We declared Media Redefined as closed, a few hours ago. I was swamped with questions asking me - Why? and What’s next? I decided to use long form of writing to put down my thoughts.
It has been a challenging and eventful journey of little less than 4 years at Media Redefined. Bringing on new business and delivering value, working with our favorite brands across domains, hiring & building some of the best talent in the social media space, making more friends than enemies and letting the waist size increase from 32 to 36 – it was a magical and enlightening package!
But, just as they say – All good things come to an end, so does the agency Media Redefined.
What started with 2 of my best friends I ever made on the Internet, moved on to be one of the known businesses in the Social Media fraternity. I am grateful to more number of people than I can possibly mention here. They all know it. But, Gaurav and Honey deserve a special mention.
Starting the business out of a garage and bunking college to mark my attendance at work, was not so funny. It was about time when I decided to let go the job offer I secured at the college campus placement to become a businessman. In case you’re a student and if you are getting carried away by this post, you must read this.
So, why did we decide to close it?
- I stopped seeing longevity in the business. We were clocking similar revenues for the last 2 years and it did not seem to change for good in the near future. The cost of entry to this business was getting lower every year and the ticket value going down.
- In India, social media continues to be just the icing on the cake when it comes to marketing, which I was always interested in. The way it is looked up by both – brands and agencies, the evolution is very slow and naive.
- No matter what, Social Media – the way it’s done in India, is monotonous and more often than not, executes in silo. Integrated marketing, Social web innovation, Influencer relations, etc. continue to be buzz words and only a few brands believe whole-heartedly in them. Most brands are afraid to ‘be’ social. Instead, they spend money to ‘do’ social media.
- For many, it’s just about content publishing on Facebook, Twitter and now Pinterest and Instagram. Of course with good creatives and images. It’s challenging for a social media agencies to showcase the power of social web across all functions – marketing, sales, customer service, segmentation, influencer relations, etc.
- We were strong at technology and understood metrics pretty well. That’s when we decided to build Dokito, a social media analytics product. We released that internally and have used it with our clients for over 6 months. However, due to infrastructure, scalability and resource issues – we couldn’t launch it for public yet. Yes, it’s difficult to ensure profitability in a service business and along side, ship a product.
It’s been a lovely experience of being unemployed for nearly a month since I decided to move on. It’s a great feeling. I wish I could live like this for more – may be not!
This was more like a rejuvenation before I get into a new role, very soon. The new hat shall have Product Marketing inscribed on it. More details, soon. I am hopeful that it would be interesting and challenging enough to keep me happy.
No matter what, I would miss all the fun and learning I had at Media Redefined.
P.S. For those asking about the assets associated with Media Redefined, we were contacted by a few buyers to buy the name and assets associated with Media Redefined. We decided to go ahead with an offer from a known internet entrepreneur in the U.S. who prefers not to be named as of now. Media Redefined and some of the associated digital assets are now sold.
Update: After exploring & evaluating all the opportunities, I’ve decided to join Zoho.com as Manager – Product Marketing. I shall be telecommuting from Delhi.
Zoho.com offers a comprehensive suite of award-winning online business, productivity & collaboration applications. Zoho.com is a division of Zoho Corporation, a privately-held and profitable company. With offices in CA, Austin, Chennai, Yokohama and Beijing, Zoho Corporation serves the technology needs of more than 6 million customers worldwide.