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EOS Storms into Lip Balm Market Using Modern Innovation and Big-business Principles

With the partnership of Sanjiv Mehra and Jonathon Teller, the EOS company entered into a market previously dominated by century-old companies like Chapstick and Burt’s Bees. The article on fastcompany.com explores why they chose the lip balm industry and how they used an entrepreneurial approach with big-business principles to launch such a successful product.

Mehra and Teller saw potential in this market when they noticed that the tube-design of lip balm had not changed for over a century. The design was based mostly on cost-efficiency rather than sensory appeal. The two wanted to create something more distinguishable; so it wouldn’t get lost in handbags and applicable; to eliminate the inconvenience of using a finger. The team decided on a radical change in design that would target style-savvy, millennial women. The orb they created was meant to stimulate all 5 senses with pleasing features such as a smooth feel, pastel color, good smell and taste, and even a satisfying click sound when opened. In the end, they set the product at a similar price as other brands, but kept the ingredients all organic.

With the design finished, Mehra and Teller had the obstacle of getting the product on the market. Many of the potential buyers they approached believed that customers were creatures of habit and would not stray from buying the original brands. However, the pleasurable EOS lip balm design caught the eye of a female buyer for Walgreens and they were soon selling in Amazon, Target, Well, Walmart, eBay(http://www.ebay.com/bhp/eos-lip-balm) and other large convenience stores. Along with magazine and television ads, the team used social media to spread praise for their new product. This included partnerships. Mehra and Teller continue their innovation by putting out new collections as well as new products like shave cream and lotions that keep the EOS brand on the market.

 

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