Careers at Red Ventures
Red Ventures’ mission is to partner with brands in order to connect customers with the products and services they need most.
Ric Elias and Dan Feldstein were marketing employees at Cendant Corporation. In 1999 they ventured into entrepreneurship by co-founding Red F, an online discount and loyalty program. However, in mid-2000 the dot com bubble burst, making it a less viable offering. The men responded by turning it into a marketing consulting firm, whose clients included BellSouth and LendingTree.
In 2003, after a few years of success with Red F, the team launched Red Ventures, whose focus was finding and obtaining customers for service-related firms. Its first client was DirecTV, also a Red F customer. Red Ventures was distinguished by the use of data to enhance the entire customer lifecycle. It quickly established itself, ranking first among marketing firms on the 2004 Inc. 500.
In 2005 the men sold Red F to its management team so they could devote their time to building Red Ventures. The next several years saw continued success in the form of list rankings and awards. Red Ventures also acquired a number of companies with complementary offerings, expanding its portfolio. In 2015 it raised $250 million in funding, representing a strong vote of confidence.
Benefits at Red Ventures
Business model of Red Ventures
Red Ventures has a niche market business model, with a specialized customer segment. The company targets its offerings at service-oriented brands, with a special focus on those providing home insurance, consumer, business, automotive, remodeling, financial, and educational services.
Red Ventures offers three primary value propositions: convenience, accessibility, and brand/status.
The company offers convenience by making operations simpler for its clients. It provides end-to-end support for the customer lifecycle, all the way from demand generation to sale closure. It accomplishes this task through the use of proprietary technologies and advanced web analytics.
The company creates accessibility by providing a wide variety of options. While many similar competitors specialize in telephone sales, online marketing, or building technology infrastructure, it maintains expertise in all of those areas. It has also diversified its services by acquiring numerous firms, including Soda (a family of online brands) and Imagitas (a marketing services organization).
The company has established a strong brand due to its success. It bills itself as the largest technology-enabled platform in the U.S. for growing sales and marketing businesses. It has over 3,000 employees and has grown at an average of 30% year-over-year. It has a number of prominent clients, including DirecTV, Premier Growth Solutions, and ADT Security Services. Lastly, it has won many honors, including recognition as one of the top 10 “Best Places to Work in Charlotte“ for eight years in a row and a ranking as one of the top 20 fastest-growing companies in the U.S. on the Inc. 500 list.
Red Ventures’ main channel is its direct sales team. The company promotes its offering through its social media pages and participation in conferences.
Red Ventures’ customer relationship is primarily of a personal assistance nature. The company works with clients to ensure that its solutions identify the most relevant and valuable customers.
Red Ventures’ business model entails designing and developing its services for its clients.
Red Ventures does not maintain any formal partnership programs.
Red Ventures’ main resources are its human resources, who include the sales agents that recruit new consumers on behalf of clients. Its employee base features individuals with expertise in paid and natural search, sales scripting, cross-selling, and copywriting. It also depends on advanced technologies for data analysis and call-routing.
Red Ventures maintains an important physical resource in the form of a 300,000 square foot structure on its campus that features a sales center, a learning and development center, and a six-story office tower.
Lastly, as a startup it has relied heavily on funding from outside parties, raising $250 million from three investors as of January 2015.
Red Ventures has a value-driven structure, aiming to provide a premium proposition through significant personal service and frequent service improvements.
Its biggest cost driver is likely cost of services, a variable expense. Other major drivers are in the areas of customer support and operations and sales/marketing, both fixed expenses.
Red Ventures has one revenue stream: fees it charges for access to its range of services.
info: Ric Elias earned an undergraduate degree at Boston College and an MBA at Harvard Business School. He previously served as Co-Founder of Red F and as a marketing employee at Cendant Corporation, and worked at General Electric.
info: Dan Feldstein earned an undergraduate degree at Duke University and an MBA at the University of Pennsylvania. He previously held marketing and management roles at Cendant, Sidewalk.com, and Shoppers Advantage, and worked at Bain & Co.
info: Mark Brodsky earned an undergraduate degree in Accounting at Drexel University and an MBA at the University of Pennsylvania. He previously served as CEO of Nuvera Fuel Cells and as EVP, Finance & Development at Arthur D. Little, and worked at GE.
info: John Sutton earned an undergraduate degree in Computer Information Systems and an MBA at Indiana University. He previously served as Online Group Search Marketing Manager at EDMC and as Paid Search Director at Career Education Corp.
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