The pastel-colored, little lip balm eggs seem so common today – you see them in every store, in fashion magazines, and beauty blogs. It’s hard to imagine that EOS Lip Balms weren’t always at the top of the lip balm industry.
But a mere seven years ago, Evolution of Smooth was an unknown company looking to make their mark and shake up a stale industry. Lip balm has come in the familiar tubes offered by brands such as Chapstick for about a 100 years, and most of the competitors on the market favor a similar design.
So how did co-founders Sanjiv Mehra, Jonathan Teller, and Craig Dubitsky create a $250 million lip balm company? In an exclusive interview withFast Company, previously unknown information about the company’s strategy comes to light.
After deciding that lip balm was a prime category for a shake up and coming up with the now iconic EOS lip balm containers, the founders crafted a strategy that was manifold.
First, they decided to target millennial women after research suggested that, while lip balm is usually fairly unisex, women are the primary users. By targeting a specific demographic, a specific design could be determined; however, it was critical that the design not be gimmicky. It had to have staying power, and so, they designed a container to stimulate all five senses.
The company also engaged millennials as much as possible by reaching out to YouTubers and beauty bloggers, a strategy that has proved very successful for the brand.
EOS currently sells 1 million units per week and is predicated to become a $2 billion company by 2020. In the lip balm industry, only Burt’s Bees currently outpaces EOS. Get these products exclusively on eBay and Ulta online.
To learn more about the untold story of EOS’ rise to success, read Fast Company’s exclusive interview here.
Visit the website: https://evolutionofsmooth.com/