Password Manager for companies in the cloud or boxed solutions. Since we are the Studio developing web solutions, we have always been sites passwords, servers, email. With the growth of the company passwords became more and more clients sent to them by mail or Skype, and usually in the same mail, passwords lost. And to lose the passwords of clients we did not want.
Solutions for personal use, like KeePass, is not suitable as passwords are needed to convey to the employees and control access. Services for storing passwords that we found in the Internet, did not inspire any confidence. Russian version of LastPass in 2013 was Google translated and looked very doubtful, and the other services simply did not provide any information about the developers and the detailed description of the storage schema of the data — except the phrases “everything is safe”. Therefore, finding the finished product, we are ready to make your own decision for yourself.
Half of 2013, we slowly developed the beta version, used it internally and in late 2013 connected to project Studio design Candy, which reinterpreted and otrisovka the first version of the interfaces. In March 2014 we launched the release and wrote about it in “Habrahabr”. The first version of the product was incorrectly positioned absolutely and had a bit of a silly name (Share Password). We focused on freelancers, the macro and startups. And the idea to store passwords in the cloud in the average commentator “Habrahabr” or vc.ru caused spontaneous uncontrollable hatred.
We were “Putins project of stealing passwords” and “freelance Department of the FSB” (if we even read the comments and tried to engage in discussions). In General, it was fun. Later we changed the name to “Password”, changed domain, positioning and monetization. With the team we had no problems, as all business processes and experience in working with the staff was inherited from the business of web Studio and design Studio. We have always been able to find, train and retain developers.
We did not spend much money on promotion. Instead, we devised and tested a lot graphicimage ideas. After three years the whole experience was formalized in a marketing framework which we can apply to our other projects. We experimented with keywords in the headers and leave the link to the project wherever it could be done, which led to a good organic traffic.
Spent a lot of campaigns on Twitter, nicely done e-mailing and picering on sites like ProductHunt, as well as promotions with StackCommerce and similar services. We did not check the demand for the product, just do it for yourself. Many experts and mentors said that the whole idea is very questionable and there is no market, but we have continued to develop the product. In the end, revenues from cloud-enabled switch a small team of developers completely “Passwork”.
And it was very cool and inspiring is the realization that we being in Arkhangelsk, without any outside help, were able to run the project on information security, 70% of users who are not in Russia, and he began quite steadily to recoup my team. Initially, we had a freemium model and it does not make money. A year after launch, we have removed the freemium and made only one option. A paid subscription, but with very little cost.
Since then, the project started to earn first money. We are not particularly looking for investment, as there was no clear understanding why we need them (although admittedly, we have them and no one offered) to go in the FIDI was the territorial detachment of Arkhangelsk was very complicated to attract investment. But recently we had the understanding that like it or not, but people dont really trust products from Russia and in order to promote “Password” in the West, we need a formal company in a “normal” country.
We accidentally met with our partners who helped to open a company in Finland and became the first investor “Passwork”. And now we — the Finnish company Oy Passwork, and ambitious plans to conquer the world become more real. We share the view that money likes silence, and would not want to publicly disclose our metrics. Were good, we grow.
“Well, when the team has a source of income to three years to experiment with freemium and nurture organic channels. Unfortunately, not every team can afford it, and not every investor is willing to wait until the command in case of partial involvement reached the point of payback of several employees. At intensive start-up development team could reach this state in 3-6 months instead of three years (and any accelerator could become a point of acceleration). If you do not take in the question of the differences of the product from a number of alternatives, the key question to the team — Unit-Economics.
Subscription service brings from 290 rubles per user per year, with an average team size of 20 people gives a total of 5800 rubles (or $360 — for the price on the English version of the site). Small volumes “reduce” the economy at the expense of organics, the woofers and shareware lists, but how to grow sales at least 10 times at the expense of the pay channels in the SMB segment is an open question, so the stated concerns of experts and mentors is easy to understand. Putting on ROI marketing no cost with your first purchase, and on the second or third year, the team will have to attract additional funding to close the cash gap occurs.
This raises the question of what such a history, the investor will at least earn something. Sure its not news for the company, and a known limitation with which to work. Its plans to enter international markets with the help of a Finnish legal person, the team announced. What the team has not announced whether the task is a multiple growth, or is it a side-project. Organic development and reproduction “as is” will give organic growth.
But there is always the option to reorient the product, for example, large teams (over 50 employees) and to keep the focus of sales in this segment, where there are chances to improve the “economy” service. One of the advantages is really cool that the team has attracted paying clients from Russia. Audience service (>95% of the market) is not in the Russian segment. Want to tell the story of your startup.
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