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Latest version LIFX - Smart light bulb

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by

Wilfrid Watson

on 2 September 2013

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Transcript of Latest version LIFX - Smart light bulb

LIFX - Smart light bulb
LIFX is the worlds smartest lightbulb
LIFX is a WiFi enabled, multi-color, energy efficient LED light bulb that you control with your smartphone.

SWOT Analysis
Why is LIFX innovative?
Unique product features
• Changes the way we think and use lights
• Promotes creativity, SDK
• Provides convenience, ultimate control
• Easy to install, uses smart phone app
• Has adapted to technological change
• Long lasting - up to 25 years
• Cost efficient
• Energy efficient - uses 1/10th power


Differential benefits

Company has the potential of competitive advantage of other led lightbulb competitors

The smart bulb market
Target market – people of modern society that are eco-aware, use smart technology, and value control & customisation.

e.g. upper-middle class, photographers, families, music lovers, creative tech heads, party people, commercial bars, clubs, pubs
Marketing Mix
Product
Strengths
- Green
- Unique products
- Superior technology

Weaknesses
- New product
- Limited availability

Opportunities
- It’s the first of its kind
- Expand their expertise into other technologies

Threats
- Change in tastes
- Big brands
Edison screw
Bayonet
Downlight
900+ lumen (80w+)
600+ lumen (50w+)
900+ lumen (80w+)
Available white + black
Available white + black
Available black only
Augmented product features
· Edison screw 80 w – 89.00
· Bayonet 80 w– 89.00
· Down light 80 w – 89.00

Although the initial start-up cost of the product can be seen as quite expensive, Lifx guarantees up to 25 years or 40 000 hours from one light bulb – the costs are expanded over this time period.

Phillips Hue: $60/15,000 hours =
0.004c
/hour
LIFX Smartbulb: $89/45,000 hours =
0.002c
/hour

LIFX discount to $85 per bulb if you buy 4 or more
Promotion
Kick-starter - a popular crowd funding website that provides the tools to raise funds for creative projects.

Kick-starter is popular with tech lovers and creative types, people who want to support new and cutting edge products, the perfect target market for LIFX.

Was the basis for the initial success of LIFX, as it helped fund its development whilst promoting the product, and generating high demand (received over 9000 backers that pledged over $1.3 million).

LIFX also has a Facebook website, utilizing Social media to provide live updates and ongoing promotion of LIFX to their followers.
Place
Because the Lifx bulb is not in stores yet, the place for purchase is quite limited however this is to be expected with a new and innovative product. The Lifx bulb however can be pre-ordered and purchased online over their website. Current pre-orders are due to be shipped in the first quarter of 2014.

LIFX is currently developing its large scale manufacturing capabilities.

LIFX delayed availability is its largest challenge to having a competitive advantage over the Phillips Hue


Solution to a problem
Australian Inventor Phil Bosua,

The problem + Vision statement
Existing light bulbs are based on an archaic technology that threatens our environment. Light bulbs consume approximately 20% of electricity in homes around the world. They need to be more efficient, smarter and last longer. In the twenty-first century, people need lighting that matches the "smart culture" and eco aware sensibilities of our day.

Lifex labs established 2012 in Melbourne
Designed in Melbourne & San Francisco
B2B Manufactured in China & Australia
Warranty, installation, and delivery, after sales service
Competition
Phillips hue
Differences
- Phillips per bulb is cheaper $60US but requires starter pack that includes a wireless bridge, which is a physical box that connects your home wifi to the lightbulbs ($200 US)
- LIFX costs $89 per bulb or $85 each if you buy 4+ bulbs
- Phillips lifespan 15,000 hours vs LIFX 40,000
- LIFX is better value of money in the long run
- Phillips only works with apple software
- Since each LIFX bulb houses its own Wi-Fi chip, heat sink,
and LEDs, everything is controlled within the device rather
than through a base station. This allows users to add multiple
bulbs and group them according to rooms without syncing to
a local base, and get a faster, smoother reaction rate.
- LIFX app contains a built-in “Sound” mode that can change
the lights to music played from your phone, or from ambient noise picked up from its microphone.
- LIFX is an australian company, the light bulbs are australian made.



Price
Overall the LIFX smart bulb has an distinctive competency capability based on cost/lifespan, technology, customisation, and specifically for australian consumers is the fact it is australian made.
.
Questions?
LIFX can be pre-purchased at lifx.co
Full transcript