Lips products (as a market) is arguably one of the most competitive cosmetic markets in the world. Millennials, fashion bloggers, and beauty experts are selective with purchasing new products. However, EOS Lip Balm is the first collection of lip products to challenge this precedence.
In just a decade, the product line by EOS has not only illustrated the importance of unique products in this market — but the influence of personalized products. EOS Lip Balm is currently one of the best product lines for most millennials, experts and beauty bloggers. There are different lessons that upcoming companies should learn from EOS and its approach to this market.
First, EOS Lip Balm is a perfect illustration that the company carried out comprehensive market research. The management points out that although the lip balm market was saturated — the company successful identified some aspects that were missing in the industry. The company also points out that the product has also evolved with the market — without losing its authenticity.
EOS Lip Balm is also one of the best products due to EOS approach to marketing and distribution channels. Prior to 2007, very few companies understood the concept of market optimization but thanks to EOS contributions — lip balm market is home to better marketing strategies.
Second, EOS Lip Balm is one of the few products that answer the basic customer questions. When EOS was getting into the cosmetics business, there was less personalization in products. Pundits believe that ‘mass production approach’ to making lip products created a void — EOS later filled the market void.
Apart from making customized products to different customers, EOS is the first company in this niche to expand its products line. The main reason for this expansion according to the management is to accommodate more customers and giving their existing customers more options. Currently, EOS Lip Balm is one of the few lip products that have a diverse customer base.
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