The three mega-niches that dominate information product sales are health and fitness, dating and relationships, and money and business because they address fundamental human needs of survival, reproduction, and self-actualization
Eben states that 'people buy information products, ebooks, audio programs, training, coaching, advice on those topics most of all because that's how we evolved' and that only '10 or 20% of information products probably sell in other topics and special interests and hobbies'
Apply the Pareto Principle to niche selection by focusing on the 20% of your niche that generates 80% of the results, which makes your communication more focused and targeted
Eben cites Vilfredo Pareto's research showing '80% of the results in any system are coming from 20% of the inputs' with examples like '80% of the sales are probably being made by 20% of the salespeople' and '80 of the tomatoes were created by 20% of the plants'
Start coaching as a moonlighting job while building your information business because it provides immediate income at $100-200 per hour and serves as paid market research
Eben explains that 'several of the people I know who have built very, very successful information businesses starting out doing one on one coaching over the telephone for, you know, a $100 an hour, a $150 an hour, $200 an hour' and that 'You get to get paid to do all this research'
Coaching is about helping people access their own resources rather than giving them information, using questions to guide them to solutions they already know
Eben states that 'personal coaching is not about giving people information. It's actually about helping them access their own resources' and provides a script: 'what's your biggest challenge right now?...what have you tried that worked?...What do you think the next step is?'
Always appeal to beginners when in doubt because 60-80% of customers in any niche have very little experience, regardless of the topic complexity
Eben shares from his experience across multiple niches: 'probably 60 to 80% of my customers have very little experience' and 'probably 80 or so percent or 90% of the niches that I've launched, I keep a big part of it focused on the newbies'
Layer multiple niche selection strategies together - niche testing, customer research, narrowing focus, problem-solving orientation, mega-niche selection, and beginner appeal - to dramatically increase success probability
Eben explains that 'as you layer one on top of another on top of another, you dramatically increase your probability of success. If you leave any of them out...you lower your chances of success'
Win beforehand with proper niche selection because it's very hard to make up for a poor niche choice later with good marketing
Eben emphasizes 'If you don't get your niche right, it's very hard to make up for it later with good marketing' and advises to 'Keep fine tuning your niche until you identify a niche that's very likely to work'