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

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  • Schauman, Sebastian
  • Heinonen, Kristina
  • Holmlund, Maria

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.

Suggested Citation

  • Schauman, Sebastian & Heinonen, Kristina & Holmlund, Maria, 2021. "Crafting customer insight: What we can learn from the revival of the vinyl record," Business Horizons, Elsevier, vol. 64(2), pages 261-271.
    • Handle: RePEc:eee:bushor:v:64:y:2021:i:2:p:261-271
    DOI: 10.1016/j.bushor.2020.12.003
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    References listed on IDEAS

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    Cited by:

    1. Schauman, Sebastian & Greene, Sharon & Korkman, Oskar, 2023. "Sufficiency and the dematerialization of fashion: How digital substitutes are creating new market opportunities," Business Horizons, Elsevier, vol. 66(6), pages 741-751.
    2. Sarasvuo, Sonja & Rindell, Anne & Kovalchuk, Marina, 2022. "Toward a conceptual understanding of co-creation in branding," Journal of Business Research, Elsevier, vol. 139(C), pages 543-563.
    3. Ángel Acevedo-Duque & Romel Gonzalez-Diaz & Alejandro Vega-Muñoz & Mirtha Mercedes Fernández Mantilla & Luiz Vicente Ovalles-Toledo & Elena Cachicatari-Vargas, 2021. "The Role of B Companies in Tourism towards Recovery from the Crisis COVID-19 Inculcating Social Values and Responsible Entrepreneurship in Latin America," Sustainability, MDPI, vol. 13(14), pages 1-21, July.

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