Applying lipstick is rather a mundane undertaking. It seems devoid of fun to the untrained eyes. Therefore, adding fun to the rather mundane process presents a unique business opportunity. It is this unique business opportunity that Sanjiv Mehra, Jonathan Teller and Craig Dubitsky came together close to a decade ago to exploit by founding Evolution of Smooth (EOS). The product of their market analysis and strategizing was a lip balm in a spherical orb that has revolutionized the fashion aisle and upstaged established industry players. Their innovative product targeting drugstores and supermarkets created new platforms for competition: unique design. This marked a clear distinction from the common practice in the market where industry players used pricing as the primary competition platform, read more. The founders’ creativity and industry experience saw them set a uniform product price of $3, which was within the range offered by the competitors. However, their unique product added fun to lip balm application and soon upstaged competitors in terms of market share and sales volume. With the market expected to rise in the coming years, the company’s sales volume, which currently stands at 1million units per week is projected to continue rising. Blog Reference: blogwebpedia.com.
EOS’s meteoric rise as one of the leading companies the lip balm industry has been hinged on strategic decisions made by the management. By eliminating pricing as a platform for competition, EOS raised the bar for competition. Its price is affordable for many customers including millennials, refer to walmart.com. This is the primary target for the company due to their purchasing power and fashion consciousness. Towards this end, the company initiated an aggressive social media campaigning across various platforms including Facebook and YouTube. The various celebrities such as Miley Cyrus, Taylor Swift, Demi Levato and Kim Kardashian who have been seen in public using the product or working as product spokesperson have also played a critical role in the popularity of the brand.
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