EOS lip balm went from an unknown to a game-changing market leader in under a decade. How did they do it, particularly in a saturated market? Big name lip balm companies like Chapstick, Blistex and Carmex seemed to have the market stitched up.
According to fastcompany.com, EOS lip balm was founded by career businessmen with lots of startup experience. They actually chose lip balm because it seemed like a product category that was ripe for disruption.
They noted that most of the products in the lip balm space were overly similar. Lip balms were packaged in tubes. They were flavorless or had limited flavor options like mint and cherry. They were named after what they did (Chapstick prevents chapped lips) instead of evoking a lifestyle.
EOS’s Unique Approach
EOS changed it up, putting lip balm in pastel-colored, egg-shaped containers. The name EOS stands for something, “evolution of smooth.” Innovative flavors such as melon were used. This was a product unlike anything else found at the pharmacy. Finally, EOS lip balm was able to harness the power of celebrity. Socialites like Kim Kardashian were photographed using the brand. Once this happened, EOS really took off.
By analyzing the Racked drug store marketplace, formulating an effective business plan and capitalizing on use by influencers, EOS became the second most popular lip balm in America.
Visit the EOS Facebook page https://www.facebook.com/eos/