In this exclusive interview with Fast Company, Evolution of Smooth (or EOS as they are more commonly known) reveals previously unknown information about their business strategy and techniques to the public for the first time.
The founders of EOS (https://evolutionofsmooth.ca/) have kept quiet before now about the methods they used to become one of the best-selling lip balm brands. In fact, as co-founder and managing partner Sanjiv Mehra explains, “Not necessarily building up information about it was something quite deliberate on our part.”
But as the company grows, it also wants to let its consumers get to know it better.
EOS has only been on the market for less than a decade, but in that short amount of time, they have climbed to the top of the industry, outsold only by Burt’s Bees. Currently the company moves one million units per week, reveals Amazon and future growth is predicated.
How did they become so successful in such a short amount of time though?
Their strategy involves multiple approaches. First, they selected a target demographic – in this case, millennial women (https://www.facebook.com/eos/). Secondly, the founders knew they needed to bring something new to the century-old industry to succeed.
Why are these factors important? Well, women happen to be the people who buy and use the most lip balm, but the industry as a whole takes a more unisex approach toward marketing and branding their product. EOS lip balm sought to take advantage of this gap.
Lip balm also markets and brands itself in essentially the same way that it always has. The tubes that brands like Chapstick use are typical of the industry as a whole. This presented an opportunity to shake up an otherwise stale industry for EOS.
And now their design is practically iconic.
To learn more about EOS’ success story, read the full interview here.