383 Barry LaBov

Jeffrey Feldberg: [00:00:00] Barry LaBov is a two time Ernst Young Entrepreneur of the Year, a nationally recognized respected author, podcast guest, and brand strategist. He is the founder and CEO of LaBov Marketing, Communications Training. A full service agency that specializes in helping clients discover and celebrate their brand differentiation.

Labov's clients include national and international brands in automotive, recreational products, premium spirits, motorcycles, PE firms, and more. Barry's newest book is The Power of Differentiation, Win Hearts, Minds, and Market Share. 

And before we start this episode, a quick word from our sponsor, Deep Wealth and the 90 Day Deep Wealth Mastery Program. Here's Jane, a graduate who says, and I quote, the Deep Wealth Mastery Program prevented me from making what would have been one of the biggest mistakes of my career. I almost signed on the dotted line with an unsolicited offer that I now realized would have shortchanged my hard work and my future had I accepted that offer. Deep Wealth [00:01:00] Mastery has tilted the playing field to my advantage.

Or how about Lyn? Wow, he gets right to the point, and I quote, Deep Wealth Mastery is one of the best investments ever made because you'll get an ROI of a hundred times that. Anyone who doesn't go through this will lose millions. 

And as you're listening to these testimonials, are you wondering if you have the time? Are you even thinking that you've got this covered, you have the advisors or people in your network? Well, I got to tell you, these myths, they're often behind the 90 percent failure rate for liquidity events. Think about it. You have one chance to get it right for your financial freedom. You really want to make it count.

And when it comes to time, let's hear what William has to say. We just got in this testimonial, William says, and I quote, I didn't have the time for Deep Wealth Mastery. But I made the time and I'm glad I did. What I learned goes far beyond any other executive program or coach I've experienced. 

So what do you think?

As I hear that, that's exactly what gets me out of bed every day. That's my mission. That's the team's mission here at Deep Wealth to literally change the [00:02:00] social fabric of society. One business owner at a time, one liquidity event at a time, and my Deep Wealth Nation, what I want you to know, the Deep Wealth Mastery Program, it isn't theory.

It's from the trenches. It's the only one based on a nine figure deal. And that deal, that was my deal. You know my story. I said no to a seven figure offer. I created the system that later on, myself and my business partners, we said yes to a different buyer, a different offer, a nine figure deal. That's what we now call the Deep Wealth Mastery Program or the Scale For Ultimate Sales system.

It's built by business owners, for business owners, so if you're interested in growing your profits for preparing for a future liquidity event, and that may be two years away, it could be 22 years away, whatever the time may be, you want to do this now, and you want to optimize your post exit life, Deep Wealth Mastery is for you.

To get started, email success at deepwealth. com. Again, that's success. S U C C E S S at DeepWealth. com. [00:03:00] You'll receive all the information about the Deep Wealth Mastery Program or better yet, why not hop on a complimentary strategy call.

We'll go through exactly where your business is today and what's standing between you and your financial independence and your dreams. So that's where you want to be. You want to be with other successful business owners, entrepreneurs, and founders, just like you they're looking to grow their businesses, create markets.

Market disruptions and unlock their financial freedom to get what they deserve. And whether you've been in business for three years, 40 years, you're a startup, you're manufacturing you're in high tech, low tech, whatever the case may be, coming in and network with other business owners, it's a safe space.

It's a confidential space with business owners, with businesses just like you, because they all wanna lock in their financial freedom and enjoy both success and fulfillment. So again, the 90 Day Deep Wealth Mastery Program, it has your name on it. All you need to do is take the next step. Please send an email to success at deepwealth. com.

Welcome to the Deep Wealth Podcast. Well, Deep Wealth Nation, you know me, I love [00:04:00] my rhetorical questions. I got a few of them for you before we kick things off with our very special guest because we have a rock star in the house of Deep Wealth, a fellow entrepreneur, a fellow podcaster, author, an all around terrific individual.

But let me ask you this, are you struggling to differentiate yourself from you and the marketplace? When people, prospects who you want to become clients are looking at you saying, well, there's no difference between you and your competitors. Are you just kind of putting your hands in the air? It is what it is, or do you have a narrative around that?

Well, I'll tell you what, that's what we're going to be talking about today and a whole lot more, but I'm going to put a plug in it. Barry, welcome to the Deep Wealth Podcast. An absolute pleasure to have you with us. And I'm curious because there is always a story behind the story. So Barry, what's your story?

What got you from where you were? To where you are today.

Barry LaBov: Jeffrey, thank you very much. It's a pleasure to join you. I love your show. My story was, and still is, I was a musician as a young kid. So when I was 14 years old, I was in a band with my brother. I was playing [00:05:00] drums, playing a little bit of keyboard with my right hand, singing songs and writing songs, and carried on with that for about a decade In a lot of bands with older guys, some really older guys, like in their mid twenties, wow, those guys, really old guys, and I was this young kid, and as time went on, I really enjoyed creating, and writing things, and recording, and I started a jingle business that, the irritating little ditties that you hear on the radio at the same time as continuing my band.

And I had a band that was on the Billboard charts. It I joke and say it sold well under one million copies because it didn't make any money for us, but it was exciting. We had a, an MTV video, we did well. We backed up John Mellencamp so a lot of good things. But. There came a point where a tragedy in my life happened, and it was my father's passing.

