Everyone is familiar with the standard lip balm tube. It’s about two inches long, cylindrical, wrapped in a little piece of plastic, twists up from the bottom. You know. Brands have been using the design for about a century now.
Everyone also knows EOS, those happy, little, egg-shaped orbs of lip balm that come in all the fun pastel colors.
EOS hasn’t been around very long though. In fact, they’ve only been a part of the market for seven years. But in those seven years, they’ve risen to the top of their game, second only to Burt’s Bees.
But how did such a new company become a company that sells 1 million units a week in such a short time?
Well, before now, very little was known about their strategy, but an exclusive interview with Fast Company reveals how the iconic EOS brand came to be.
It began with an idea to shake up the lip balm industry. The company wanted to bring something new to the scene without bringing a gimmick or a fad. Enter the EOS lip balm design, a design meant to stimulate all five senses.
Research also revealed that, while women are the primary purchasers of lip balm, the market is targeted primarily as unisex. EOS determined that a demographic would be a key part of becoming a success and chose millennial women.
Finding a buyer wasn’t easy at first. No one seemed to want their product. But at last, they got lucky when a meeting with a female purchaser from Walgreens kick-started their success. Walgreens put their products in the aisle and it wasn’t long until places like Target and Wal-Mart and Racked wanted in too.
Now the company is worth $250 million and is on track to be worth $2 billion by 2020.
Read the full interview here.
Facebook page: https://www.facebook.com/eos/