A great business person is one who sees an opportunity and acts on it promptly. This is one principle that sets business people apart. For MehraTeller and Dubitsky, the founders of EOS lip balm, they realized that the firms in the industry focused on reducing costs instead of improving their products to stand out. Chapstick, that has been the key player in the industry for decades, was one of the many companies that were bypassed by EOS on their way to greatness.
EOS founders took time to understand their market, competitors and their target market. They used their competitors’ weaknesses to come up with a unique product. They went with round lip balms instead of the mainstream cylindrical containers. In addition to the product, the unique packaging made EOS lip balm an easy pick by the consumers. Entrepreneurs can borrow a leaf from this by focusing on their products and ways that which they can make the products stand out from the rest.
Speaking to Fast Company, Mehra points out that most accessories that women use each day don’t make their daily operations easy. Which goes against what products are intended to do? With the findings in hand, the company came up with a product that was aimed at making the consumers’ lives easier. Many companies should use this finding to come up with creative products that not only satisfy the Amazon and eBay customers’ needs but also gives the consumers pleasure and delight when using them.
More importantly, by learning the target market, companies have an easy time marketing and selling their products. For EOS, the company knew that the target market would emulate what their celebrity stars would be using. For that, they involved Kim Kardashian, who is widely known and loved by the millennial. Therefore, companies should always aim to research and understand their target market. https://skincare-au.com/collections/eos