In an exclusive interview with Fast Company, lip balm giants EOS finally revealed what strategies they used to blow their competition out of the water. Before EOS, the lip balm industry was dominated by well-established company’s such as Chapstick. This realization didn’t discourage EOS lip balm. Instead, they saw opportunity in the industry and used it to their advantage.
Founders of EOS Sanjiv Mehra and Jonathan Teller decided to rethink the production of lip balm by coming up with a sleeker design and targeting a more specific audience. Being the largest users of lip balm by far, EOS decided to focus on creating a product exclusively for women. This thinking inspired their trademark orb design that was different enough to stand out, yet functional enough to remain practical.
The next struggle for EOS was to get their product into stores. Many buyers were reluctant at first, not knowing for sure if consumers would embrace the new style of lip balm. After a few successful sales however, EOS had deals with giants such as eBay, Target and Walmart. There sales continued to skyrocket and they now sit as one of leading sellers of lip balm. In fact, they are currently selling a weekly average of 1 million units.
Another factor that greatly aided their sales, was EOS’ targeted marketing. Understanding that millennial women were their goal demographic, EOS began associating with this generations interests. Celebrities by the likes of Britney Spears and Miley Cyrus were seen promoting the stylish new lip balm. EOS started to focus advertisement and presence on social media as well. They have a combined following of almost 9 million between their Facebook and Instagram.
Founders Mehra and Teller attribute their success to the knowledge they gained during their previous experiences in both consumer products and startup incubators respectively. Their unique strategies and entrepreneurial drive have successfully set them apart from their competition. Visit evolutionofsmooth.com for more info.