Case studies are quite important for business as they can be used as a teaching technique in business schools. They are equally important for businesses and companies too. There are some common components of a case study. First of all, the case study has a person who is going to make a decision. Secondly, there is a full-blown explanation of what the problem is. It could be a problem in the industry or business sector.
Lastly, there is supporting data that comes in the form of URLs, tables, statements from experts, images, audio, videos, and documents. The decision-maker would read the problem and go through all of these supporting materials to find a solution to that problem. Case studies are important for businesses to increase their leads and for business schools to teach their students how they can apply textbook principles practically.
Importance for Businesses
Most companies are able to produce content, but they are unable to attract a solid audience from it. Case studies help in this regard as they are your success stories. Basically, a case study explains how a problem was solved using your product. Customers do not simply believe in words; they need facts and figures. This is exactly what case studies provide them with. Through a case study, you show your customer that you have expertise in solving a customer-centric problem. This builds a concrete reputation for your company.
Moreover, your consumers can utilize the existing case studies to solve problems that they were having. In this way, you can enhance brand loyalty. Customers will keep returning to your site to get information. No one wants to go to a website and hear a company blatantly brag about their products or services. However, if you use case studies, you can advertise your product without sounding showy. You can use one case study to highlight the multiple features of your product. Most importantly, case studies play a role in generating leads for the business.
Importance in Business Schools
The Harvard Business School introduced the world to the Harvard case study method, which was the ‘problem method’, back in the 1920s. In this method, the students have to think of themselves as a business and confront the real-world challenges faced by a business. Then, they have to provide a Harvard case study solution for this problem using their business knowledge, resources, and current trends in the market.
Some business schools only regard the case study teaching method for 30-40% of the overall teaching criteria, but at Harvard Business School, this percentage is up to 80%. Thus, we can see that case studies are important. When a professor talks about a case, he or she urges the students to think about it, and this is what is most important for a business student. Learning the same old things does help you, but it is thinking about new problems that help more. Every year, Harvard professors come up with up to 250 cases, and students have to provide a Harvard case study solution for up to 450 cases in their two years of schooling.
While students are able to grasp a lot of information from basic principles, they need to learn how to apply these principles in real life. For this to happen, they need to deal with case studies. A case would throw this question at the student: ‘how would you handle this situation?’ Then, the students get into the business owner’s shoes and find the appropriate solution for the problem at hand. The solution could be a new marketing strategy, introducing a new product or anything else.