And I [00:06:00] was really shocked by it. He was 63 years old. And it all of a sudden occurred to me, I was around 28, I was 18 years old at the time and I thought, I'm not going to live forever. It occurred to me and I thought, I've got to stop trying to do a bunch of different things and I need to commit.

And I gave myself permission, Jeffrey, to make a decision. Now this sounds weird because I was talking to myself as I was taking a walk at 1030 at night and I said, look, what do you really want to do? What's exciting? And I surprised myself by Realizing I wanted to pursue my company, I wanted to do it because I felt it was a fairer world, where you work harder, you probably would do better.

And I gave myself permission to pursue it for six months, and if I thought I was selling out, I could go back. And I never did look backward on it, it was a great decision. I moved forward and all of a sudden things started to fall in place. So I was [00:07:00] working, I was approached by a client that said, hey, I want you to take over our marketing department.

And I was doing their audio work, Jeffrey, but I said, I'm not going to take over your marketing department, but I'll give you the names of a lot of really good agencies in the area because I worked with a lot of agencies as a jingle writer. About six months later, they called me back and said, no, we want you to take over the department.

We want to sell it to you. We will give you three years of a contract as our agency. We just want you to take care of all that work for us. And I said, no, here's some other names. Well, six months later, they called me again, Jeffrey, and I was going, why won't they leave me alone? And they said, look, we want you To buy our marketing department, we'll give you a three year agreement as our agency, and you'll do all our marketing.

And I said, look, I've given you the names of all these other people, all these other companies, why do you keep coming back? And they said, because we trust you. And I went, [00:08:00] oof. I said, okay, we'll do it. And they said, really? I said, yes. Okay, we'll do it. And that began my life as an agency owner. Now, what's funny for everybody listening, you sound, you might say, well, that sounds like everything went great and it was a perfect moment.

It actually wasn't perfect because I took over my agency. This department bought it from them for a little bit of money, but it was a mess, and the people who worked in that did not like working for that company or being involved with them. Most of them left immediately. They didn't even want to do the work.

And I also found out very quickly that since I was in the agency, Jeffrey, I was now a competitor of my clients. And they, one by one, called me up and said, hey, I love you, but I'm never doing work with you. So I lost all of my clients that I had, but I got this big opportunity. And within a year, I was nominated and won the Ernst Young Entrepreneur of the Year Award for [00:09:00] the work I was doing with that company that, I was working with, that I acquired the marketing department from.

From that point on, it's been a great experience as I've been able to work with wonderful companies that Many people will know of like Volkswagen and Harley Davidson and McAllen Scotch, as well as some very small companies that are wonderful. And to this day now, 40 years later, I have a company that's very successful.

I'm in a transition where I have a couple of people that are purchasing it from me as I stay involved. And it's been great. It's been a, it's been something I never planned for. And it's better than I ever thought it could turn out to be.

Jeffrey Feldberg: What a story. And Barry, as you're going through that, it really sounds like you're the reluctant entrepreneur. You're kind of put into this, Hey, I don't really want it. Here's 10 other people, but they ended up going with you. And we're going to talk about that and all for good reason. And Deep Wealth Nation, a couple of things.

Go to the show notes, click on the links. And for starters, pick up Barry's book, The [00:10:00] Power of Differentiation. We're going to be talking about that today. This is something that can really help you. It's a terrific read. And you're also modest. I mean, you mentioned a few of your clients. Let me put out a few, perhaps the lesser known clients.

People may not have heard of these companies. I'll put them out anyways. You're working with Ferrari and Porsche and Mini and Volvo, and the list goes on and on. It's really the royalty of these logos that you have up there. And easier said than done. You have to really earn that. But let me ask you this.

So when it came to Labov Marketing and Deep Wealth Nation, that's the company that we're talking about. Barry's really inspiration, what he didn't want to get into as a reluctant entrepreneur, but here four decades later, here we are. When you were thinking about LaBov Marketing and you actually started it, what was your vision back in the day?

And how does that vision line up compared to where we are today?

Barry LaBov: One thing that was incredibly important to me when I started the company was being from [00:11:00] Fort Wayne, Indiana, which is a wonderful city, I love it. We were, at the time, when I started the business, In a deep recession, it was terrible. There was very little work going on in the Fort Wayne, Indiana area. The nation was definitely in a recession, but it really hit us really tough here.

And one of my goals was, I did not want to be a local company. I wanted to be somebody that, whether it was nationally or even internationally, I would be offering something of value that people would want because I thought, that could hedge my concerns of, well, what if Fort Wayne becomes depressed and I'm working with all these local companies and they're in terrible shape.

So I had a vision to offer something of value that a company out of New York or Florida or England might find valuable. Now, that also meant I was going to compete with a lot more companies, so I had to [00:12:00] raise my standards. I had to be very aggressive in the quality that I was going to offer, the ideas I was going to offer, and I had to be willing to do whatever it took, ethically, of course, to travel to see them, to connect with them, or whatever.

it tough on myself. So, lot of, in the short run, Jeffrey, but in the long run, it positioned my company as a formidable force out there in the industry.

Jeffrey Feldberg: Wow. I really like that. And Deep Wealth Nation, as you're hearing about that, I want you to think about something. Barry, when I started going through your book, right off the bat, I mean, I don't even think I'm on page one, and I'm going to quote, you say, I dedicate this book to leaders who believe people are the answer, not the problem.

