When one starts a business, it is often the dream that they will succeed in a few years. For some, this dreams actualizes while others are left bitter after failure. The difference between these two groups being the know how to run a business. This is the case for EOS, one of the leading lip balm brands in the world. More businesses should try to evaluate their formula in order for them to be successful. Here are some lessons from EOS that might be helpful.
Sure there are limited industries. But you do not have to be the norm. Being different is what makes you stand out from the rest. This is reason number one for EOS success. They saw that everyone within this line of beauty products was doing the same thing- Producing lip balms in the same old chap sticks that looked so clinical. Most of the other industry players concentrated on cutting costs as a means of making profits. However, EOS took the high road and decided to use innovativeness to push sales and increase their profits.
Conduct a Thorough Research
Another reason why EOS is so successful is the fact that they Target all consumers and actually went on the ground and did their research. They did not just rely on hearsay and build their business on that. It is through research that they were able to identify a gap that their products could fill. Research is the only way for one to create sustainable products and services.
Do not be Greedy
Do not overprice your products to make fast money. Instead, let the value of your products be the pricing factor. EOS sells their lip balms at only $3 on Target and Ulta. This is for a quality product with beautiful colors, natural ingredients, great taste and smell and a unique closing sound.
Visit the EOS Facebook page for more information.