email marketing, management of the affiliate marketing program, and management of PPC ads.
The World Health organization estimates that there were 466 million people worldwide in 2018 who were living with some form of hearing loss that required the need for a hearing aid device. That market is not limited to the older generation as technological advancements have enabled companies to address hearing defects in children as well through cochlear implants.
This brand has done phenomenally well creating its own trademarked models that are being sold at lower prices than many of the other existing brands. This company has enjoyed great success marketing their products to customers who may not have known this alternative exists. They now enjoy a 33% repeat customer base, glowing reviews, and sales that surpass $2 million each year.
That kind of success enables a buyer to take control of this eCommerce platform and bring it to a significantly higher level of profitability.
