With millions of subscribers and ubiquitous TV commercials and radio ads, business is booming for Angie's List, the online and phone company that helps consumers find ratings on local services. Founder and Chief Marketing Officer Angie Hicks Bowman, whose estimated net worth is now $50 million, spoke to HuffPost Live about her successes.
Angie's List launched in 1995, and began as a call-in service before eventually moving online. Bowman's company differs from other online review sites in that all of the reviews on Angie's List come from paid subscribers, which limits the number of illegitimate reviews. She explained that she looked to journalism as a model for her service.
"When talking about services that we cover -- you know, having a roof done on your house, replacing your furnace -- these are high-cost-of-failure transactions, and the need for high-quality information is important. I think there should be more accountability online," she told host Mike Sacks.
Consumer loyalty is a huge part of the success of Angie's List, with a 73 percent first-year subscription renewal rate. Bowman attributes that loyalty to her company's ability to provide solutions.
"If you think about what consumers are spending in a local service space, taking care of their home, pets, let alone health care, it really comes down to them being able to get good quality information and us being able to solve what can really be a challenging problem in their everyday life. And that's what keeps them around."