EOS is a fairly new type of lip balm that is quickly shifting the current concept of lip moisturizers. This start-up company came onto the scene only seven years ago, sensing an opportunity for innovation, and immediately began to revamp the lip balm market. Since then, the company has experienced massive growth to become the second highest seller on the market.
This small company of two (originally three) was started by two men who had previously worked for start-up companies and one who worked for big names in the field of packaged goods. They were ready to branch out on their own and sought out a niche with room for growth. They soon realized that the presentation and delivery of lip balm had barely evolved since its inception. Also, it turns out women are the primary users of lip balm and consider it part of their beauty regimen, but the market had been presenting it as a functional unisex product.
EOS lip balm stepped in and started selling a unique, personalized presentation of lip balm catering to women. They designed a signature round container, created fun flavors, such as this one; https://www.walmart.com/ip/Eos-Sweet-Mint-Lip-Balm-0.25-oz/15136069, and committed to using organic ingredients while maintaining a price competitive with other brands.
Success did not come without effort. They were breaking into an industry dominated by big names and entrenched design. They created their own manufacturing equipment. They committed to their target market of female millennials and advertised to them via social media and by collaborating with celebrities and other companies geared toward a similar demographic.
Their efforts have paid off. The industry is beginning to copy their approach and they are selling over a million lip balms on Kohls, Walmart, Ulta and other major stores in a week. They are continuing to innovate, bringing out new products and trying to stay a step ahead of clients’ demands.