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Case Studies Are a No-Brainer for Startups

case studyCase study: ”A documented study of a specific real-life situation or imagined scenario, used as a training tool in business schools and firms.”

From the outside looking in, case studies are far from glamorous or sexy. Heck, they sound downright boring.

But if you dismiss case studies, you’re making a mistake, particularly for startups looking to attract new users.

Why is that?

The biggest reason is case studies (aka success stories) bridge the gap between what your product does and how people actually use it. This is an important gap to close between it lets customers take three steps:

1. Understand what your product does and how it works.

2. See how it could benefit them.

3. Buy your product.

One of the biggest challenges in making this happen (aka the sales funnel) is potential customers need to not only grasp how your product works and the benefits it delivers but they have to get how they can successfully embrace it to do their jobs better, differently, more efficiently, etc.

This is where case studies can play a critical role. By creating case studies that highlight how different people are successfully using your product, it provides potential customers with a better idea of how the product works in the wild.

In other words, case studies let you put the spotlight on how the product is being used as opposed to what it looks and feels like on paper.

So how should start approach case studies?

To get going, it is important to think about case studies as stories rather than a “documented study of a specific real-life situation or imagined scenario”. To get people to read a case study, it needs to be engaging, educational or even entertaining.

Next, think about the different kinds of customers who are having success with your product. This gives you the opportunity to provide a variety of stories that could resonate with potential customers based on the idea your product meets the needs of different users in different ways.

Then, you want to interview customers to get their stories. Some of the questions include:

1. How did you learn about our product?

2. How do you use the product?

3. What are the biggest benefits? Can you provide an example of how it worked for you?

4. Have you discovered new or different users for the product, compared with original expectations?

5. Does the product deliver good value?

Another key question is how the product isn’t working, or how it could be improved. It is always difficult to hear criticism but it’s invaluable to hear this kind of feedback. And you would be surprised by how customers like it when you ask for their opinion because it shows you value their contributions.

Bottom line: If case studies are leveraged opportunities to tell a story about your product AND customers, they can be effective marketing and sales vehicles.

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Snapshot of VC Deals: ClearFit, Vidyard

clearfitWho: ClearFit, which makes it easy for organizations of any size to find and hire the best people. Vidyard, which offers a video hosting and analytics platform.

How much:
- ClearFit: $7 million in series A funding led by GrandBanks Capital, as well as Relay Ventures.
- Vidyard: $6-million from are OMERS VenturesiNovia CapitalSoftTech VC and Jill Rowleyvidyard

The Quote:
- “We’ve experienced incredible growth this year and we’re scaling ClearFit to keep up with demand,” said ClearFit co-founder Jamie Schneiderman. “Scaling this quickly would be impossible without our own product to help us find the best people for our culture quickly.”

- ”Our journey to this point has been nothing short of remarkable and I’m happy to announce that we’ve secured Series A financing from an amazing group of investors. This deal comes on the tail of significant momentum as we continue to develop the “video marketing platform” category. We are now poised to grow our market leadership via world-class product integrations and a continued focus on enhancing the features that our marketers crave,”Michael Litt, founder and CEO of Vidyard.

ClearFit raised $1.7 million in 2012 from Relay Ventures and a group of Toronto investors. More than 8,000 businesses use ClearFit, which has patented software that uses data analysis to predict employment success five times better than traditional hiring, all included in the cost of a regular job postings.

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Why Startups Need to Embrace Target Audiences

target audiencesIn creating a new service, startups need to focus on fundamentals such as solving a problem or addressing a need in a new or different way.

As important is identifying the businesses or individuals who will buy their product – otherwise known as target audiences.

At a high level, target audiences can be quickly defined. For example, the target audience for accounting software could be people who want to organize their finances to operate their businesses more efficiently. This offers a good starting point to create messaging to drive marketing and sales.

In most cases, however, there has to be a more granular approach to target audiences. Why? The reality is a product can appeal to a variety of buyers who may have different needs and goals. It means a one-size-fits-all marketing and sales approach may not work because it’s not focused enough.

