Squirt a small quantity of Goo Gone cleaner onto an old rag and use the rag to dab the lipstick stain. Make sure that the rag you use does not serve any other purpose. Avoid rubbing the stain because that will further spread the stain, making the task even more difficult. Keep changing the surface of the rag in contact with the carpet so that the lipstick dye accumulated on the rag does not find its way back onto the carpet fabric. Use more Goo Gone if required.
If, for some reason, you cannot arrange for Goo Gone, make use of dry cleaning fluid instead. Even though dry cleaning fluid does not smell very good, it can serve the purpose fairly well. Dab at the lipstick stain as described in the previous step.
Prepare a mixture of a few capfuls of Woolite with ¼ cup dish soap in warm water. Use this mixture to blot the lipstick dye. This will help in removing remaining lipstick residue.
To prevent any remaining dye from settling onto the carpet fibre, blot out lipstick residue (if it is still sticking to the carpet) with a piece of clean cloth soaked in warm water. Allow enough time for the soapy mixture to dry completely on the carpet. Then, with the help of a vacuum cleaner, remove dried soap particles.
Check to see if the stain still remains. If it does, consider repeating these techniques a few more times.