Nowadays, it seems like everyone wants to be an entrepreneur, but the problem is finding the right idea, the right market, and the right niche. However, it’s experience and know-how that allow you to recognize the perfect opportunity when it presents itself, and that’s exactly the story behind the meteoric rise of EOS Lip balm, evolutionofsmooth.ca. Founders Sanjiv Mehra, Jonathan Teller, and Craig Dubitsky set their sights squarely on how to revolutionize drugstore checkout counters with a market-disrupting product. Mehra, a veteran of PepsiCo teamed up with Teller and Dubitsky, who had cut their teeth at start-up incubators, in order to carry out this shake-up.
The answer they came up with was lip balm, a skin care product that had essentially remained the same for hundreds of years in a market that showed no degree of differentiation. Even though women were the main consumers, market leaders Chap-Stick were doing nothing to make their product appeal to the demographic. On the contrary, women bemoaned that their tubes of lip balm tended to get lost in their purses. They also felt new pots on the market interesting but also found it unhygienic to apply it with their hands. Mehra and his team came up with EOS Lip balm, a lip balm product in exciting packaging that would be easier to apply and harder to misplace.
Starting a little revolution in an established industry populated with major players is not easy. It was an uphill battle just to get shelf space in major stores and even on Amazon, but once that was accomplished; the next step was getting the word out. Rather than focus on traditional advertising, EOS decided to Target millennials, depending heavily on product placements in blogs and on YouTube channels and celebrity buzz. The EOS story is proof that there are plenty of opportunities out there for people who know where to look.