For decades, shopping for a lip balm meant going into a supermarket and procuring Chapstick, the most common product at the time. The lip balm product came in various flavors to appeal to the different tastes of consumers. Mint and cherry were just but a few of the flavors available. However, Chapstick dominance was threatened with the creation of EOS lip balm, a new and popular lip balm sweeping across America. Since its inception seven years ago, EOS has taken over the shelves at leading supermarkets such as Target, Walmart and Walgreens. Furthermore, Facebook and other social media marketing, celebrity endorsements from Kim Kardashian, Miley Cyrus and Christina Aguilera confirmed the product’s authenticity.
Despite covering various fashion and beauty magazines, EOS’ Founders had failed to divulge the company’s business strategy, until now. In a private interview with Fast Company, the executives have shed insight on how they developed a startup into a $ 250 million entity. According to Kline, a research firm, EOS is second to Burt’s Bees in the best-selling lip balm list in the U.S.
https://www.fastcompany.com/3063333/startup-report/the-untold-story-of-how-lip-balm-upstart-eos-outdid-chapstick
Current Statistics
With over 1 million units sold weekly, EOS is economically robust, and prospects look encouraging. Analysts project the global lip care market to steadily rise to $ 2 billion by 2020. Such high expectations have been fueled by the constant demand for organic and natural products, which happen to the enterprise’s area of specialty.
According to Sanjiv Mehra, EOS’ co-founder, the firm strives to create more products and strengthen its distribution channel. Informing customers on the company’s values has played an essential role in its unprecedented success.
Reinventing the Lip Balm Product
Specializing in the lip balm industry emerged as a viable business opportunity courtesy of similar brands in the market. Most companies focused on price wars and cutting down expenditure, rather than an emphasis on the needs of the consumers. Armed with such knowledge, Mehra sought the aid of Craig Dubitsky and Jonathan Teller to form a formidable partnership in the industry. More importantly, they focused on appealing to consumers aged between 25 and 35 who were style oriented. For more info, visit evolutionofsmooth.com!