I had to stop. And I reread that a few times before moving forward, and it really set for me the tempo and the tone of what was ahead, and it goes back to really what you're speaking about and what you've been sharing with us. And so I know above marketing, [00:13:00] it's all about, in your words, creating meaningful change. And we hear that, but sometimes we can use the same words, but it has different meanings for us. So what does making a difference mean to you personally, and how does that execute in terms of what the team is doing with your clients and your whole ecosystem?

Barry LaBov: Well, you know, a lot of people I know say, hey, you know, they're one person at work and they're another person when they get home, and they have to balance these things. I'm the same person everywhere, I'm at. So, when my kids were growing up, I would coach baseball, and I looked for the talent in each of the kids, six year olds, ten year olds.

What talent do they have? Were they good fielders if it's baseball? Were they good hitters? Were they fast? What was it? I look for those things because I find magic. In people, I find magic and I look at companies and products the same way. What is the magic that is in a product or a company? [00:14:00] And instead of trying to change yourself or your company and commoditize and become like everybody else, why not Look at what makes you unique, honor it, name it, and celebrate it.

Why not do that? Wouldn't that be a better life? Because to me, Jeffrey, I, when I started my company, I would go to bed at night, like at three in the morning after working the entire day. I'd wake up and there was no momentum. And I had to keep going, and that was my life, it was a grind.

And as I started to realize that, hey, I'm not going to be able to be all things to all people, but I am really good in a couple of areas, and I'm going to focus on those. What happened was I could wake up, yeah, it was going to be a hard working day, but I could wake up and know that I'm going to focus on what I do best, which is, by the way, what really inspires me, and that's what I'm going to do.

So, for me, it's a [00:15:00] search for differentiation in people and products. And what I think is so, so important is the reason And the reason this message is more powerful today than ever is because people need to feel significance in what they do. In the COVID pandemic, there was a year, I think it was 2021, where 50 million Americans quit their jobs, just COVID.

And it occurred to me, because I was writing my book at the time, it occurred to me, I thought, You know, my book is about differentiation and how to increase your market share, but I thought, you know what, it's got to be more than that because I want to provide differentiation to the people who are working at these companies so they stay there.

So they actually want to do a good job. So they actually invite their friends to join that company. And that's what's important. I believe leaders, whether you're An entrepreneur [00:16:00] that runs a two person company or a 200, 000 person company, we need to provide meaning or significance to the people who work with us.

Jeffrey Feldberg: Yeah, so true in terms of what you're sharing. And let me ask you, in terms of people wanting to feel heard and really stand out there and not just be like everyone else, that's always been there. As of late, though, it seems that's really Climbed up the charts, if you will, going back to some of your musical days and what you're doing with the jingles and everything else that goes along with that.

What do you think is causing that? Where's that coming from? Best guess?

Barry LaBov: I think the culture of the country has become very skeptical. And I believe that it's very tempting to feel like, gee, every entrepreneur out there is evil or trying to take advantage of you. Things like that. I mean, we hear. That billionaires should, quote, pay their fair share, but it's not just billionaires who are going to have taxes increased, potentially, let's say.

It could be somebody who runs a small [00:17:00] restaurant, and they make over 400, 000 of sales during the year. Well, their taxes are going to go up, and that's a rough thing. And I think employees, people, just people that are working at one place or another, hear that, and they think, Business is not good. It's evil.

It's wrong most of the time. And I think it's up to us as leaders to say, look, here's what we do. This is the purpose we provide and it's good. Yes, we're going to make profit, of course, but we are helping people. We're able to make the world a tiny bit better. And each of you, no matter what your role is, even if you think it's a tiny little role, are playing.

An important part in how we can make things better. I think that's our job. I truly believe my company is helping other companies out there. We're helping our clients to look like heroes. We're helping their brands to be positioned far better. And we're also protecting them against [00:18:00] themselves sometimes because they want to change commoditize what they're doing.

And we're saying, no, don't do that. Stay the course, allow yourself to be just a little different, just a little more distinct. And then capitalize on that, focus on it. So, I think that's what's important. I think our society is skeptical, and I think we have to stand up against that.

Jeffrey Feldberg: So true. And talking about roles, it's a great segue before we get there, though, Deep Wealth Nation, I want to ask you a question and Barry, I loved it because if I'm not mistaken, this is the very first chapter, the title of the first chapter, would you buy your own product or service? open up the book, I get that first quote, I'm like, wow, listen to this.

And then right off the bat, you're not pulling any punches. Deep Wealth Nation, would you buy your own product or service? And you may not even know what that's become. Maybe it was yes, 20 years ago when I began, but do you know where it's gone and where it is right now and what that looks like? And so very moment back, you talked about roles and what you're doing.

I [00:19:00] want to speak to you about something that you and the team do really well, and that all of us as entrepreneurs can learn from what you and the team are doing. And that's storytelling. So what role does storytelling play in your approach to marketing so that we don't become that commodity monster, as you talk about in that book?

And it's something that we can really learn and leverage for ourselves. I mean, how as entrepreneurs, as a brand in general, how do we harness that? The storytelling for greater impact.

Barry LaBov: Great question. I'll share a story that I have not shared before because your question inspired it. I'm working with a company that is a AAA baseball team, really exciting. I love baseball, so that it was a lot of fun. And they're going through a very. Sensitive cultural change in their region.

