The lip balm industry was a sector that EOS founder Sanjiv Megra describes as remaining largely unchanged since the development of the tubular Chapstick style applicator, that was until the 2009 release of the Evolution of Smooth, EOS, lip balm. As an industry, the lip balm sector is expected to grow to over $2 billion by 2020 amid a rising level of interest in developing new flavors and designs that was begun by EOS as the startup looked to change the face of the oral health industry, Fast Company reports.
EOS has always been a company looking to move in its own direction, which has included the company refusing to look outside the three founders for sources of finance as they did not wish to lose control of the company that has become a passion for all involved. The initial idea for EOS came from Sanjit Mehra feeling the simple tubular design and limited number of flavors available in lip balm could be improved upon; these improvements included a specially designed round exterior and a range of new flavors that have become increasingly popular across the life of the company. View video here.
Advertising and building an impressive marketing campaign have all played their parts in the rise of EOS to the position of number two lip balm in the U.S., which has seen the company involve some of the best known style and music icons in the U.S. to its advertising and marketing campaigns, refer to stylecraze.com. As the largest investor in advertising in the sector, EOS has enlisted stars such as Taylor Swift, Demi Lovato, and Miley Cyrus to assist in spreading the word about the company among the important 25 to 35 year old market. The focus on the Millennial market has paid off and has seen increasing numbers of customers come to the brand from a range of different age groups and socioeconomic backgrounds.
Watch more here on https://www.youtube.com/watch?v=yRY7C3LEFeM.