EOS: From A Start-up To A Household Name
In her Fast Company published article, Elizabeth Segran takes us through the journey of EOS, from being a start-up company and to date, being one of the world’s renowned lip balm companies. The company entered a saturated market that had already established the bigwigs, and still, didn’t give up. The leaders knew what they wanted and went for it.
One important lesson that entrepreneurs can learn from evolutionofsmooth.com is that with the right strategy a company can compete with anyone fearlessly. In this case, EOS leaders realized that its target market needed a product that would make their day better and livelier. For that reason they concentrated on the product, the packaging and a great message that reminded the consumers that the company knew what they went through.
In addition, it not only takes a great product but how a company communicates the product to the people. Entrepreneurs can borrow a leaf from EOS on the way they communicate to their target market. EOS main target was the millennials and they used the platforms that these millennials would listen to. This is a challenge for many companies, they need to understand who they are selling to and come up with a strategy that communicates to them.
More importantly, EOS lip balm leaders believed in being unique and coming up with creative products for their consumers. Most companies however just want to compete basing on the prices rather than the product that they are providing. By focusing on the customers’ needs and preferences, a company is in a position to come up with products that brighten the consumers’ days.