I won't go into great specifics, but the teams going through it, it affects the name of the team or the imagery of the team or whatever. And their president turned to me when he was considering hiring our company. And he said, look, when we're done [00:20:00] with this, we need to make sure that there's a really good story.

And I said, okay. You know what? I want to kind of turn that around a little bit. What we're going to do, because we're going to open up everything that's going to happen with this team to the community, and we're going to reach out, and we're going to get their input, and we're going to listen to them. I said, the story It's happening right now.

This is the story. The end result is part of it, but it's our journey to achieve the results we want. We are in the story right now. So sometimes, Jeffrey, I think what we do as entrepreneurs is we're thinking about that end result. So once I get my product figured out and we're doing blah, blah, blah, okay, then here's our story.

Okay. Okay. But the truth is Your story's happening right now, and if you are pursuing, as an example, let's say you're a truck manufacturer, and you talk with your customers on a daily basis, and you're trying to pick up from them what you can [00:21:00] do to get better, and how you can work on innovation, and how you can improve the quality, Well, you know what?

It's not what the end result of that truck is. It's the fact that, on a daily basis, we are connecting with the very people that are driving our trucks. We love them. They're part of our family. That's who we are. And so, I'm just saying to those out there, That's part of your story. So the story's important.

The story also must be authentic. And when we share what our story is, here's the challenge I give to our clients, I say there are 200, 000 words in the English language. So when you're going to tell your story, can we be authentic? Avoid the terms that are used too much. Can we not use the terms like service, selection, value, solution, et cetera, et cetera.

Can we get to some special words that we can own that are all about X Factor? You know, Like, with my company, one of our core values is [00:22:00] jamming, J A M, jamming, so like a jam session in music. There is no company out there I've ever heard of that says jamming is part of the That's not their lexicon, while it is for my company.

That's a lot better than saying collaboration. I mean, collaboration's great, but we jam. So there's a little difference. met company and they had a tremendous term they kept using. And we said, okay, this has to be part of your story. You've got to use this word. And it was the word, Rigor. I thought, my gosh, rigor.

Instead of quality, instead of focus, rigor. And I thought, who else owns rigor? Nobody owns rigor. That was amazing. And it showed the intensity and the focus that company had to make things just right. They have rigor. So I say, Your story is very critical, it must be authentically you, and it must have [00:23:00] terms or a lexicon, a language that is purely about you and not a generic one size fits all statement.

Jeffrey Feldberg: So Trueberry, as you're sharing about really the power of the storytelling and the rigor in this case, or what makes that client really special, you're really taking me back to not only my own journey as an entrepreneur and saying no to that seven figure offer, creating this crazy system that later welcomed a nine figure offer, today when we're working with entrepreneurs to help them get from where they are to where they want to be.

To your point on this very podcast, I've had valuators come on and they say, Jeffrey, 80% of the value of a company, it's not in the financials that they share with me. It's in the story, or what some people call the narrative. I look at that first, and yes, obviously the financials have got to be there, but if the narrative isn't there, then what is?

That is negatively going to impact the value, and it's really counterintuitive when you think about that, and it really breaks the myths that we learn wrongly out there as entrepreneurs. [00:24:00] But let me ask you this, and taking from your words in your wonderful book, so you talk about the magic and the genius.

So as a company, as an entrepreneur, I know that the storytelling helps reveal that to the audience, that differentiate me from all the others. But how would an entrepreneur, coming out of this episode, and definitely reading the book, but that said, how would an entrepreneur really uncover that magic and the genius with that product or service that they're doing that you talk about in the book?

And I know, Barry, it's really not a fair question, that could be an entire series of episodes of how you do that, but big picture wise, to get that magic and genius, what are we doing there as entrepreneurs?

Barry LaBov: There were two companies and they both built technology products like computers and other things, you could choose to buy one or the other. And they were exactly the same two companies, only one had an iPod, an iPad, an iPhone, a [00:25:00] Mac Pro, et cetera.

the other competitor had a telephone, a computer, a laptop. And an MP3 player, which one's more valuable? Well, the one I'm talking about is Apple. It's because they identified what made them unique and they named it and they promoted it. They were not just, quote, another computer company.

They were not just another MP3 or phone company. They created something that had uniqueness and they named it. So how does a small to a large entrepreneur? Handle this, what you do is, we have five steps, I'll share the five steps, one step nobody does, which makes ours unique, it's part of our differentiation, and this is our brand re engineering process, which is in my book, the first step is, We call it a brand assessment, which is you talk to human beings.

You talk to people, and I'm going to give everybody a secret thing to [00:26:00] learn. You talk to people, whether it's customers, whether it's former customers, suppliers, employees, and you ask them a lot of questions about what you do, of course, and why you choose to work with us. That's great. But you also ask this question, what should we not Change.

And listen to what they tell you. They're going to tell you something. not going to say, oh, don't change your prices. They're not going to change that. They're going to say, don't change the way that you do such and such. And all of a sudden, you're going to hear this time and time again. And you're going to, wait a minute, a couple of things.

Number one, we're doing something that people really value. And number two, you know what? We better not change that. We better be very honorable toward it. So that's the first step. You're talking to humans and you're listening. Second step is the one that nobody does. We call it technical immersion.

