The competition for lip balm has heated up in recent years as a small start up, Evolution of Smooth, or EOS, has captured a significant market share from its competition to emerge as the second largest lip balm maker in the United States. Just how they were able to do so was the focus of an recent article.
The company’s founders spotted an opportunity in the personal care market, and specifically the lip balm market, where the competition was not innovating and creating new products for customers. Instead get competed by lowering the price of their products and competing that way. EOS lip balm found that if they listened to their potential customers they could disrupt the market.
The co founder of EOS, Sanjiv Mehra, had come from a product design role for companies like Pepsi and Unilever, and was aware of the significant importance that product design could have on a company. When designing an applicator for EOS’s lip balm he listened to customers who were concerned about the sanitary nature of a balm, but liked the look of the small pots that were being introduced to the market. To bridge the gap he helped to introduce an applicator orb that allows for a smooth application of EOS lip balm. This design has been so popular it is now copied by many competitors.
Then EOS went to work in designing a product that captured what their customers wanted; interesting and good flavored lip balms with all natural ingredients in colorful containers. The product was then priced at a premium of $3.00 per unit, a premium for lip balm but easily affordable, and their business exploded. In less than ten years EOS is the second largest in the industry and is clearly a big and unique player in the lip balm market. Visit evolution of smooth website, the company’s Linked In profile and Pinterest page (https://www.pinterest.com/explore/eos-lip-balm/) for more information.