Evolution of Smooth, or EOS, has revealed the strategy for their success in this exclusive interview with Fast Company.
EOS lip balm is one of the most successful brands in the country, second only to Burt’s Bees. The company sells 1 million units per week and is worth $250 million but, by 2020, could be worth $2 billion.
Little has been known about the company’s strategy before now, but the co-founders of the brand have shared their game plan.
The company started with an idea, as all company’s do. In this case, the team wanted to shake up the lip balm industry. After all, the industry has remained much the same in the more than 100 years it has existed. The approximately two-inch, clinical-feeling tubes that brands like Chapstick come in have been the standard for almost that entire time.
So, the EOS team set out to offer something new to the industry without creating a gimmick or a passing fad, and that’s how they came up with the now familiar orb-shaped containers. The containers are meant to stimulate all five senses.
The EOS team also did their research. They found that women are the primary purchasers of lip balm despite the industry choosing to market and sell the product as mostly unisex. The team zeroed in on their demographic: millennial women.
But, even after coming up with their great idea, many stores didn’t want to carry their product. The team got their big break though when a purchaser from Walgreens showed interest in carrying EOS. It wasn’t long after that mass merchandisers like Target and Wal-Mart wanted in, and now, seven years later, EOS can also be found thru online store including Lucky Vitamin and Ulta.
To find out more about EOS’ journey to success, read the exclusive interview here.