New nice? Is there a market for this?

18 replies
Just a general question,

In light of all the recent news about cyber attacks and stolen account information against well known companies such as Sony, Home Depot, Target and all the rest. In your opinion, is there a market for a password manager software in the general public? And if not, is there an effective strategy to create a consumer desire for such a product?

Thank You In Advance!

Jack
#market #nice
  • Profile picture of the author James McAllister
    I would suppose there is a market because there is a lot of password manager software already available, and has been for years.

    I don't know about other people but to me the recent hacks would make me less likely to trust the management software. All a hacker would need to do is get access to the software on your computer and they would have access to all of your accounts.

    The safest place for your passwords will always be your brain, so long as you can keep them a secret.
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    • Profile picture of the author The Niche Man
      There is a market for such a product or service. And as James said, it's been one for many years. The question? Is there a place for you?

      Perhaps, if you can come up with a product or service that adds something extra your competitors don't have. Something your prospects want bad enough to pay for. Affectionately called a "hole" in the market.

      For example, can your product or service provide ...
      • More value? Or can it add value to something your prospects already own or do?
      • Extra security or safety - in your product, service, or even guarantee?
      • Easier or more convenient way to do or get something?
      • More uses- in more situations?
      • A risk free way to do or get something your competitors overlooked?
      • Faster results, access, service, response, etc?
      • Better proof you can do something a skeptical prospect would want?
      • Better time saving or time use elements?
      • Better "authority figure" endorsement from a person or organization than your competitors?
      -Or-

      Can you demonstrate or prove results better than your competitors?

      These are little but powerful ways (especially if used together) to separate your product or service from the pack -- should you choose to proceed.

      So, it sounds like you have a lot of work to do.
      1. Research your competition to find the things your prospects want.
      2. Find out what your competitors "aren't doing" or doing as well as you could.
      3. Do it.
      4. Evaluate your results for room for improvement.
      5. Rinse and Repeat.
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      • Profile picture of the author JackWebb
        @The Niche Man,

        Thank you for your detailed reply. I don't think the market is that big yet, it should be huge. And by huge I mean, there should not be a single person who surfs the net without a password manager. As it stands, most people don't even know what a password manager is, does or how it works.

        The difference between the potential market and the actual market is the amount of profit that can be realized. What I'm getting at is this market appears to be almost untapped.

        Thank you for the excellent suggestions. I already have the product, did some of the marketing which is sub par.. That's why I'm here, I need help! My product does what everyone else s product does but better, faster and simpler..

        I created my product because of a need that I had for a good password manager. I used quite a few of them, tested them and settled on one which I liked. I used it for some time but it always felt lacking because it just took too long for me to login to my email for example.

        I wanted something that got me into my bank account quickly, without so many steps. The password manager I was using had allot of features, And while all the features were very cool, I really didn't have a need for allot of them. Some I would never use. All those features made the software harder to learn and made it feel "heavy" if you know what I mean..

        So I set out to design my own, and framed it around the goals of being fast and easy to use. So I've been using my own for years.. But now in light of recent events, I though perhaps now would be the time to strike while the iron was hot and not miss this opportunity if one actually exists..

        I'm sure there is a password manager out there that uses two step authentication or fingerprint technology. I plan on adding these features if I can actually turn this into a business. So those are the advantages of what I have to offer. It's getting late so I have to end this soon.

        My credentials as a programmer is that I have been writing software for 30+ years. I have written software for some of the biggest companies on earth that everyone has heard of, Including some mega banks. I suppose that could be a selling point as well, I don't know.

        Thank you once again for your reply, I appreciate the time you took to address my original post. I also checked out your Niche "Creation Secrets" and I'm impressed with it. This is the kind of thing I wish I knew how to do..

        Thanks!
        Jack
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        • Profile picture of the author seoboyz01
          Originally Posted by JackWebb View Post


          My credentials as a programmer is that I have been writing software for 30+ years. I have written software for some of the biggest companies on earth that everyone has heard of, Including some mega banks. I suppose that could be a selling point as well, I don't know.
          Your previous experience as a programmer and work with big name companies is going to impress your potential clients. Just be sure to create a resume for yourself on your sales page that lists every software/code you have written, who for, etc. That will instantly establish your credibility. Also, tell the person who is reading your page, about this cyber security threat. If people don't know, then you have to shake them out of their complacency to understand why making that small investment could save thousands (which they would lose if someone hacked a bank or bank recovery email address).

          Just a few things you can do to establish yourself apart from others already in this niche.
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          • Profile picture of the author JackWebb
            Originally Posted by seoboyz01 View Post

            Your previous experience as a programmer and work with big name companies is going to impress your potential clients. Just be sure to create a resume for yourself on your sales page that lists every software/code you have written, who for, etc. That will instantly establish your credibility. Also, tell the person who is reading your page, about this cyber security threat. If people don't know, then you have to shake them out of their complacency to understand why making that small investment could save thousands (which they would lose if someone hacked a bank or bank recovery email address).

