Some industries seem ripe for a revolution and the lip balm industry turned out to be one of them. EOS’ founders identified that the industry was susceptible to a product revolution given that the existing competitors in the market hardly competed and when they did the competition was based mainly on price. The products in the lip balm market hadn’t changed for a hundred years and were much the same as before.
EOS spotted an opportunity in this and began to design and then manufacture a product that was geared for those customers who were the largest component of the market; women. Up until EOS (https://evolutionofsmooth.com/) came out with a female oriented product which had an stylish orb applicator in hot colors and flavorful fruit combinations to wet the taste buds of those applying their lip balm, the lip balms on the market were steeped in androgyny. Flavors were medicinal in nature and the packaging did not stand out in any meaningful way.
In comparison, the striking colorful orb of EOS’ lip balm stood out like a sore thumb in the retail stores that first excepted their product; Walgreens, and the product exploded from there being sold and displayed in many different stores. Online merchants Racked and Lucky Vitamin soon followed.
EOS was able to identify and opportunity, design a product that met the modern needs of users, and experienced significant growth and expansion, becoming a hot product for customers in the lip balm market. Their story is interesting in its own case but particularly as a business case study that illustrates how a small company like EOS lip balm can compete against long established and dominant companies in an mature industry.
Read the full story in an article on the Fast Company website and learn how EOS was able to take over the lip balm market from their humble origins.