59: To Niche or Not to Niche | Story Snacks Series

Subscribe to Billion Dollar Backstory on Apple Podcasts, Google Podcasts, Spotify, or wherever you listen to podcasts.

Want to tell your story in a way that connects to your future vision? 

Stop worrying that niching down might box you in. In this episode, Stacy helps you weave your past into your present and future to make sure your story resonates. 

Plus, let’s debunk myths around niching down–hint: it doesn’t mean saying no to great opportunities. 

Tune in to hear Stacy talk about: 

• Why it’s essential to connect your backstory to your future goals–no more “here I am” endings

• Positioning yourself as the guide your audience needs, and connecting your journey to their goals

• Busting myths about niching–why it doesn’t limit you but sharpens your message

This is Story Snacks! A bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in less than 20 minutes per week! 

TRANSCRIPT

Below is an AI-generated transcript and therefore it may contain errors.

[00:00:00] Stacy Havener: Craving more knowledge, but don't always have time to sit down for a five course meal? Take a quick snack break with Story Snacks. Bite sized content to feed your funnel. Each short episode features Stacey digging into one question. This series has her talking stories, sales, and so much more. Oh yeah, it's time for Story Snacks.

[00:00:25] Do we tell our story for now or for later? We're going to evolve, so what if we niche down too far? Does that exclude us from what we're doing in the future? This is so good, and I really relate to this question. So the question is, do we tell the story for now or the future? And then also another question about niching down.

[00:00:49] So the now or later snack. Literally, pun intended, is great. And the reason I relate to this is because I actually struggled with this. So [00:01:00] telling your backstory is really hard, right? It's difficult. It brings up a lot. It's vulnerable. And you sweat. I get it. Like I've been there. And so what happens is there's kind of a part of you that just sort of wants to get to the end.

[00:01:15] a little bit, at least for me there was. And so what would happen is I would tell the backstory and it was fairly good, but I'd get to like now, and here I am. In fact, there was more than one occasion where I think I ended my backstory with N. Here I am. Okay. Not great. Not a great ending, especially since people remember the beginning and the ending of any story.

[00:01:39] So this is a kind of a fail from your storyteller here. However, I've been working on it. So again, if the goal of the backstory is to create that connection and trust, showing you as the hero so that the person can choose you as the guide, then it is super important to [00:02:00] get the story to now and later. So you basically want to find the thread that connects the past to the present and pulls it forward to the future because that's what matters to the investor or the client is not so much.

[00:02:20] Yes. Thank you for sharing your backstory. And now I love you even more, but Really, for them, it's like, they care about themselves. So they're on a journey now, and they're trying to find a guide. And so the story has to kind of show that evolution of you from hero to guide, if you will, and make that connection for them, as opposed to what I was doing, which was sort of assuming that they would make the connection themselves.

[00:02:50] I think that's tough. The question about niches. This is a little bit separate, but who cares? We'll just, we're having a nice little variety of [00:03:00] snacks in this one. Let's talk about the fear of niching for a second. So the reason that you would not niche down. is you're afraid that somebody outside of the niche is standing over on like the outskirts standing in the wings with a huge check they want to give you and now you have to say no to them.

[00:03:23] I get this. Let's talk about why that's not true. The point of a niche is not that you have to say no to somebody who wants to give you a check. You can say yes. The point of a niche is to say that when you are talking, Meaning in your marketing, in your content, in your sales, in your messaging, when you are talking to your target market, it is specific.

[00:03:49] It's specific. But that doesn't mean that you can't say yes to somebody who's outside the target market. Of course you can. If there are core value alignment and you really [00:04:00] think like they have the same problem that you are the expert and the guide to solve, say yes. And I'll use ourselves as an example.

[00:04:07] At Havener, we help investment boutiques grow. We are very specific in that target market. Our messaging is very much on founder led investment companies. What's very interesting is currently we have firms outside of that target market that are calling us, especially kind of in this mid market boutique, double digit billions, lots of strategies, kind of feeling like they don't have their story in a good place, or maybe it's a couple boutiques who've merged together and it's like, now what's our story?

[00:04:41] Because we've got multiple things going on. So does that mean that because we target founder led investment boutiques that we have to say no? Absolutely not. Again, I think it's more about having a specific message that is for someone special. And [00:05:00] if there are other special groups who Vibe with that and think you can help them, then by all means you can say yes.

[00:05:08] So I think the fear people have with niches is that it's an automatic no for any client who's outside the niche, and that's not true. Are you an investment boutique looking to grow your business and need a little help? If you feel like you're fighting for the spotlight, and well, still stuck in the shadows of the bigs, join us in the Boutique Investment Collective, Havener's new membership community dedicated to the specialist in the investment industry.

[00:05:35] In the collective, we'll guide you through the billion dollar blueprint we've used to help boutiques add over 30 billion in AUM. You'll refine your story. Focus on your ideal target market and practice your pitch. You'll rethink your marketing materials, rewrite your emails, and refresh your differentiators.

[00:05:53] We'll even help you step up your LinkedIn game and give your profile a makeover. You want to grow your biz, we've got your back. [00:06:00] Learn more about The Collective, the curriculum, and the amazing coaches who will help you on your journey. Visit havenercapital. com slash collective. High five! Hope to see you in a coaching session soon.

[00:06:20] This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. The information is not an offer, solicitation, or recommendation of any of the funds, services, or products, or to adopt any investment strategy. Investment values may fluctuate and past performance is not a guide to future performance.

[00:06:39] All opinions expressed by guests on the show are solely their own opinion and do not necessarily reflect those at their firm. Manager's appearance on the show does not constitute an endorsement by Stacey Havener or Havener Capital Partners.

You May Also Like

Resources