            Just a few things you can do to establish yourself apart from others already in this niche.
            Great advice! Thank you for that bit about making a small investment that could save thousands. I think I will use that and put it in a bold heading.

            Thank you!
            Jack
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    • Profile picture of the author JackWebb
      @James McAllister,

      Yes there are many password managers that have been out there for years, including my own. But I don't think any of them make money because no one is paying for this. Selling a password manager to someone who has never been hacked is like selling life insurance to someone who has never been sick. For this very reason, not many people use password managers. And now suddenly, almost every night on the news you hear about some new hack. Reason? No perceived threat which leads to weak passwords..

      Lets face it.. Most people have never had their accounts hijacked and their information stolen. So most people have no point of reference. Truth be told, most people will never be hacked. So their is no perceived need for extra security measures. That is until they get hacked.. Then they will pay any price for extra security. They will pay top dollar for security "experts" when all they ever really had to do was use a strong password to begin with.

      You yourself said that it's better to keep passwords in your brain, which is a really bad idea.. And by the way, with most password managers, mine and my competitors, the database in encrypted. So even if someone were to steal the database (not likely) it would be useless since it's all gibberish.. They would need the correct pass phrase and algorithm in order to read the information. But that's not the point.

      What I'm asking is how do I convince someone just like you that you really need this? How do I create a need for extra security against a potential threat in your mind? What would it take? Anyone who can answer that will have figured out a way to create a market for this niche..

      Thanks!
      Jack
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  • Profile picture of the author Coach Comeback
    I have to agree with James.

    If there are already a TON of products selling similar... then the market is already proven.

    You just have to compete and outdo them on things like price, positioning, branding, and your marketing.

    Get those right and I think it will make you a healthy profit
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    • Profile picture of the author JackWebb
      Originally Posted by Coach Comeback View Post

      I have to agree with James.

      If there are already a TON of products selling similar... then the market is already proven.

      You just have to compete and outdo them on things like price, positioning, branding, and your marketing.

      Get those right and I think it will make you a healthy profit
      Thank you for your reply.It's getting late and I must get to bed, but I didn't want to leave without at least saying thank you! I'll get back to you tomorrow and I look forward to any input you may have.

      Thanks in advance,
      Jack
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    • Profile picture of the author JackWebb
      Originally Posted by Coach Comeback View Post

      I have to agree with James.

      If there are already a TON of products selling similar... then the market is already proven.

      You just have to compete and outdo them on things like price, positioning, branding, and your marketing.

      Get those right and I think it will make you a healthy profit
      Coach,

      Since I'm new to all this.. Can you please explain positioning to an internet marketing noob like me?

      Thanks in advance!
      Jack
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      • Profile picture of the author Coach Comeback
        Originally Posted by JackWebb View Post

        Coach,

        Since I'm new to all this.. Can you please explain positioning to an internet marketing noob like me?

        Thanks in advance!
        Jack
        Sure Jack

        It's whatever you can do to be unique. How are you going to stand out? What will make them pick you over them.

        You see, when I first started out nobody had a clue who I was.. Now I often get people telling me that it seemed like I just came out of nowhere here.

        But the thing was, I was already doing well in other niches... and those same skills transferred over here (luckily).

        So starting out I could not beat the "big guys" with my partners, or the size of my list (didn't have one) or getting dozens of reviews or having hundreds of affiliates to promote me to get the word out.

        I used a big part of my personality.... Humor.

        I used humor to stand out.... and it worked. That and a few other tricks and I became easily memorable. So even if you didn't need my product or service at the time... you would still remember me the next time you saw my face again.

        Second. I did things different. I went above and beyond with my support. Adding skype group that I actually helped in as well as putting everything in an interactive members area... even if it was just a simple pdf product.

        Word spread fast and viola! Here I am.

        Tons of ways to stand out.

        • You can beat them on price.
        • You can beat them on delivery
        • You can beat them on the offer. (if others are just offering pdf, you offer live calls... for example)
        • You can beat them on support
        • You can beat them on your over the top guarantee
        • You can beat them on entertainment value

        and on and on.

        Hope that helps Jack
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        • Profile picture of the author JackWebb
          @Coach Comeback

          Yes that helps allot! You IM guys have your own jargon as in every industry. Thank you Coach for the detailed explanation. Following on Facebook

          I'd like to thank everyone for their reply's and input. I think I have a better perspective on how to proceed from here. Wishing you all great success in all your ventures in the coming new year!

          Happy New Year!
          Jack
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  • Profile picture of the author onSubie
    The only problem is that marketing it as you presented it- a solution to the hacking attacks - would be deceptive.

    The hacking attacks got the accounts and passwords from the servers of the service provider not from cracking or accessing user passwords.

    It doesn't matter how secure or secret your password is or where it is stored if a hacker pulls the account info from the servers that hold the accounts.

