[Part 3] 3 case study myths that are costing you time and money

Introduction

Do case studies really have such a high return on investment or ROI?

There are some B2B SaaS companies and even nonprofits out there that believe they don’t.

Some reasons include:

• Case studies cost too much
• Nonprofits don’t need them
• You can’t measure the effectiveness of a case study

If you’re unclear about what an effective case study looks like in terms of cost and value, then there are very few reasons to believe that there’s even an ROI.

In fact, according to a survey of over 100 SaaS companies by Uplift Content, 30% those companies don’t measure case study performance at all for reasons that include a lack of time, resources and know-how.

You might be thinking, “Well, 30% is not that much. Most people DO measure performance.”.

You’re absolutely correct.

However, if companies and organizations aren’t creating case studies to begin with, that 30% looks different: It looks like 30% of very few businesses.

What does this have to do with your business?

Well, if you’ve been following along in this series, you know that I already established that case studies are the number one way to increase sales for SaaS companies:

But we’ve also established that a single case study takes about two months to create:

So, if you don’t have them already, you’re probably wondering:

“What can case studies give me that other kinds of content can’t?”

The answer is the topic of this last part of the case study myth series:

The return on investment.

NOTE: This is part three of the case study myths I’m debunking.

Part 1: Case study myth: Reviews are more effective than case studies

Part 2: Case study myth: Anyone can write a case study

If you’re a nonprofit organization, you’ll want to keep reading too

It may not seem like it, but case studies are not just for B2B and/or SaaS companies. They’re also for nonprofits. You just might know them better as impact stories.

Nonprofits can benefit from impact stories because they show what exactly the organization does, why and how. Additionally, impact stories can support fundraising, awareness-building and brand positioning goals.

Beyond that, if done properly, case studies can be cost-effective even for the smallest budgets (more on this later).

Before I get to the myth…

Quick refresher: What are the other two parts about again?

In part one, I debunked the myth that reviews alone are more effective than case studies.

I broke down common misconceptions and ideas about case studies, such as that case studies are always flattering and don’t have much credibility. To counter these arguments, I used surveys, graphs, actual case studies and a lot of pictures overall.

In part two, I debunked the myth that anyone can write a case study.

This part was less about specific job titles as the leading indicators of case study writing proficiency. Rather, it was about how important it is to know how writers think and approach work to know if they can write case studies.

Now, let’s get into it.

What is a return on investment?

Before I debunk the myth about case studies having zero ROI, I have to discuss what ROI is first.

Generally speaking, a return on investment (ROI) is a calculation people use to evaluate if their investments were profitable. Usually, you divide the profit from the investment by the cost of the investment to figure it out.

Here’s how Forbes suggests calculating ROI:

In marketing, ROI is a calculation people use to evaluate if their marketing efforts have made a significant impact. To figure this out, you usually divide the contribution to revenue growth by the your investment in the marketing effort(s). Essentially, you are trying to determine effectiveness.

Unfortunately, marketing ROI has been hard to determine for a very long time, according to the Content Marketing Institute (CMI).

CMI also mentions the number of caveats that complicate the calculation of ROI in marketing:

As a result of this level of complication, CMI suggests using non-direct factors and the long-term view to figure out what ROI looks like in marketing:

HubSpot has an actual formula to determine the ROI on marketing:

So, what about the ROI on case studies?

For case studies, I take a similar approach to understanding ROI in terms of including what content can do in time and over time. The reason is that case studies have immense value that is hard to determine with an ROI formula. They’re one of the few sales assets that increase in value depending on how you use them.

If I were to follow the classic ROI equation to make this point, I would write it as the following:

ROI = case study measurable elements (e.g., leads, conversions, downloads etc.) + price / elements of cost x 100

The case study measurable elements are whatever elements that are relevant the goals you’ve set for the case studies. The price is for the actual case studies, with long-term value as a consideration. Elements of cost refer to the expenses you’ve accumulated to create the case study, such as time and actual financial cost.

This is not a perfect formula at all. It hasn’t been tested or even publicized until now. But I share it to make the point that ROI, especially when it comes to marketing and case studies, is much more complex than just profit over cost.

Now, onto the myth:

Case Study Myths: #3 Case studies don’t have any ROI

Many B2B SaaS companies believe one of the most popular myths: case studies don’t have any ROI.

I know I keep bringing up that it takes about two months to create a single case study, but it bears repeating for a very good reason:

This fact then leads to the idea that case studies simply cost too much. I want to focus on this for a bit.

Well, don’t case studies cost too much?

The short answer is that they can. The average case study costs anywhere from $1K to $5K.

And from part one of this series, we already know that one case study takes an average of about two months to create:

So, if we take these figures and plug them into a calendar year, it would seem that you would only get five or six case studies a year. As well, it would cost at least $6K.

That doesn’t seem like a good deal, does it?

The ROI seems non-existent then, right?

The ROI has less to do with cost and more to do with value

Allow me to explain:

We already know that people who do marketing and communications work are working alone or in small teams:

Also, we know that they’re burnt out:

And remember: TWO MONTHS!

So, here’s the real point:

Unlike almost every other kind of sales asset, case studies can sell, inspire and educate all at once. That’s a great deal of value from a single case study.

Remember this case study by Hubspot?

This case study is original; DoorDash only had this experience with HubSpot, so the HubSpot team is the only one that can craft a case study out of it, another benefit of case studies vs. other kinds of content.

The end result sells inspires and educates:

1. Demonstrates that HubSpot can solve business problems (i.e., sells their expertise)
2. Inspires you to identify if you have the same business problem and learn about HubSpot or DoorDash
3. Educates you about a particular business problem (i.e., wasting time doing tasks that could be automated)

This is three-pronged value for a single sales asset.

