Many business persons are afraid to do something that has been done already because they don’t feel confident about it. Advisers often advise against highly saturated Target markets. The creators of EOS lip balm may have been told not to try to compete with lip balm giants like Chapstick and Blistex, but they did it anyway. The result is a $250 million business that keeps delivering fresh new customers every day. EOS lip balm is so popular now that celebrities like Kim Kardashian use it.
The realm of lip balm was already an overly saturated field when EOS company decided to enter the market. Lip balm sales were hitting billions of dollars with many of those billions going to Chapstick and Blistex. EOS took a bold approach and decided that it would develop a lip balm item that was cutting edge and unheard of by industry predecessors. It used a clever strategy that involved making the application a fun and memorable process. EOS cared about making the experience pleasurable for the people who would be putting it on their lips. Therefore, they catered to what appealed to them the most.
The creators used a strategy that involved all of the consumer’s senses. They designed the container in such a way that the consumer’s hand would feel pleasure holding it. They made the product smell enticing so that the customer would feel anticipation just by looking at it online or in a commercial. Finally, they added the element of creating gorgeous colors and irresistible flavor mixtures. See: https://www.amazon.com/Organic-Smooth-Strawberry-Passion-Honeydew/dp/B009QTDYYA
The multilayered plan that the company used made it rise to the top quickly. EOS is currently second to only Burt’s Bees, which proves that products can make it no matter how many other companies sell them. An entrepreneur should never listen to words of discouragement. Success can come to those who are patient.
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