Closing down Media Redefined – Why? and What’s next?

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?

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

What’s next?

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.

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  • http://twitter.com/RGambhir Rajeev Gambhir

    Praval, what you have achieved at your age and experience is remarkable and the learning will always be the weapons in your armory for times to come.  Deciding when not to push further is a prudent decision that every business has to make from time to time.  That you realised the glass ceiling well in time, speaks well of the wisdom of the management team at Media Redefined.  Best wishes on the directions that future beholds for all of you.

  • http://www.facebook.com/rohansbhansali Rohan Bhansali

    Good luck

  • http://twitter.com/jassim Jassim Ali

    Considering the state of the agency business in India, your observations are mature and sensible…add to the fact that you realized this two years into the business makes it smart as well ! Its just a matter of time before you resurface in shining armour :) ..best !

  • http://twitter.com/dotmanish Manish Malik

    All the Best, Praval. The journey is the best reward.

  • yogi raj

    You are right my friend. The industry is quite monotonous and innovations/new ideas catch only fancies and not money. 

    What you learned has made you a better person, what you have learned will make you great in your next ventures! I am sure.
    Good luck mate!

  • http://www.dzinetrip.com/ DZine Trip

    It’s not just India, but surprising alot of companies in Canada, especially in Montreal do not understand the concept of social media marketing.  I have approached a lot of companies in the design industry to build their facebook & twitter pages, and the first question they ask is “How will that increase our sale?”……

  • http://twitter.com/Kanika_25 Kanika

    All the very Best for future venture.. You will do grt

  • http://twitter.com/ArpitNext Arpit Kumar

    great insight about Indian Social media ‘industry’.

    Best of Luck for the future, keep rocking!!

    • Donald Nordeng

      I have used Zoho.com for the last 4 years, invoice, crm, mail, creator. It’s a great platform, best of luck to you. I recommend it to everyone. Creator is hard to beat. Haven’t even seen a real competitor.

  • Arpit

    great insight about Indian Social media ‘industry’.

    Best of Luck for the future, keep rocking!!

  • Donald Nordeng

    I have used Zoho.com for the last 4 years, invoice, crm, mail, creator. It’s a great platform, best of luck to you. I recommend it to everyone. Creator is hard to beat. Haven’t even seen a real competitor.

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  • http://mohitkhetan.blogspot.com Mohit Khetan

    Hey Praval! I was surprised to read this post closure column…However, I am sure that a person of your caliber will shoot bang on target repeatedly. We have see that in College and I am sure that you have lived with the same positive attitude afterwards…

    All the best for your future endeavours.

    • admin

      Hey Mohit – Thank you for the encouraging words! It’s been over an year since I moved on and life has been really good. Living up to my goal of working on things I am passionate about and making a living out of things I enjoy learning and doing. The almighty has been graceful enough to create enough opportunities around!

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