And that is whether you're a service company or whether you're a manufacturing company, you need to Get into the detail, the [00:27:00] technical detail of what you are providing. So Jeffrey, it could be your process. What makes your process unique, okay? It could be technology. It could be, if you're a manufacturing company, it could be the metallurgy.

It could be the quality control program, whatever it is, or a certain feature. But what are those things that could be unique differentiators that are technical? Technical things, not just things people talk about, but things you do, the extra step you take to do this, the little bit of more money that you pay to get this thing done, to get it done just the right way.

What are those things? Once you go through those two steps, What we do next is we come up with a plan, because we identify what is it that people really value and what is it that we went in to find that is so unique, that's literally priceless, and we create a plan to help our clients promote this. So you do that, the fourth step is the one that most people start with, [00:28:00] which is execution, so that could be a logo or a slogan or a website, but we don't start at those things, because too often people start right there, oh, I'm going to come up with a cute name, I'm going to come up with a cute logo, no, don't do that, wait to the, We went to the fourth step, where when you learn what makes you unique, and the fifth step, after you determine this, and you let's say you have a new website, or you're going to come up with a new name for your company, or you're going to name a few of your products so that they sound really unique.

You launch it, but you launch it to the most important people first. Your employees, your team, the people who are closest to you, the people who build it, the people who service it, the people who sell it, launch it to them first so that they become your army, your believers. After that, launch it to the world.

So those are the five steps.

Jeffrey Feldberg: Wow, so counterintuitive in some ways, simple in other ways, but not to confuse simple with simplicity. So let me see if I'm getting this right. Step number one, talk to humans. [00:29:00] Don't rely on, perhaps we'll get into AI at one point in this conversation, but don't just rely on surveys or AI, whatever the case may be, or just looking at websites.

Talk to actual people, asking them what not to change, what they love about you, what perhaps makes you different out there. And then speaking of different step two, you're talking about, okay, from a technical perspective, where are we unique? What differentiates us in the marketplace? And then once you have that, what I'm hearing you say is based on those first two steps, which are foundational, only then do you begin to create a plan of, okay, what do people value and what's unique and priceless in your words for our company?

And it sounds like those first three steps, you're saying, is where most of us get it wrong. We're we're ready, fire, aim, because we're starting at step four , we're going to execute. It's a logo, it's a slogan, it's a website, and then I love what you're saying, hey, forget about the marketplace.

Initially, your marketplace, it's your team. Get them to drink the Kool Aid, so to speak,

What's going on with that? Have them become your army, have them fall in love with it. You don't really hear that a lot out there, and [00:30:00] what's your experience telling you with that? Where'd that come from?

Barry LaBov: I'll tell you, I used to share this vision with CEOs, and I'd say 20 years ago, Jeffrey, when I would get to the fifth stage, and I'd say, first thing you do is you're going to celebrate it with your people, 90 percent of them would go no, we're not going to waste our time on that, we're paying them five bucks an hour, they need to keep their head down at work.

Today it's different. Those CEOs, 90 percent of them go, oh my God, that is so important. I really appreciate that. We've got to get our people fired up. We've got to get people excited about what we're doing. If this can help, would love it. It's a new world. It's a completely new world where we need to have our employees believe that what they're doing is significant or they will walk off and then we got to go replace them and then guess what, when you replace them, they're probably not going to be doing as good a job because they're going to be making human errors and then after you finally get them to the point where they're not, they're going to leave because there's no [00:31:00] significance and you keep repeating this process.

So it's not only ethical and it's not only inspiring, it's rewarding. Smart business.

Jeffrey Feldberg: It so much is because, again, Jeffrey, on base, off base, you'll tell me, Barry, so often it's in our head. Yeah, we know everything. We have the narratives. We have the story, but we're not the ones that day in, day out are dealing with the swath of the stakeholders, in other words, our customers, the marketplace, our suppliers.

It's our team that's doing that. And I don't know if this is an urban legend or not, but it reminds me, I had a podcast guest come on. It was all about branding as well. And she was sharing Jeffrey's story. When you do it well, let's go back to NASA, she was saying. And back in the day, I think it may have even been President Kennedy that was walking through NASA, saw a janitor, as the story goes, and he asked the janitor, what are you guys doing here?

And he nailed it. We're putting a man on the moon. And that was the mission. He got it. So from your frontline people all the way through, they're getting it. And it really, it's a great segue for one of your [00:32:00] chapters that I, when I was reading it, I had a question I wanted to ask you about this. You're talking about the new world.

Let's go back to chapter five. The old world, because in chapter five, you're talking about learning from century old companies, and there seems to be this mindset today, well, if it happened last year or three years ago, that's passe, it's outdated, it doesn't apply, it's a different world today, it's not going to make a difference.

But you're talking about companies that are 120 years old in the book, and what do you want a listener in Deep Wealth Nation to really appreciate from the quote unquote, old world, in terms of what the companies back then were doing?

Barry LaBov: I would love our entrepreneurial audience to digest a few things about these century old companies. So, number one, they're really not much different than the startups or the newer companies in that they get so close to what they do. They no longer appreciate the uniqueness that they have. So one of the joys of our company's lives have been to work with those century old companies and say, hold on, look at what you're doing.

[00:33:00] There's a reason you've been successful for 122 years. I mean, come on, wake up to this. This is great. So number one, they can get so close. That they miss it as well. So it's not just newer companies. The other thing I think is really important is with the century old companies that have been successful, to them, it is personal.

