Many listening device companies go after a wide market, selling a variety of styles including BTE, ITE, CIC, and combinations thereof. But not Lyric.
This company knows what it is after and has the strategy to back it up. It puts all development costs, marketing and electronic wizardry into a single completely in canal product.
In some ways, it is a strong business strategy to manufacture several versions of the same product and sell them to consumers with certain lifestyles. You diversify your revenue streams without having to expend as much effort.
After all, the hearing aid electronics in one company’s behind the ear unit is virtually the same as what’s other styles. The costs don’t double by producing two types but the sales do that and better, depending on how the market responds.
Cell phone companies like HTC and computer makers like Apple run these kind of operations like a well oiled machine because it is an effective business model. Lyric hearing aid does something different in the industry. Rather than focus on continually rehashing incremental hardware, they use a sole product that customers subscribe to.
In a sense, you become a “member” but it works similar to the model used by your cable company. You sign up and they deliver hardware so you can enjoy the benefits of being a customer. A trained healthcare professional installs your unit, then you go out and enjoy life.
The device itself isn’t revolutionary, though it does have strong features and higher ratings from it’s customers than some other CIC units. What’s novel for this company is that you pay for a year of service at a time. Throughout that time, you are required to replace your earpiece every 3 months or so.
This means that while you’ll always get the latest Lyric tech, you’ll also pay more for your hearing aid over the life of the product.