Reportedly, Fast Company did a one on one interview with the creators and founders of Evolution of Smooth, or EOS, last October. The company EOS has generated over $250 million within almost a decade. In fact it has even surpassed sales of Chapstick and Blistex, two companies which have been around for a lot longer.
In the interview, the creators reveal that the lip balm department hit a specific chord with them as a number one prime target for fast selling products. This conclusion was drawn up when they realized that most of the products on Wal-Mart supermarket were not going to sell too well if they had concocted something from another category.
Evolution of Smooth currently sells well over 1 million of their products per week with a prediction of sales skyrocketing in the year 2020 with a $2 billion revenue. Sanjiv Mehra, co founder and managing partner, tells Fast Company that not building a huge commotion around EOS was deliberate and a smart business strategy on their part. Mehra states that customers should take into consideration the type of foundation EOS lip balm is and what it represents.
Lip balm is generally treated as an all gender type of product, but oddly enough, the developers found that there was an overwhelming call for lip balms by women. In the studies they did, they found that women find tubes of lip balms to be too small for their handbags and they would easily lose them, or even find that the application of lip balm was unhygienic when the pots were introduced. One other thing they found in their study is that consumers do not find applying lip balm enjoyable what so ever. So in that instance, the Evolution of Smooth founders did what they could.
Read the whole interview here: https://www.fastcompany.com/3063333/startup-report/the-untold-story-of-how-lip-balm-upstart-eos-outdid-chapstick