Most established businesses have customers who would speak well of them. The owner knows who they are. Sales mentions them in meetings: we did this for so-and-so, ask them. But none of it is written down. When a serious buyer asks for references, someone phones a customer that evening to ask for a favour. The website carries a strip of logos and not one story. The single case study on file was written by the team, never shown to the customer, and nobody is sure it may be sent. The work was done; the proof was not.
Why it persists. A case study needs three people who are rarely free at the same time: the customer, at the moment the relationship is warmest; the person who did the work and knows what actually happened; and someone who can write it and see the approval through. Sales is busy, delivery moves to the next job, and asking a customer feels like imposing. So the team writes something itself, it reads like advertising, the customer is never asked, and it stays in draft for a year.
If it stays unresolved. Every good engagement finishes and leaves nothing behind that a future buyer can read. The business keeps proving itself from scratch in each sales conversation, the most willing customers carry the reference burden until they tire of it, and the track record that took years to earn stays invisible to the people deciding whether to work with you.