It was not until their interview with the Fast Company that the founders of Evolution of Smooth (EOS) spoke about their business plan. They revealed how they founded a $250 million lip balm company and out did seasoned competitors in the name of Chapstick and Blitex. The company became the second best-selling of lip balm. Statistics from the research firm Kline show the amazing growth of EOS, which as per late in 2016 were selling over 1 million units and were looking to increase market by 2020. The demand for natural and organic products was the key factor inspiring the growth of the company.
The start of EOS was based on intensive research on what lip balm users enjoyed. The company not only wanted to produce a commodity that was affordable, retailing at around $3 on Walmart, but also something people, and mostly women, would be happy to use. They, therefore, worked on several things including the shape of the container, which was spherical, and the feel of the lip balm. They wanted it to be smooth, have a good feeling on hands, come in beautiful colors, have a good scent and made from natural ingredients.
The founders told Fast Company that one of their biggest challenges was getting their EOS lip balm on shelves. Most chain stores did not want to have the commodity because they thought it would never beat other manufacturers who had been in the field for a longer time. Another challenge was that males admitted that they did not understand the product. This was mostly because the EOS lip balm was made for females. The company’s target audience was people between 25-35 years. They came out with good marketing ideas by using bloggers and celebrities. The product was advertised by Miley Cyrus, Britney Spears, Demi Lovato and Taylor Swift. It now has a big market, and the company is making good money.