    You are not providing a solution to the problem you stated.
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    • Profile picture of the author JackWebb
      Originally Posted by onSubie View Post

      The only problem is that marketing it as you presented it- a solution to the hacking attacks - would be deceptive.

      The hacking attacks got the accounts and passwords from the servers of the service provider not from cracking or accessing user passwords.

      It doesn't matter how secure or secret your password is or where it is stored if a hacker pulls the account info from the servers that hold the accounts.

      You are not providing a solution to the problem you stated.
      Yes that is true, but ultimately some individual, is or was responsible for the oversight and security of those accounts. Therefore, said individual had a PASSWORDED master account. If that master account was breached, then that person used a weak password.

      Had the individual used a password manager that provides as a feature, the automatic creation of strong passwords, those corporate hacks would never have happened.. So you see, no matter how you slice it. It all boils down to the password. Everyone should use a good password manager.

      I understand what you mean about the deception as I have struggled with that question myself. But until individuals start making the news, or have their information stolen in large numbers. The general public will never see any need for this. I don't know how else to make the case without using some well known examples. I see marketers doing it all the time. Is it really deception? Hmmm that's kind of a grey area in my opinion.. I'm not selling exclusively to non corporate individuals.. What would you suggest?

      Thanks!
      Jack
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      • Profile picture of the author onSubie
        Originally Posted by JackWebb View Post

        Had the individual used a password manager that provides as a feature, the automatic creation of strong passwords, those corporate hacks would never have happened.. So you see, no matter how you slice it. It all boils down to the password. Everyone should use a good password manager.
        Yes, kind of what I meant with my feature suggestion.

        Automatic password updates would protect them from hacks by obsoleting any stolen passwords.

        I understand what you mean about the deception as I have struggled with that question myself.
        Maybe 'deceptive' was too strong a word...

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  • Profile picture of the author onSubie
    Here is one idea for a feature - that I don't know other PW managers have or not - that could mitigate the damage from a hack attack even if it does not make them immune.

    They have their password that they give your application to identify themselves, but the application creates a random password for each account that is automatically changed to a new random password every 24 hrs.

    That way if they hear about a hack attack from the day before on the news, they know they are still secure because all their account passwords have already been updated and the hacked ones are obsolete.

    Of course they would have to have the pw application running with an active internet connection for this to work.
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    • Profile picture of the author vicg100
      I say there definitely is a market, it's just a matter of convincing people that they actually need one. People usually think that "it won't happen to me" so they don't believe it's necessary to get one. But scare them enough about the consequences of getting hacked and I think it should be an easy sell.
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      • Profile picture of the author JackWebb
        Originally Posted by vicg100 View Post

        I say there definitely is a market, it's just a matter of convincing people that they actually need one. People usually think that "it won't happen to me" so they don't believe it's necessary to get one. But scare them enough about the consequences of getting hacked and I think it should be an easy sell.

        Thanks for the words of encouragement and advice! That's the general plan although I wish to educate my audience more than scare them. I understand that scare tactics work however that's sort of touches on what onSube said and he's right, but I don't know how to do this without throwing some fear into the mix. Fear works and people should be afraid because right now it's corporations, next it will be individuals.. That was kind of the whole point of the attacks, to obtain individual information. I'm on your website, nice work! And I'll be coming back for more..

        Thanks!
        Jack
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    • Profile picture of the author JackWebb
      Originally Posted by onSubie View Post

      Here is one idea for a feature - that I don't know other PW managers have or not - that could mitigate the damage from a hack attack even if it does not make them immune.

      They have their password that they give your application to identify themselves, but the application creates a random password for each account that is automatically changed to a new random password every 24 hrs.

      That way if they hear about a hack attack from the day before on the news, they know they are still secure because all their account passwords have already been updated and the hacked ones are obsolete.

      Of course they would have to have the pw application running with an active internet connection for this to work.

      It's a great idea but difficult to implement since the program would have to log you in to each individual website and then go through each websites change password routine. If every website had the same exact routine it would be easy. Or if every website offered some API to do it, but none of them do to my knowledge.

      But not all is lost since your idea is basically how two factor authentication works. With two factor authentication, also known as two step authentication.. You log into the website using your normal password. The website then either sends a text message to your cell or an email. The contents of which is a validation passcode which you have to enter into the website to complete the loging process. The passcode is unique to every login, it changes every time you log into that website.

      Of course if you lose your phone or it is stolen it leaves you vulnerable. There are other ways that a determined hacker could intercept the validation passcode, which is why it's still a good idea to use a strong password in the first place.

      I plan on implementing some sort of extra security into my app. Either two factor or fingerprint login, or both. So that even if someone knew your credentials, they would still need either your cell phone or your finger (YIKES!) to log into your password manager.

      https://twofactorauth.org/
      https://www.authy.com/

      Thank you for the suggestion!
      Jack
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