The Fast Company’s Startup Report presents the story of how EOS Lip Balm was able to dominate a market that was oversaturated and seemingly driven by cutting costs instead of creating innovative products tailored to consumers. EOS, an acronym for “Evolution of Smooth”, was brought to the market by Sanjiv Mehra and Jonathan Teller. They identified several key factors that would ultimately make EOS Lip Balm a leading product in the skin care industry. These key factors determined their product concept and target market, product characteristics, and advertising techniques.
The co-founders of EOS Lip Balm wanted their product to be innovative and meet consumer’s needs. The Fast Company’s article gives their readers an inside look into the process that Mehra and Teller had created in order to differentiate their product from all others. The concept for EOS began with their target market, millennial women, since they represented the majority of consumers. Not being able to find your lip balm in your bag, minimal product variety, and the unsanitary method of applying lip balm with your fingers are all driving factors behind the appearance of EOS.
EOS Lip Balm is round in shape and easy to find in a cramped space. It comes in a variety of colors and flavors (http://www.target.com/p/eos-organic-lip-balm-sphere-summer-fruit/-/A-13352556) and can be applied straight to your lips from the balm case. It is also organic. These are all product characteristics that were created to engage the consumer’s senses. The finished product was a success and it revolutionized the oral care industry.
The advertising platforms used to promote EOS helped create brand awareness in record time. The most successful platform used was social media, which explains how the brand dominated the Amazon online market so quickly. Ultimately, the Fast Company’s article on EOS Lip Balm sheds light on the process of creating a product and the critical components that are involved to help ensure its success among consumers.
Read the article here: https://www.fastcompany.com/3063333/the-untold-story-of-how-lip-balm-upstart-eos-outdid-chapstick.