Differentiate and Conquer: A Stoic Approach to Business

Have you ever encountered a competitor trying to undermine your company's reputation? In the world of business, Marcus Aurelius' wisdom rings true:

"The best revenge is not to be like your enemy."

This principle, deeply rooted in Stoic philosophy, emphasizes control over our responses and is particularly relevant when competitors try to tarnish our reputation. Recently, a competitor at a seafood trade show attempted to differentiate themselves by speaking ill of our business. While I won't delve into the specifics, this experience underscores the value of Stoic philosophy, which we share with our Stoic Mind clients.

But first, let’s get something clear: What does it mean to talk bad about a company? It is when you have to attack your competitor so that your customer only buys from you.

Now, what does it signify when a competitor resorts to badmouthing?

To me, it indicates a couple of things:

1. Sign of Weakness: It suggests that the competitor has nothing substantial to offer beyond negative remarks, which is a significant weakness.
2. Lack of Clarity: It suggests that the competitor is uncertain about their own differentiators. This is a critical point that I'll delve into further shortly.

People who badmouth the competition tend to think the market is a fixed pie: it is one size and doesn’t get any bigger. Therefore, to get a bigger slice, they try to belittle their competitors: “If their slice is smaller, mine will be bigger.” This subject fascinates me: the scarcity mentality.

Interestingly, another perspective on life aligns with economic liberalism, a view advocated by Milei, Argentina's president. This ideology promotes a growth mindset, asserting that the market pie is unlimited and can expand indefinitely. This belief finds support in history, which demonstrates humanity's continuous economic growth.

So, we have two points of view not only of markets and companies but of life itself:

• Growth mindset:? you think your abilities are not fixed; on the contrary, you can acquire abilities and grow as a person/company. The pie is unlimited. This is Economic liberalism.
• Fixed mindset: you think you are born with specific abilities/capabilities that are fixed and cannot grow or expand. Regarding the market, you think the pie and your resources are limited, in the sense that there is not much more you can acquire or make the pie bigger. Economic collectivism.

Badmouthing also shows that they are unclear about how to differentiate themselves from the competition or what problems the company solves. And so they replace this lack of clarity with badmouthing their competitors.

Lack of clarity:

What we teach our customers is NOT to talk badly about their competitors, but what their true differentiators are and how they can create a script so that those differentiators are part of their sales pitch.

When talking to a customer, you should focus on yourself and your company by sharing your competitive advantages: What is it that you do so differently from the rest? What are those 3-4 reasons that combining them in your offer makes you different from others?

?From our years of experience, I realize this is a challenging task. That is why identifying what sets your company apart from others in the market is a fundamental aspect of our work with clients at Stoic Mind. We facilitate this process by asking a simple question:

Why do your best customers or clients choose to do business with you?

In the case of Stoic Mind , we have identified three key differentiators:

1. Multicultural Facilitation Experience: We excel in navigating diverse cultural environments.
2. We love to curate: We meticulously curate materials from industry experts to offer unique insights and solutions to our clients.
3. We have done it, and we are still doing it: As entrepreneurs ourselves, we understand the challenges and opportunities our clients face, and we are committed to delivering tangible results.?

Similarly, at DeLaIsla, we focus on three core differentiators:

1. One-Stop Shop: We offer a comprehensive range of services, providing convenience and efficiency to our clients.
2. Empathy for Our Suppliers: We prioritize building strong, mutually beneficial relationships with our suppliers.
3. Efficient In/Out Operations: Our streamlined processes ensure quick and efficient handling of goods.?

As you can see, these differentiators are focused on our suppliers and not our customers because we think that it is with them we can create the biggest impact.

Our company has a strict policy against badmouthing anyone, including competitors, suppliers, or former personnel. Instead, we emphasize the importance of leveraging our differentiators in all our interactions.

But how do we integrate these differentiators into our everyday conversations with clients and prospects? While talking to a customer, you must relate stories of how those differentiators have helped other customers.

The other possibility -badmouthing- is comparing yourself to your competitors all-the-time. So that when you are talking to your customers, your speech would sound like: “X does this, and WE don’t. “

The difference in how it is expressed may seem subtle, but it is crucial. It is different from approaching a customer and letting them know how you generate value and how they can benefit, as it is talking to them and having to mention your competition all the time to feel that your company does things differently.

This only makes you look weak to get ahead, and it says a lot about your leadership style, values, and how you treat employees in your company.

If you think the only way to move on is to share and divide a fixed pie, you are not interested in allowing your people to grow.

How so? You may wonder. Let me explain: if you always think and make decisions from a scarcity mentality, you can’t think of ways and strategies for the company to grow and, therefore, for your employees to get ahead in life.

In conclusion…

When faced with the temptation to engage in negative talk, consider highlighting your differentiators instead. If you still need to identify them, prioritize this task and rank your top three on your opportunities and obstacles list. During a session with your Bloom coach, you and your leadership team can gain clarity on this crucial aspect.

Clear differentiators are not just about setting your business apart from competitors; they're about embodying a strength, positivity, and strategic thinking mindset. By focusing on what you can control—your business, your relationships with clients, partners, and team members—you pave the way for long-term success built on your unique strengths and values.