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♖ Stop Competing. Start Creating.

The Moat | Issue 010

Hi Friends,

My parents used to take me to the Ringling Brothers circus at The Summit (arena) in Houston. I still remember the lights. The animals. The popcorn. Total sensory overload.

Here is a low-quality 1993 Ringling Brothers trailer I found on YouTube. It was a vibe.

During the show, I vividly remember having a random thought stuck with me:

“It must really suck to travel with those elephants.”

6 elephants I counted. 1 would have sufficed. The hay. The smell of shit. All those trucks. Even as a kid, I could tell the whole circus logistics looked exhausting.

Turns out, I wasn’t wrong.

In 2017, after 146 years, Ringling Brothers folded. Too expensive. Too controversial.

But you know who’s still packing theatres in Vegas, Tokyo, and Madrid?

Cirque du Soleil.

Same roots. Wildly different playbook.

If you are leading a company in a crowded space, their story holds one of the most important lessons in business strategy:

The best way to win is to stop playing the same game.

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What Cirque Did (That Others Didn’t)

In the 1980s, circuses were in decline. Audiences were shrinking. Costs were rising. The magic was fading.

Most circuses tried to compete by adding more of the same: more animals, more acts, bigger tents, louder shows.

Cirque zagged.

They made bold strategic choices that redefined what a circus could be. Here’s a snapshot of their strategy grid:

Source: Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne

Cirque de Soleil:

  • Eliminated animals, ringmasters, and cheap concessions.

  • Reduced danger, silly humor, and reliance on star performers.

  • Raised the level of artistry, storytelling, and production quality.

  • Created refined environments, themed narratives, and integrated dance.

They didn’t just improve the circus; they redefined who it was for. And it opened up an entirely new market for them.

Instead of targeting families with kids (the traditional circus audience), Cirque went after theatregoers. Adults willing to pay premium prices for a more sophisticated, emotional, and immersive experience.

This wasn’t a better version of an old show. It was an entirely new category that pulled inspiration from theatre, dance, and performance art, and in doing so, unlocked a new segment of demand that circuses had ignored for decades.

The result to date?

  • 180+ million tickets sold

  • Performed in over 450 cities

  • $1B+ in annual revenue

  • 6+ permanent shows in Las Vegas alone

My dad and daughter at Cirque du Soleil’s Mystère show in Vegas a few years back.

How You Can Apply This

Cirque stopped chasing the existing circus crowd and created something that appealed to an entirely new audience: people who didn’t even think they liked the circus.

That’s the heart of strategic separation.

Here’s a five-step audit to help you find your version of that move. Use it solo or with your team to rethink what you offer, who it’s for, and why it matters.

1. Identify what your customers tolerate

Cirque didn’t drop animals because of pressure; they dropped them because a new audience didn’t need them. They simplified the model and widened their reach.

 What part of your product or experience are people quietly tolerating, but wouldn’t miss if it disappeared?

Think onboarding delays, clunky dashboards, generic content, or surprise fees.

2. Challenge the defaults of your category

Cirque ditched the ringmaster. It was iconic, but unnecessary.

 What features, phrases, or pricing models are you using just because everyone else does?

Think “per seat pricing,” freemium traps, webinars, sales decks, even org structure. Nothing’s off-limits.

3. Redesign how your product makes people feel

Cirque optimized for awe, not efficiency. They made their product memorable and emotional.

 When and where do you create emotional peaks for your customer? Where are you falling flat?

Map your experience and design intentional moments of surprise, ease, or delight.

4. Escape comparison by owning your “only”

Cirque wasn’t the best circus. They became a category of one.

 What would make you the ONLY one doing what you do if your competitors vanished tomorrow?

Write it in a sentence. If it sounds like marketing fluff, go deeper.

5. Craft a story customers love to repeat

Cirque gave people a simple phrase to spread: “It’s not a circus. It’s something else entirely.”

 What’s the phrase your best customers use when they describe you to someone else?

If you don’t know, ask five clients this week. If you don’t like their answer, it’s time to rewrite your narrative.

Want to Go Deeper?

If this sparked something, here’s more to explore:

Final Thought

Cirque didn’t beat the circus. They sidestepped it.

They stopped chasing the same audience and found one willing to pay more for something different.

That’s the real unlock.
Not better. Not cheaper.
Different buyer. Different game.

That’s where the separation begins.

See you next week,
—Ali

P.S. I believe strategic clarity starts with subtraction. What’s one legacy feature, habit, or assumption your business would be better off without?


About Me: I’m Ali, a former tech exec who now advises growth-stage B2B companies on strategy & GTM execution.

Learn more about my story on LinkedIn.

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