For countless years, only a few large companies were having success in the lip balm market. Huge brands such as Chaptsick and Blistex were so engrained within the market that the company names were becoming synonymous with the product. After decades of no competition or market change, these large businesses became quite comfortable. Instead of rethinking designs or marketing strategies, they simply focused on cutting costs. The founders behind the Evolution of Smooth saw opportunity where others saw stagnation. In an interview with Fast Company, founders Sanjiv Mehra and Jonathan Teller revealed three strategies that helped them to grow a $250 million dollar company.
EOS’ primary strategy was to understand their target market. Seeing how the lip balm industry had remained unchallenged for decades, Mehra and Teller recognized what kind of product they needed to introduce. There was no room in the lip balm market for another copy-cat product. Instead, the team needed to redesign and revolutionize the concept of lip balm in order to create their own niche.
After successfully developing a product, EOS began to strategize the first sales of their new product. They contacted large retailers such as Walgreens, Costco, Walmart and Target on a store-by-store basis. EOS lip balm proved to be a popular product after huge success in a Walgreens store. Soon after, several major companies began requesting to sell EOS lip balm in their stores.
Target marketing was perhaps the most effective strategy implemented by EOS. From the beginning, Mehra and Teller decided that they would develop and market a product specifically to women. Understanding the customer base allowed EOS to create an effective and targeted marketing strategy. They collaborated with beauty bloggers who had large audiences on different social media platforms. Additionally, several celebrities such as Britney Spears and Miley Cyrus became associated with EOS lip balm.
Visit the website: https://evolutionofsmooth.ca/