Wireless power transmission -- Technological innovations, Technology -- Marketing, Hearing aids -- Technological innovations, Strategic planning
Using this marketing plan, Ossia, a wireless power technology company, will launch into a new market - hearing aid batteries. By partnering with Starkey Manufacturing, a United States based hearing aid manufacturer, they will be able to capitalize on Starkey’s existing user base and sales team, allowing fast entry into the market.
There are four products that are the basis for this plan - a base antenna, expansion antenna, cloud-based management portal, and a wirelessly powered hearing aid battery (using Cota Powered Technology). Starting with a Total Addressable Market of just over 51,000 people (or approximately $4.6 million in potential revenue), Ossia will use a two pronged approach for marketing their new products. One half will be focused on the hearing aid batteries and using an ingredient branding strategy as a joint marketing strategy with Starkey. The other half will look at the Cota platform as a whole, a focus on creating a community and educating potential clients about the technology.
This plan projects a positive ROI in year one, with just under a million in profit. By year five, when Ossia will be working with multiple hearing aid manufacturers, the profits are projected to surpass two million dollars.
Owaishiz, Abdalilah; Hunley, Bret; Mohnike, Caitlin; Shrikhande, Radha; and Stahl, Tyler, "Ossia Marketing Plan - Hearing Aid Batteries & Starkey Partnership" (2019). Engineering and Technology Management Student Projects. 2288.