To get a strong handle on target audiences, startups need to identify the different types of buyers. One of the best ways to make this happen is looking at who actually makes or influences the buying decision. From there, you look at what their needs or problems, what they’re trying to achieve, how they can be successful, and their budgets.

What you may discover is slight, but important, differences that will impact how the product should be pitched so a prospect can be pushed down the sales funnel. By clearly identifying target audiences, it becomes easier to capture someone’s attention because their needs and goals are front and centre.

For startups, this process can take time, research and tweaking but it provides valuable insight into the needs and motivations of potential customers.

More: For additional insight into how to approach the exploration of target audiences, I would highly recommend Robert Bloom’s “The Inside Advantage”.

It includes a great story about how P&G struggled to sell its Swifter Web Mop because it thought the target audience were women who wanted a product with convenience. It turned out that Italian are far more interested in cleaners with strength, which prompted P&G to completely rework its messaging. This, in turn, helps to make the Swifter a huge success in Italy.

Even more: If you’re looking for a user-friendly tool to create target audience personas, check out Personapp.

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Free Ebook: 118 of the Leading Digital Marketing Tools

Over the past few months, I compiled a list of interesting digital marketing tools. Some of them I’ve used, while others were highly recommended or simply looked good.

To create an e-book, I used PowerPoint, and then converted it to a PDF that I shared on Dropbox. It was functional but had no frills or good usability.

Fortunately, the fine folks from Uberflip (which turn PDFs into flipbooks) came to the rescue by creating an e-book that not only looks great but makes the e-book, well, a real e-book.

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This Week in Canadian Startups (March 17, 2013)

This WeekHow old does a VC need to be? Is 28-year-old too young? In wake of Jared Fliesler being appointed a partner at Matrix Partners, the newest edition of “This Week in Canadian Startups” kicks off with two views: one from Real Ventures’ Mark MacLeod, and another from iNovia Capital’s Kevin Swan.

The newsletter also includes Pressly.com raising $1.5-million from OMERS Ventures and iNovia, Boris Wertz offering some thoughts on SaaS startups and the “toothpaste test”, the launch of MediaSpotMe, ContactMonkey’s new smart email tracking tools, and an e-book of 118 of the leading digital marketing tools that Uberflip helped me create.

To get the newsletter delivered to your inbox every Saturday morning, sign up here.

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Tearing Things Down to Build Them Back Up Again

new directionLast week, I did a presentation about storytelling that was, frankly, flat.

At first, I thought maybe a presentation at a conference on a Friday afternoon isn’t the best idea given people are looking forward to socializing after a long day. Maybe I was tired after a long week, or perhaps the content simply didn’t resonate with the audience.

But in reflecting more on it, I realized the problem was the presentation. After taking a closer look, I decided the presentation is based on a good idea but the material didn’t have the best elements, content or flow.

What do you do?

If you’re honest about any product, you reload. It doesn’t mean scrapping the entire thing but, instead, only keeping the parts that work – even if it’s only a small amount. What I’m doing is taking a completely fresh approach that, hopefully will lead to a better product.

Given the marketing work I do with startups, it struck me there are key lessons from the “failure” of my presentation given many startups discover their original idea isn’t working. It could be timing, the economy or bad product-market fit.

One of the most difficult things for startups to do is accept is their current product isn’t working. They spend so much time, effort and money to create a product that it seems ridiculous to think the market isn’t interested.

This is a big mistake because it means startups refuse to accept reality. Startups that insist on banging away are destined to flail and probably fail.

When faced with the distinct prospect of failing, startups have to take a hard look at their product, market and the competitive landscape. Is what they’re selling sell-able? Are their marketing and sales efforts capturing enough attention? Do potential customers take the leap from interest to purchase?

If the answer aren’t clear or negative, a startup may have no choice but to reload. It could mean scrapping the product entirely or, more likely, finding something within their current offering they can leverage to head in a new and better direction.

Lesson: When a product isn’t working for whatever reason, you need to think long and hard about doing something different. Otherwise, you’ll start to spin your wheels.

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