Research can be done with the Internet faster and more efficiently than has ever been possible before - you can do what would have cost tens or hundreds of thousands of dollars for little or no money if you know how to do it
Eben explains that traditional market research requiring tens or hundreds of thousands of dollars can now be done essentially for free using internet tools
Expert InsightEmpowering▶ 1:47 People sitting behind computer screens with screen names speak openly and talk about what's really going on and what they really think because of the transparency of online communication
Eben notes that online forums and discussion groups provide authentic customer insights because people are more transparent when using screen names and icons
ClickBank marketplace shows you the top performing information products that are selling the most and converting the best right now in any category
Eben demonstrates searching ClickBank's health and fitness category, finding 'Fat Loss for Idiots' as #1 seller and 'Burn the Fat, Feed the Muscle' as #2, showing what customers are actually buying
You can use 'view source' on competitor websites to see their meta keywords and descriptions to understand what terms they're optimizing for
Eben shows viewing source code on naturalphysiques.com and finding keywords like 'weight loss, online training, lose fat, nutrition' that the site owner is focusing on
Expert InsightEmpowering▶ 12:08 If you search a term on Google and see the same advertisers showing up repeatedly in paid ads, you can ascertain that it's probably working and they're probably making money
Eben explains that consistent paid ad presence indicates profitability, as advertisers wouldn't continue spending money on non-performing campaigns
TeachingEmpowering▶ 12:28 The most powerful thing you can do is start talking to your prospective customers and interacting with real live human beings who have irrational fears and fantasies
Eben emphasizes that direct customer interaction provides PhD-level marketing insights that go beyond online research
TeachingEmpowering▶ 13:52 Start helping people one on one and do free consultations asking questions like 'What's your biggest fear? What's your biggest challenge? What worries you?' to evoke emotional answers
Eben recommends asking specific emotional questions and gives the example of asking women about food storage fears, getting responses like 'my little kid standing in a food line, not able to get food'
The more niched you are and the more of an expert you are on that niche, the more you have what Warren Buffett calls a natural moat around your castle with natural protection of your market
Eben references Warren Buffett's concept of business moats and applies it to niche expertise, explaining how specialization creates competitive protection
TeachingEmpowering▶ 15:48 Do at least one live fifteen minute consultation conversation with a real prospect per day, either in person or on the telephone
Eben recommends a specific daily practice of 15-minute prospect conversations as the minimum for understanding your market