EOS was able to grow into a powerful competitor in the lip balm industry by concentrating on their customer base and by crafting unique products that they marked well to quickly expand into a competitive market. How they did so was addressed in an article in Fast Company which outlined the ascent of EOS lip balm.
EOS was founded by two individuals who had a significant amount of experience in the personal care industry working for companies like Unilever and Pepsi. They learned how large companies worked, how they react to new competitors, and what opportunities are available for small nimble companies entering into a new market. EOS’ co-founders saw the lip balm market as a perfect opportunity for a small player as they believed that the current companies selling lip balm were not reacting effectively to the needs of consumers. They weren’t changing or innovating with their products and providing customers with the products that they were looking for.
EOS set to change that and began with a rigorous process of interviewing people who buy lip balm and finding out what they like and want in lip balm products. For example, while they liked the sanitary aspect of their lip balm tubes, they found them too easy to lose. EOS then designed an orb that was still sanitary, but stood out in your bag and was hard to misplace. It was also color coded with a variety of different flavors; another customer desire. The flavor options of lip balms were too limited and only a few options were available to customers. EOS set to change that by designing new flavors that were unique and different from the norm and sourcing them with organic and natural ingredients that were higher quality than the used by larger competitors. EOS lip balm products are available online on eBay and Amazon.
This strategy allowed EOS to create a unique lip balm product that appealed to customers and allowed the brand (https://skincare-au.com/collections/eos) to grow significantly in the industry, becoming a favorite of consumers along the way.