When EOS emerged in markets it broke the monotony of previously available lip balms like no other brand has been able to.
The founders of EOS recently gave Fast Company an exclusive interview and discussed how they built their $25 million company, with the second best selling lip balm in the United States.
The founders wanted to create a beauty product that will shake the market, inspired by the fact that lip balms have not changed much in the past 100 years; they found an avenue for innovation in that product category.
After conducting comprehensive consumer research, they found that the main consumers were women, who said that they didn’t find application of lip balm delightful.
By bootstrapping their own company, they decided to redesign lip balm entirely, making sure their product is a pleasure to use daily and on the long term. The product is meant to engage all five senses, from soft packaging, pleasant colors, fragrances, and flavors, to the clicking sound the sphere makes when closed. The ingredients are organic and natural, with a competitive price point. Read more article on goodguide.com.
Getting the product on the shelves, and competing with established brands was a challenge. Walgreens gave EOS its first break, others followed. In order to meet demand and scale up EOS invested in creating a fully automated production facility.
Utilizing influencer marketing, reaching out to beauty bloggers and millennial celebrities for product placement and endorsements, in addition traditional marketing, and a strong social media presence, the brand became one of the strongest advertisers in its category.
The company now sells over one million sphere a week. EOS continues to innovate coming up with new products and collections.
Their success, according to the founders is a result of having the discipline of a big company in managing the day to day, but the innovative mind set of an entrepreneur for the big picture.
Watch https://www.youtube.com/watch?v=MQEsd7_LaLk for more.