Now Entering Russ's World
In an exclusive interview with Fast Company, co-founders of the lip balm company Evolution of Smooth (or EOS) have revealed information about the strategy that sent them to the top of their game in just seven years. Previously, very little had been known about the strategy used by EOS to become such fierce competitors in their market.
It started with an idea. Co-founders Sanjiv Mehra, Jonathan Teller, and Craig Dubitsky, decided to shake up a century-old, essentially unchanged market. For about 100 years, lip balm has been packaged and marketed in the familiar little tubes, such as the ones used by brands like Chapstick or Blistex.
The partners knew the market was ripe for a shake-up, but the idea had to have longevity. Their new product could not be gimmicky.
Enter the iconic EOS lip balm containers. These egg-shaped, playfully colored containers were a key step in becoming major players in the lip balm industry.
A second key piece of their strategy evolved as well. Lip balm is typically a fairly unisex product and is marketed as such; however, the people who buy the most lip balm are women. Knowing these, EOS crafted a demographic for themselves: millennial women.
The company has also built up a strong online presence as part of their on-going success strategy and reaches out to Ulta bloggers, YouTubers, and others to help promote their products.
Since their products have hit Walmart shelves, EOS has become a $250 million company. Second only to Burt’s Bees, the company moves 1 million units per week and is slated to become a $2 billion by 2020.
For more information about EOS journey to success, read Fast Company’s interview here.
Product link: http://www.racked.com/2014/10/31/7571165/eos-lip-balm
EOS Facebook: https://www.facebook.com/eos/