Most business failure comes down to getting the market wrong - your market is the combination of target customers and the products you sell to them
Eben defines market as 'customer plus your product' and states this is the foundation equation where 'if you get the niche wrong, nothing can help you'
Niche psychology requires finding where people are emotionally triggered, because without emotional activation, they won't be motivated to solve their problem
Eben explains that 'if a person isn't triggered emotionally, if they're not activated emotionally, then they're not motivated to go out and solve their problem'
Look for customers who are looking for you - target people who are already activated and searching for solutions rather than trying to convince unmotivated prospects
Eben recommends using Google's free search tools to see how many people are searching for particular topics, and states 'before a person has gotten to the point where they're so activated and motivated that they're out looking for a solution, it's very hard to convince them'
People are twice as motivated by fear and moving away from problems than by desire and moving toward goals
Eben cites scientific experiments with gamblers showing that when losing money, they bet bigger to avoid losing what they've already lost, demonstrating away-from motivation is '200% as strong as desire motivation'
The three mega-niches of health, relationships, and money generate 80-90% of information product revenue because they correspond to basic human survival needs
Eben references Abraham Maslow's hierarchy of needs, explaining that survival (health), security (money), and love (relationships) are deficiency needs that 'literally haunt us' until fulfilled
When you have an unmet deficiency need from the lower levels of Maslow's pyramid, you are literally haunted by it until it gets fulfilled
Eben describes how lacking money, health, or relationships creates obsessive focus: 'You can't think of anything else except how do I get some money?' and 'There isn't anything else you can think about until it is solved'
TeachingEmpowering▶ 12:25 Special interest niches outside the big three can be successful, but only when there's massive emotional passion and an audience that treats the topic like a religion
Eben gives examples of successful niches like golf where 'people go crazy for golf, getting custom golf clubs made' and fantasy sports where people become 'irrationally passionate'
TeachingEmpowering▶ 13:17 Appeal to beginners because experts forget what it feels like to be stuck and not know what to do
Eben explains that when teaching weight loss through natural food diet, 'you've done it already, you've had the success and you don't remember what it feels like to be at the very beginning'
You're not targeting you as a niche - you're teaching someone who has a challenge and wants to solve it, targeting you when you first had your challenge
Eben emphasizes the distinction between your current expert state and your past beginner state when you had the original problem
Every new product should be treated as a mini niche business with its own subset of customers searching for solutions within that specific sub-niche
Eben states 'I honestly think about every new product as a little niche business in itself' and recommends going through 'this entire niche targeting process again' for each new product