Crafting customer insight: What we can learn from the revival of the vinyl record

Sebastian Schauman*, Kristina Heinonen, Maria Holmlund

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

1 Citation (Scopus)

Abstract

The recent resurgence of the vinyl record and the proliferation of so-called craft and artisanal products offer unique opportunities to observe ongoing shifts in the contemporary consumer’s values and attitudes. In this article, we explore such thought-provoking market developments and their implications by contrasting them with the conventional understanding of markets and consumers. This understanding can lead to marketing myopia as it works from the utility-oriented assumption that what ultimately matters for both the company and the customer is cost efficiency and convenience. Against this backdrop, in this article, we discuss how market developments representing the contemporary consumer’s mindset prove valuable in creating customer insight that highlights aspects often obscured by an exaggerated focus on cost efficiency and convenience. We provide an alternative approach to evaluating markets and consumers that encourages companies to build their customer-centric market strategies around questions of context, authenticity, story, and resonance. This will help them narrow the gap between their market offerings and the actual wants and needs of their customer, and consequently allow them to revitalize their market.
Original languageEnglish
Peer-reviewed scientific journalBusiness Horizons
Volume64
Issue number2
Pages (from-to)261-271
Number of pages11
ISSN0007-6813
DOIs
Publication statusPublished - 2021
MoE publication typeA1 Journal article - refereed

Keywords

  • 512 Business and Management
  • customer insight
  • marketing myopia
  • utility mindset
  • reflective thinking
  • craft mindset
  • vinyl record trend
  • Marketing Logics and Strategizing
  • Customers and Relations
  • Business, Markets and Societal Dynamics

Sustainable Development Goals

  • GOAL 09: Industry, Innovation and Infrastructure

Areas of Strength and Areas of High Potential (AoS and AoHP)

  • AoS: Competition economics and service strategy - Service and customer-oriented management

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