It is still a personal business to them. They take it to heart because their great grandfather or whoever started it. It's still meaningful. And they connect with their customer base, sometimes they hang out with their customer base, sometimes they are their own customer base, they're buying their own products, they're, if it's Harley Davidson, they're riding their motorcycles, if it's a boat company, they're riding that boat.

It's personal and they, I love the fact that they can connect with the very people who are their audience, their [00:34:00] customers. Those are the big things. So they can be too close to appreciate what they're doing. And on the other side of what the emulate is, it's personal and they bring those customers closer in and they listen to those customers and they create products with those customers.

Jeffrey Feldberg: That's interesting as you're talking about that, Barry, I'm just reflecting on my own entrepreneurial journey and what I always strove to do, I didn't want my team, I hate the word employees. They've always been a team, not employees.

I wanted them to think not like a quote unquote employee, But instead, as really the business owner, as the entrepreneur. How can me as an entrepreneur or a founder or a business owner, how do I inspire my teams To really think innovatively and really think about differentiation and not, I'm just showing up to collect the paycheck, same blank, different day.

Barry LaBov: I think every day is your opportunity as a leader. To inspire people and to share the story so that [00:35:00] they can share that story, some companies say, hey, once Barry, you get this project done with us, this brand re engineering, we're going to have a big annual meeting. It'll be great.

The annual meeting's in eight months. It'll be great. And we go, no. Every day is your meeting to share the story. What makes you unique? So as a leader, we should not wait for the weekly meeting, the monthly meeting, the annual meeting, the picnic. On a daily basis, we share with everybody, even in ad nauseum, where people go, Oh boy, here goes Jeffrey again.

It doesn't matter. Share the story of what we're doing and why. And what makes it different and why we think what we're doing is important. The other thing I'll share with you is I want my employees to feel like they're making a difference and they have ownership. So we share a bonus with every single employee.

based on the performance of the company. It's not a profit performance because sometimes profit can be manipulated, but we have [00:36:00] our own formula where everybody can look at it and everybody shares equally in that bonus at the end of a quarter and at the end of a year. And that way I am sharing The success and they can look at it and go, wow, we're way up this month.

And we were busy, but we're sharing more or way. Wow, we're a little down right now. We need to get more business. So I think being vulnerable with your employees, you don't have to go into exactly how much money you're making, but you can give them a simple formula that is truthful of course, and it's something that they can help track.

So I've done that for years and I've shared. Hundreds of thousands of dollars with employees over the years I've done that, and I would guess that it's been a good move.

Jeffrey Feldberg: Oh yeah, thank you. Thank you for sharing that. And so let me ask you, we're sharing stories, we're really that consummate storyteller ad nauseam, but to the point of why we spoke about how narratives are really important. But let me ask you this, because sometimes I feel as entrepreneurs, [00:37:00] we're really like that proverbial emperor with no clothes. we're believing what? Our people are telling, and heaven forbid, we have a yes team around us who really isn't giving the straight goods. What would be, Barry, some key indicators that a company really needs to stop and reevaluate this whole differentiation strategy because they've just bought in to that commodity monster without even realizing it?

What would be some telltale signs that are red flags for us?

Barry LaBov: There are many signs that we have encountered. If a leader feels that he or she, Has a product that is really not getting the attention it deserves and that possibly the competitor has an inferior product or offering, but yet seems to be doing incredibly well, that could be a sign because there's something, there's some disconnect, there's something going wrong there.

Another sign that I've seen a lot of leaders observe is the [00:38:00] temptation to what we call de content, meaning to reduce the uniqueness of the product you're selling so that you can lower your price, which is a commodity approach. And the temptation to do that and the rationalization of, hey, we'll make up for it with selling more volume.

The problem with that, and I'll share this and maybe this can help. The problem with decontenting and looking at your product more as a commodity is not just the fact that, yes, you can simplify it and you'll lower the price and theoretically maybe you'll sell more, but it's the impact on your employees because all of a sudden they're looking at this product that used to be the best.

And now It's almost identical to some of the crappier, mediocre competitors that we used to compete with, only now, we're like them. And that takes the heart and soul out of your employees. And when [00:39:00] I say all this, I'm not trying to be a soft person and say it's all about pleasing employees. I think your employees are the first audience you need to turn to, and if they can share what your story is, if they can share your elevator speech, You probably are doing a great job.

If they say things like, well, we're just another, or we're a local such and such, or all we do is blank, then that's a message back to you as leader that, you know what, I think I need to better explain. What we're doing with my people because they are the cheerleaders and right now they're not cheering very much.

Jeffrey Feldberg: So true. And as sadly, we're going to start going to wrap up mode shortly. And I, my goodness, I could just go on and on in so many different ways. But let me ask a question. And again, I'm jumping all over the different chapters here in your book. There is really a method to the madness. So earlier we spoke about, okay, would I buy my own product or service?

And am I falling into the commodity monster [00:40:00] trap? But early on in the book, maybe in chapter three, chapter four, somewhere in there, you're talking about the, quote unquote, Perfect trap, and I'm with you. Done's always better than perfect, but as entrepreneurs, type A personality, sometimes we tell ourselves a different narrative.

What do you want our community, Deep Wealth Nation, to know about the perfect trap and why they cannot get caught in that?

