For years lip balm has been synonymous with Chapstick and Blistex; these household names have dominated this market, leaving little to no room for competition. The story of EOS (Evolution of Smooth) is a Cinderella story that deserves recognition. Often when you think of lip balm, your mind conjures up an image of a cylinder shaped tube, that often falls into the abyss of your purse; nothing particularly exciting or revolutionary, it’s just lip balm. EOS is a startup business that, from its inception, focused on changing this mindset, and as a result, they have created a customer base that has turned this startup business into a $250 million dollar company.
How did this happen? It started with targeting a very specific demographic and utilizing imaginative packaging. EOS lip balm focused specifically on appealing to women between the ages of 25 and 35, and they did this by strategic advertising; traditional television advertisements no longer have the same impact in today’s modern world. Many consumers are influenced by celebrities and by individuals with a tremendous social media following. EOS recognized this as a marketing opportunity and commissioned those with large Facebook, Instagram, and YouTube following to help spread the word about their company; this is in addition to celebrity endorsement.
The EOS business model is quite easy to understand; take a look at your competition, and find ways to improve an existing product. EOS did this exceedingly well; they not only introduced new and exciting flavors to their lip balms, they also opted to forego the cylinder. The EOS lip balm is instead packaged in colorful pastel orbs; this packaging design immediately grabs attention and entices Costco shoppers to try something new. In addition to the enticing packaging, EOS also offers exciting flavors like honeydew and grapefruit, which is sure to appeal to their Target demographic.
EOS (https://evolutionofsmooth.ca/) should not only be applauded for bringing such an amazing product to the marketplace, but for also adopting a truly innovative business model. EOS is easily on track to become a major player in a lip care market that is projected to increase to an estimated $2 billion. So if you haven’t tried their product, consider replacing the cylinder with a colorful pastel orb. Take a look at the article from Fast Company, a monthly American business magazine, for additional information regarding this forward-thinking approach to lip balm. https://www.fastcompany.com/3063333/the-untold-story-of-how-lip-balm-upstart-eos-outdid-chapstick