Rethinking The Lip Balm Market
The lip balm market is often thought of as something of a mature market. Many people simply don’t believe that there is any growth to be had in the lip balm market or that there is anything new to learn about it. This is where Evolution of Smooth has proven them wrong. The Well-known brand has taken over the lip balm market and made the likes of Chapstick, once the number one lip balm brand, run for its money. It’s success is one of the most unlikely stories you’ve ever heard.
What Went Right
The success of Evolution of Smooth (https://evolutionofsmooth.ca/) is related to the way that the company approached its marketing. The common assumptions around lip balm would suggest that this is a product used by both men and women in similar levels with strong brand loyalty. This was blown away by the Facebook research that Evolution of Smooth conducted before launching its product. Women are using lip balm at far greater rates and women are also the main target of Evolution of Smooth. This has helped the brand make itself one of the most successful around. When you decide to focus on your customers that’s expected.
How This Success Is Paying Off
The success of EOS lip balm is allowing this brand to make itself into a branching operation. There are now lotions and shampoos among other products available for this brand. You won’t find anything this amazing and you certainly won’t see the competition pull out anything that can compete. Evolution of Smooth has certainly changed how we think o about lip balm. Years from now when Millennial women are much older we’re still going to be thinking about this brand. They’ve done something right and we’ve got to give them credit for that.
In case you did not know Fabletics is an online retailer that has been around since 2013. They were brought into existence by actress Kate Hudson and two other founding members. This company sells their signature athleisure wear products. This company also sells products such as leggings, Capri pants, dresses and undergarments. They also sell accessories as well. While Fablectics is a fashion clothing outlet that caters to women; they also sell products to men.
Fabletics has managed to stay competitive by focusing their efforts onto their customer’s preference and experience. First of all, they want customers to have a unique experience purchasing their products from their online stores and locations. They do this by ordering clothing into their retail outlets that fit a customer’s expectations and preferences.
Another great customer service skill that Fabletics has is their ability to provide their customers with an exclusive type of environment. Fabletics is all about membership and when people purchase the clothing online or in-store; they are required to have a membership. Once again, this membership creates an exclusive place for clients to discover the type of clothing they desire they want.
Fabletics has to take these approaches to their business to stay competitive. They have grown at least 35% since they first opened their doors back in 2013. The company is now worth $250 million. Their biggest online competition is Amazon.
Amazon is a powerful online company that dominates a whopping 20% of the online fashion industry in terms of sales. This company has the ability to provide name brand fashions at a lower price. Unless a business distinguishes itself and offers some type of unique service for its clients; they will not be able to compete against Amazon.
Amazon’s power lies in its ability to sell large amounts of products for a low price. They do this by selling huge volumes of products form virtually any category imaginable. Fabletics has to focus hard on the customer experience to compensate for Amazon’s online presence. This company can beat out other enterprises by simply underselling them. Consumers already know that Amazon typically provides the best prices for the products they desire.
Fabletics is not going to challenge Amazon head on. They will not be able to win this fight. So, they make it a point to keep their customer first and to make their experience something memorable. Fabletics is moving in a positive direction and in time they are expected to become a major online competitor within the world of fashion.
Fashion has changed over the years and will continue to change each day as will technology. Over the last decade or so, these two industries have merged to create a formidable partnership that is changing the design and fashion world in astronomical ways. It is truly making such strides we cannot fathom some of the outcomes.
Fashion designers are on the cusp of using technology to experiment with in remarkable ways. Designers and entrepreneurs all over the world are excited to see what will come from this innovative merger of great minds. Dutch fashion designer, Anouk Wipprecht, has ventured into this new and fascinating world of techno-design. She has come up with some very interesting creations. She has created a drink-making dress and a self-painting dress.
Other designers use technology to produce protective fashions such as bike protection that goes around the neck instead of a helmet. Designs such as Frontline Gloves, by Ashwin Rajan and Kevin Cannon, allow firefighters to exchange important information through had gestures.
Some designers are even recycling material to create fashions. Many great designers are coming up with creative and innovative ways to blend and recycle materials to help our lives become easier. There are some obstacles to overcome, but designers are working to bring down costs and barriers so that they can encourage everyone to welcome this new partnership.
Christopher Burch is the founder and CEO of Burch Creative Capital. Entrepreneurial visions for new market opportunities is high on this company’s list of goals. Creating through creativity, vision, and perseverance is key. Burch has worked almost forty years as an entrepreneur and investor. He has played an important role in the development of over fifty companies. He has a long record of experience and know how. The world is a better place because of people who have the ability to think outside the box and use expressions of creativity to make life easier for everyone.