Barry LaBov: It is so important to avoid perfection because there really is no such thing as perfection as far as with human beings. So often I've worked with companies and they go, well, we want to do this, but we're going to wait till we hire this new person. We're going to wait till this, or we're going to wait. By the time you wait, and wait, the world around you has changed.

I would rather go into battle with a good but imperfect plan than never go into battle. And one thing as a musician, I'll share this with our audience, a lot of people don't realize this, but many of the songs that we love, were [00:41:00] mistakes, meaning the guitarist or the keyboardist was playing and all of a sudden his or her fingers went to the wrong spot.

It was a mistake. And they go, wait a minute, that's beautiful. And you go back, you, oh my gosh, that's great. Well, Jeffrey, that was not perfection. That was imperfection that they listened to, but it had a magic to it. And we have to realize that we can do things that are quote imperfect, but they can have magic.

They can be. Amazing. They can be successful. So we have to embrace getting progress. We have to embrace the fact that things are imperfect and we have to give ourselves license that you know what, if we can be fluid enough in how we behave and think, if something that we created can be improved next week, let's go improve it then, but let's get this thing out the door and let's get some sales and let's connect with our clients.

Jeffrey Feldberg: So true, dreamers dream, doers do, and as you're talking about that, [00:42:00] let me use a behemoth out there, most people know Microsoft, and the saying is, and it's been my experience as well, usually it took Microsoft three versions. To begin to get it right, forget perfection, to begin to get it right, but they didn't stop them from getting in market and getting that feedback.

And yeah, maybe it's not so great, but at least we're there and we're taking that learning and we're applying it and we're always producing, getting out there. So there's so much to what you're saying there. Let me ask you this, it's a bit of a tough question because who knows with AI of where we are today and where it's going to be tomorrow.

I'm going to ask it anyways. As you look ahead. When it comes to differentiation, it is changing so quickly, the business landscape, and now you add AI to that, and it takes on a whole different dimension. Barry, best guess, where is differentiation evolving to? If we look out a year from now, three years from now, or dare I say, five or more years from now.

Barry LaBov: I think differentiation is so based on human beings and identifying what makes a product, a [00:43:00] brand, an experience, whatever it is, unique, that I believe that differentiation is, I won't say protected from AI, but AI is not going to identify the differentiation and communicate it from a human aspect. I think AI can be used in many facets and it can be a very great tool to provide lots of initial ideas.

But remember, one thing we said several times during this podcast is that it's got to be true. It's got to be authentic. It's got to be genuine to you. So the danger of AI is what we see sometimes on social media or on emails we get where you can tell, okay, this is not so and so's writing. This is some AI thing I just got.

So when you spoil the uniqueness of what you're doing by making it generic or AI, You will hurt it. So back to your answer. I think AI can help inform and give [00:44:00] good input. But it still comes down to us as human beings, identifying what is at the heart of what we do and what is the impact our people make.

Jeffrey Feldberg: And Barry, before we go into wrap up mode, and I know I keep on saying that, it's true though, but before we do, let me ask you this, and again, you can share, Jeffrey, on base or off base. Going back to what we're talking about, storytelling, where we're different, what makes us memorable, what makes us unique, in many ways to me it goes to really the DNA of being human, that we don't want to do business with a stranger, we want to do business with a friend, someone that we know, someone that we trust, someone that we can relate to, and it's through the power of that differentiation.

Putting that into a narrative, into a story that really begins to break down that barrier. Hey, yeah, I know Barry and his team, they're terrific, lots of other choices out there, but I feel comfortable. I get them, they get me, I can relate. That's where I'm going to put my business. We're going to start things today and hopefully have a multi year [00:45:00] thriving business relationship.

Thoughts about that?

Barry LaBov: Yeah, I would challenge each of us to be as focused and simple and granular as we can in looking at what we do. That makes us unique. One thing I share with prospective clients when I first meet them, I say, look, we focus on one word, differentiation. That's it. We focus on one word. And if a prospective client says, I think we already know what makes us different.

I just need somebody with the, that's going to be arms and legs and take care of stuff for me. I can say, hey, you know, I don't think it's a good fit. Because if We're going to tackle the challenge for you, we're going to be diving in, we're going to be looking at what makes you unique, we're going to be, touching around a few nerves that, maybe you don't want to be vulnerable about, but it's really important that we focus on this.

So, I go back to our audience, if you say, hey, you know, I'm a financial planner, and I do pretty good stuff, and blah, blah, blah, okay, there's no differentiation there. You have [00:46:00] to really get to the heart of why would somebody work with you rather than someone else. And again, like I keep trying to say to our audience, give yourself a little grace, honor what you do that's a little different.

It doesn't have to be superior. It has to be different. You know, In fact, my company focuses on differentiation. Doesn't mean we are the superior company in the world for all marketing and advertising. It doesn't mean that at all. It just means, hey, the one thing we really love, the one thing we really focus on is that.

And that's what I'm saying back with you. And by the way, you're talking about the narrative and the story. Remember, the more we can engage our people in understanding that, the more people are telling our story, because that's what our employees are going to do. That's what our team is going to do.

They're going to share our story. So, let's give them a story that inspires them.

Jeffrey Feldberg: So true. And Barry, let me ask you this. Is there a question, [00:47:00] well, I know there's many questions I didn't ask, but is there a message or a topic that we haven't covered or something you just want to get out to the Deep Wealth community before we go into wrap up mode?

