The lip balm industry has recently become modernized, adapting itself to modern tastes and preferences by moving away from the tried and true formula for lip balms that worked for almost a century but was no longer as appealing to customers. Modern lip balms are now available in a wide array of flavors, in colorful packaging, and with the high quality organic and all-natural ingredients that customers have come to demand.
What is interesting is that this modernization in the lip balm market wasn’t brought about the existing market play such as Pfizer’s Chapstick or Clorox’s Blistex, but rather by a smaller and nimbler start-up that saw that the desires and needs of customers was not being met by the current products for sale and developed their own product to satisfy those needs. That Start-up Company (https://www.fastcompany.com/3063333/startup-report/the-untold-story-of-how-lip-balm-upstart-eos-outdid-chapstick ) was EOS and the lip balm market will never the same.
EOS lip balm saw that customers were not passionate or excited about their lip balms and saw them as utilitarian and interchangeable. When a lip balm company needed more revenue they lowered prices and customers, not being brand loyal, simply sought out the cheaper alternative. This is really no surprise given that the lip balms we all based on petroleum jelly and had similar bland flavors.
EOS changed that by using shea butter and other high quality ingredients that provided better lip protection and lasted longer. The flavors used did not have an artificial feel to them, as they were naturally sourced, and this made for a sooth application overall. Finally, EOS created unique packaging and containers that were striking to customers and stood out on retail store shelves of Target and Walmart.
The result was that EOS was able to capture market share from the larger and etter established players in the industry and they too began to modify their products to emulate the success of EOS. EOS revolutionized the lip balm market and now has product offerings that customers are actually interested in buying.
For more info, visit the EOS Facebook page.