In addition, people actually read case studies word for word.

Recall this survey result from part one of this series: DocSend, a company that offers secure document sharing, did an analysis of 34 million sales content interactions.

34. MILLION.

They found that case studies have a completion rate of 83%, higher than any other content type. In other words, out of everyone who ever read a case study on DocSend, 83% of them read the entire thing.

You can’t exactly say this about other types of content, especially because the platforms that they’re on and the layouts that they use are conducive to quick scanning and scrolling.

You can repurpose case studies

So, we’ve established three ways that case studies provide value:

1. Case studies can sell, inspire and educate at the same time
2. They provide unique stories that no one else can copy
3. People actually read case studies in full

But there’s more!

As I mentioned in the other parts of this series, you can repurpose case studies. Therefore, you can reach a wider audience, generate more leads and actually make an impact.

That is value you don’t get from other kinds of content by default.

Here’s what I wrote in part one to make this point:

You can take one case study and turn it into numerous other sales assets. For example, you can turn one case study into social media content, one-page summaries, PDF handouts, blog posts, slide decks, infographics and more.

This means that you can use this one case study on multiple platforms for different scenarios. Furthermore, you can use it over and over again because it’s always relevant as example of how you solved a business problem. That makes them evergreen.

You’re paying for more than the end result

If you understand the immense value that comes with case studies, it should be clear that the ROI is ongoing. It literally doesn’t stop!

This is why it’s a myth that case studies don’t have any ROI.

Case studies have a lot of flexibility, versatility and, of course, value. They’re original stories that you can repurpose and tailor over and over again.

Remember: Case studies are the number one marketing tactic that increases sales, according to a survey of SaaS companies by Uplift Content:

If a single case study can do all of this in addition to increasing sales, how can it cost too much?

There is so much value in a single case study that I’m sure I’m missing other things that translate directly into a high ROI.

And there it is.

That is your return on investment: The opportunities.

But let’s be clear:

The magic of case studies doesn’t just happen because you have them. Additionally, they don’t start “working” just because you offer them as part of a special offer or campaign.

Case studies work because of how you use them and get them from of your target audiences.

So, how does this myth about case studies having zero ROI cost you money and time?

Let’s get right into money:

With regard to money, you are quite literally losing opportunities to capitalize on the versatility of case studies when you don’t recognize their value.

I’m not talking about potential opportunities, by the way.

Rather, I’m referring to the built-in opportunities I mentioned earlier:

• Repurpose content into different formats and lengths
• Use case studies on a variety of online platforms and throughout the sales funnel
• Update case studies over and over again to appeal to different clients
• Establish credibility
• Show proof that what you do works and/or has a positive impact

That’s it. That’s the point.

It’s just a 100% loss when you don’t recognize just how much ongoing value case studies have.

Without case studies, you lose time you don’t have

I’ve mentioned this in the previous parts of this series, but it bears repeating:

Case studies are cost-effective because they can be repurposed into smaller, bite-sized assets or big assets. So, if you only have one, you can use it in so many ways. Without case studies, you don’t have as many opportunities to repurpose content or simply present it in multiple formats.

This is especially true for smaller companies and organizations.

Budgets are always a sore spot in conversations about needing more, especially when it comes to communications.

According to a 2018 CMO survey by Gartner, companies spend about 10%-12% of their revenue on marketing:

For SaaS companies, especially those just starting out, the number is a lot higher in order to reach a optimal growth rate. In 2019, Industry Today reported that experts cite 10%-40% budget allocation to marketing as appropriate for SaaS companies.

It’s safe to assume that the number for nonprofit organizations is much lower.

Therefore, what I’m about to write may not be agreeable, but it’s important:

Do less with less.

In other words, do what you can with what you have. There is zero point in investing in subpar content for the sake of appearances.

Maybe in your sector, there are other organizations and companies that are all over social media, have a wide-reaching online presence and have a solid, engaged target audience.

As a result, your organization feels the pressure to catch up or keep up.

But here’s the thing:

Any communications professional will tell you that consistency is key.

It really doesn’t matter if you have a boat load of content. If you aren’t consistent (and I would add concise and clear), then you lose momentum AND engagement over time.

So, if you can only afford one case study right now?

Go for it.

If it’s done well, the possibilities are endless.

Case study myths: Conclusion

That does it.

This is the shortest post of the three parts of this series, but for good reason:

It’s straightforward: Case studies have immense value and the ROI can’t be overstated.

In this blog post, I showed you how and why case studies have built-in value that translates into ROI very well. Also, I showed you why the value of case studies is more important the cost when considering whether or not to add them to your sales assets. Lastly, I demonstrated why companies and organizations lose time and money holding onto this myth.

I hope that after all that, I have convinced you that case studies are totally worth it.

Takeaways

1. There are more ways than one to measure the effectiveness of your case studies
2. Case studies have an invaluable return on investment via repurposing content alone
3. The cost of case studies is less important than the value when determining if you should add them to your sales assets
4. Case studies are cost-effective and time savers

And there you have it!

Don’t wait until the end of the fiscal year to figure out the benefits of case studies.

Do it right now. Make a plan to add case studies to your sales assets and use these insights to demonstrate their value to your strategic and financial goals.

Every non-profit and company could use more stories. There’s no such as thing as too many stories!

So, give case studies a try.

I hope this series was helpful to you in one way or another.

Whenever you’re ready to add case studies to your sales assets, let’s get in touch.