Barry LaBov: I think the one thing I would share is the final chapter in my book is about leadership and the idea that there are a lot of pressures today to be politically correct, let's say, or to tow the line, or to please a lot of shareholders, and I, and So, urge the leader to step back and realize that, look, you're not going to please everybody.

What you can do is identify the few areas where, for some reason, you deliver something that is valuable to the most important people, your employees and your customers, and to focus on that. Because, otherwise, the more you try to water down what you do. The weaker it will become.

Jeffrey Feldberg: Well said. And with that, Barry, we're going to go into wrap up mode. [00:48:00] It's a tradition here on the Deep Wealth Podcast. I have the privilege, the honor to ask every guest the same question. It's a really fun question. Let me set this up for you. All right. When you think of the movie Back to the Future, you have that magical DeLorean car that can take you to any point in time.

So imagine now, Barry, it's tomorrow morning. You look outside your window. Not only do you see that magical DeLorean car, it's curbside, the door is open, it's waiting for you to hop on in, which you do, and you're now gonna go back to any point in your life. Barry, as a young child, a teenager, whatever point in time it would be, what would you tell your younger self to do?

In terms of life lessons or life wisdom or, hey, Barry, do this, but don't do that.

Barry LaBov: I would, I definitely know what I would say, I would tell myself to not be so difficult with me. In other words, don't demand so much of yourself. Don't beat yourself up. Allow yourself to Be who you are. And that has been a theme for me since I was young. So to me, I would beat myself up, [00:49:00] mentally because I wasn't satisfied.

And I would push, push, push, and be really tough on me, far tougher than I would be on anybody else. And I feel that as I've gotten older, I have been able to forgive myself for being human. For making a mistake and not flippant about it, but just realize that you know what, it's not about, again, being perfect.

It's about being as sincere as you can be to help other people and, leave the world when you're, when you pass away, a slightly better place.

Jeffrey Feldberg: Terrific advice. Don't be so hard on yourself. Allow yourself to be who you are. Really share your gift with the world, knowing that you're going to have some follies, perhaps some so called mistakes along the way. They really aren't. They're learning opportunities. Absolutely terrific advice. Barry, if someone in the Deep Wealth Nation, they have a question, they want to work with you on the team, they want to get your magic put into their company with these terrific narratives and stories to really differentiate themselves, Where's the best place online for someone to find you?

Barry LaBov: The best places are LinkedIn. So Barry Labov, [00:50:00] just connect with me. I just talked with a person on Friday who, Listened to me on a podcast, and she and I had a great discussion, and it was my opportunity to help her, so it was great. Also, my website, which is barrylabove. com, as well as my company site, which is labove.

com. And in either case, reach out, set up a time to connect with me, and I'm happy to do that.

Jeffrey Feldberg: Terrific. Deep Wealth Nation. All of that is in the show notes. Speaking of the show notes, go to the show notes, pick up a copy of the book or audiobook, The Power of Differentiation. While you're at it, listen and subscribe to Barry's podcast, Difference Talks. It'll really spice things up for you. You'll come up better than when you enter.

It'll be a game changer for you. But that said, Barry, it's official. Congratulations. This is a wrap. And as we love to say here at Deep Wealth, may you continue to thrive and prosper while you remain healthy and safe. Thank you so much.

Barry LaBov: Thank you. 

Jeffrey Feldberg: So there you have it, Deep Wealth Nation. What did you think? 

So with all that said and as we wrap it up, I have another question for you.

Actually, it's [00:51:00] more of a personal favor. 

Did you find this episode helpful? 

Have you found other episodes of the Deep Wealth Podcast empowering and a game changer for your journey? 

And if you said yes, and I really hope you did, I have a small but really meaningful way that you can actually help us out and keep these episodes coming to you.

Are you ready for it? 

The dramatic pause. I'll just wait a moment. Drumroll, please. Subscribe. Please subscribe to the Deep Wealth Podcast on your favorite podcast channel. When you subscribe to the Deep Wealth Podcast, you're saving yourself time. Every episode automatically comes to you, and I want you to know that we meticulously craft Every one of our episodes to have impactful strategies, stories, expert insights that are designed to help you grow your profits, increase the value of your business, and yes, even optimize your post exit life and your life right now, whatever you want that to look like.

And every time you subscribe and a fellow entrepreneur subscribe, it's a testament to how together, Yes, we are. We are changing the social fabric of society. One business owner at a time, [00:52:00] one liquidity event at a time. So don't let the momentum stop here. Subscribe now on your favorite podcast channel.

You'll never miss an episode. You'll be the first to hear from the top industry leaders, the innovators, the disruptors that are really changing and shaping the business world, and maybe you're commuting, maybe you're at the gym, maybe you're taking a well deserved break that we spoke all about on this episode.

The Deep Wealth Podcast, it's your reliable source for the next big idea that could literally revolutionize your business. So once again, please hit that subscribe button, stay connected, inspired, and ahead of the curve. And again, your next big breakthrough moment, it might just be one episode away. Maybe it was even this episode.

So all that said. Thank you so much for listening. And remember your wealth isn't just about the money in the bank. It's about the depth of your journey and the impact that you're creating. So let's continue this journey together. And from the bottom of my heart, thank you so much for listening to this episode.

And as we love to say here at Deep Wealth, may you continue to thrive and prosper while you remain healthy and safe. 

Thank you so much. 

God bless.