The founders of the indie darling of the lip balm market segment set out to make an emotional connection with their users, and by all metrics, it appears that they have succeeded. Evolution of Smooth saw a gap in the lip balm market and set their sights on filling it. Founded nearly a decade ago, EOS lip balm has become a favorite of everyday people along with celebs and stars. The $3 price point was the first decision by the partners that was to set the tone for the Racked popular brand. The other decisions addressed appealing to all five of the senses of their users.
With the decision to contain their product within a unique orb, the EOS leadership was aware of the possibility of being seen as a fad that would soon disappear. To combat this fear of becoming a here today, gone tomorrow trend, EOS worked hard to appeal to its customers on many levels. This strategy has paid off, according to a recent article posted by Fast Company magazine. The brand is selling upwards of one million of their lip balm orbs each week. Their market share has grown and now surpasses that of Blistex and Chapstick who has been around for a century.
When a brand enjoys market dominance, as Chapstick has done, it is easy to become complacent and EOS was able to capitalize on that stagnation. The case of Chapstick being overtaken by an upstart such as EOS provides an instructive lesson of what not to do when you believe that your product is untouchable. Lack of innovation and customer engagement can have negative consequences, no matter how entrenched your brand and product may be. EOS has taken advantage of this environment and carved out an enviable niche for itself in the oral care / lip balm market.
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