Exciting times in the world of Phonak Lyric
By Shannon White, Lyric Field Sales Training Manager
For those of you familiar with Phonak Lyric™, you already know that good things come in small packages, and that little changes to that small package can mean a big deal. That is why we are so excited to announce the release of Lyric4.
The release of Lyric4 means a more comfortable product that results in longer days of wear. Why are these changes so important? It means that more patients can wear the only 100% invisible, extended wear hearing aid on the market.
Importance of diversifying
If having a new and improved product was not enough, there has never been a more critical time to be a Lyric provider than now. If COVID-19 has taught us anything, it has taught us the importance of diversifying our practices and creating sustainable revenue sources that can help us through challenging and changing times.
Authorized Lyric offices realized these benefits when states issued stay-at-home orders, making it almost impossible to see new patients. The recurring revenue stream that Lyric subscriptions offer allowed practices to continue to receive revenue when other revenue options were not available.
Of course, it took a commitment. That renewal base did not happen overnight. It took years of consistently placing patients in Lyric trial to build up a base of patients wearing Lyric. You can hear from some of our Lyric providers speak about their own experiences by viewing Building a Resilient Practice with Lyric.
Building a patient base
The good news is that you can start building that base of Lyric patients now. Think of Lyric like you would think of your savings account. Make a goal of committing 5%-10% of your new business in Lyric trials, and overtime, that patient base will grow exponentially because of renewals.
Thanks to Market Insights1 that were recently released, we know that prospective patients are now more than ever looking for benefits that Lyric offers. Respondents rated the following as the most important when choosing a solution:
- hearing performance,
- customized to my needs, and
- automatic after the fitting and trial opportunities.
Hearing performance grew in relevance by 29% since 2015.
Checking all the boxes
In regards to hearing performance, Lyric has unique benefits. Its design allows patients to receive clear, natural sound, localization and lack of occlusion — thanks to the analog chip and placement in the ear.
Physical comfort of Lyric has been rated as very comfortable and even more so now with the release of Lyric4. A desire for trial opportunities grew by 49% in relevance, which Lyric addresses with the risk-free trial it has always offered to both the patient and the provider.
The last category, automatic after fitting, definitely applies to Lyric as well because Lyric provides patients with effortless hearing for months at a time. Lyric also meets the needs of those who want and will not accept anything other than an invisible solution.
In a survey done by anovum 2017, 404 non-hearing aid wearers were asked about their intent to purchase. 69% of respondents said that they would purchase a hearing aid (BTE, RIC or ITE); ITE hearing aids being the most popular style choice. When the option of Lyric was added the intention to purchase increased by 5% to 74%1.
Lyric has always been an attractive solution for patients and for businesses. Those reasons continue to grow as illustrated for us above. We know that when we partner together with our Inner Circle members in providing Lyric to patients it is a win-win for everyone. We look forward to seeing your success points grow as you sell more Lyric subscriptions and renewals.
If you are not currently an Authorized Lyric office and would like to learn more please watch the following webinar Introduction to Lyric.
- Project No 1356 Sonova B2C Segmentation ¦ ©anovum ‘20