If any specific industry is not known to be a dynamic and innovative one, it is the lip balm industry. For almost a century the industry had barely changed, despite changing preferences from customers.
EOS (https://evolutionofsmooth.ca/) was created by a group of co-founders who had experience at several major manufacturers such as Pepsi and Unilever. Their experience in these large organizations taught them the importance of understanding customer tastes and preferences and helped to prepare them for striking out on their own.
The stagnant nature of the lip balm industry presented a real opportunity for a new small player that was willing to listen to the market and create a product that customers were interested in. EOS set out to do just that and created a high quality product that commanded a premium price in the market of three dollars per orb. EOS lip balm was differentiated by a unique applicator orb that was bright and colorful and attracted the interest and attention of their customers.
They used high quality and all natural ingredients in their balms which set them apart from their competitors and created unique flavors that further interested the market and let to customer interest in trying different varieties of lip balm.
Their strategy paid off and EOS found them being distributed at many of the major retailers such as Amazon, Walmart and Well across the United States. Further, EOS customized a lot of their machinery which gave them a competitive advantage over their peers and made it harder for the competition to emulate them. It is only now that their competition such as Chapstick and Burt’s Bees starting to catch up and releasing similar products to EOS.
By now EOS is exploring other products in the personal care market and enticing customers with more new and creative products. Ultimately, the success of EOS involved learning about their customers and reinvigorating an industry that had grown to not innovate.
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