Using IP to Unlock A Huge Market - Smart Home Water Leak Detection– Larry Beger EP 60

Larry Beger: Making Homes Smart with Smart Technology

What does it take to grow a multimillion-dollar company in a billion-dollar industry? Imagine creating an ever-improving technological system that caters to the consumer and hence increased trust.

In this episode of the Page One Podcast, Luke Peters speaks with Larry Beger, the CEO of Elexa Consumer Products. This is the company that offers the water leakage detectors system and valve controller, Guardian. He has been with Elexa since the late 90s and has driven it to immense successes, some failures, and struggles.

Listen in to learn Elexa’s business model that has enabled them to scale globally and garner much consumer trust. You will also learn the advantages of labor outsourcing and a strong online marketing strategy.

Key Takeaways:

• The power of outsourcing labor to cut expenses and have room for flexibility.
• The benefits of having a strong online presence as a brand in 2020.
• How to use technology to do online marketing and establish customer trust.
• The importance of developing a simple product with the consumer in mind.

Episode Timeline:

• [2:19] Larry explains how their leak detector works, other products, and how they have improved it with technology over the years to make homes smart.
• [6:27] He explains how the sense detectors detect leakage which works as a physical connection.
• [7:39] The cost of setting up these technologized leak detectors and other future products that will bring the cost further down.
• [9:49] The scale of the business across the world and how they outsource for technical labor through third-party logistics to cut expenses.
• [11:17] He mentions their retailers, online market and presence, their internal sales team, and outside sales representatives.
• [13:10] He shares a story of how he was surprised when they once made massive sales 2 days after Christmas.
• [15:10] Larry describes himself as an idea person and how they have positioned themselves in the market.
• [20:22] How they use technology to market and gain customer trust.
• [21:56] He explains one of their competitive advantages as the ease of installation and the DIY installation aspect of the Guardian products.
• [27:28] How he struggled with the mechanical side of the business when they first started since he wants the customers to get the best.
• [31:31] He shares an interesting story of a business failure he made 15 years ago and the lessons it taught him.

Quotes:

• “Don’t be afraid to fail, you can always learn from your own mistakes.”-Larry [33:18]