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Redbeacon.com and The Home Depot take on Angie’s List

Patting myself on the back

angies list, daily deal mediaOn June 26th I featured Angie’s List and discussed the company and stock’s potential from a technical standpoint based on improving fundamentals moving into the remodeling season. These were my comments: “Shares put in a basing low between $11.75 and $11.80 in late May, 2012. A leading indicator I use went positive on 6/4 as ANGI broke above $12.51. On Friday, June 22nd the shares cleared out resistance at the $15.02 level on incredible volume. Even with today’s (6/26) drop in the Dow, shares continued higher. This action would suggest a potential move to the $16.04 to $16.27 level. Support levels come in at the $14.20 level.”

I have to pat myself on the back as on July 5th, 6th and 7th shares of ANGI traded above the $16 per share mark tapping the $16.06 mark on July 6th. The share prices have pulled back on relatively light volume. ANGI closed today at $15.50 down $ .20 (1.27%) on 184,000 shares (about 40% of normal daily volume).

Analysts that follow the company have targets on the stock in the $17 to $19 range based on the company’s expansion of margins which is anticipated to accelerate. So far, the recent selling in shares of ANGI has been normal (no real volume) and most likely due to some profit taking and selling across the major markets.

Increased competition

Angie’s List is really the big gorilla when it comes to finding a contractor referral program. The company exploded early on and has steadily gained even more momentum during the past 5 years. The company has also branched off into other platforms such as daily deals. In the realm of daily dealing, Angie’s List is a relative newbie and the jury is still out on how good or bad the daily deal platform will affect the ANGI bottom line.

In my opinion, of greater importance to ANGI is the fact that The Home Depot has gained a serious foothold into the contractor referral progredbeacon, daily deal mediaram via the purchase of Redbeacon.com in January. The roll out is in beta phase in various stores across the country. Many are in the highly populated and heavily shopped California area. Store associates will be required to ‘mention’ Redbeacon services to those ‘do-it-for-me’ customers.

Overall, there are many pros that Redbeacon.com has to offer. One goal is to fuel the local economies by keeping the work local. Customers and contractors can both sign up free of charge to use the service. There is a catch of course for the contractor – the details can be found on Redbeacon.com. Below are some generalities that Redbeacon brings to the table:

The customer

  • Make a request (it takes just 30 seconds)
  • Our technology matches your job with the right pro
  • We send you up to four competitive quotes
  • Book your pro through the Redbeacon site
  • Just pay the pro – when the job’s done right
  • We back you up

The Redbeacon Pro

  • Make more money
  • Purchase with power
  • Save time
  • Market yourself online

home depot, daily deal mediaWhile times have changed, some things remain the same. In my early days as a tile contractor, I learned the best way to get a job or a potential bid was via commissions. I’d troll the isles of Home Depots and Home Bases (bankrupt) and man the tile saw stations cutting tiles for customers. I passed my card to the primary associates as well as managers and assistant managers at the tile distributors and made it a point to compensate those referrals with cash payouts equal to 5 to 10% of my labor charges. Honestly, by providing excellent customer service and craftsmanship along with some sweet payouts – my business took off better than I ever imagined.

A major source of revenue generation for Redbeacon will be by charging the ‘pros’ a commission. Sounds familiar doesn’t it. Considering there are over 2000 Home Depots, the fact that the beta sites will be required to achieve 50 to 70 signups (quota) per month is huge. The math on that suggests as the roll out goes company wide, a potential 100,000 to 140,000 signups for Redbeacon per month. The Redbeacon program could definitely affect Angie’s List revenues.

While I don’t anticipate Redbeacon jumping into the daily deal arena, they have been and will continue to be very active in the use of coupons.

Break out the gloves Angie and get ready to rumble

About Redbeacon.com:

Redbeacon.com takes a revolutionary new approach to finding home services online without hours of reputation research and tedious price comparisons. Redbeacon helps homeowners maintain and build upon the value of their most precious asset by connecting them with qualified local service professionals. Its innovative solution uses a proprietary algorithm incorporating even the consumer’s own Facebook® social graph to recommend professionals. Founded by seasoned Internet veterans from Google®, Redbeacon launched and took the top prize at the prestigious TechCrunch50 Conference in September 2009 and is available throughout the U.S. in Atlanta, the San Francisco Bay Area, New York, Chicago, Los Angeles, Washington D.C., Seattle, Houston, Boston, Denver and Portland markets.  

Source:   www.redbeacon.com


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