Understand Your Buyer> How To Get Attention > The New Version Effect
What is it?
Releasing new versions of your offering provides more opportunities to sell.
Why does it work?
It works because we are all drawn to the latest things – it’s Shiny Object Syndrome. By releasing new versions of your product or creating new versions of a service you are refreshing how your clients perceive you, encouraging them to buy more and buy again and as each version develops you may serve your clients in new and more diverse ways.
How can you use it?
Depending on your offering, you can consider updating and releasing new versions on regular intervals such as annually. By making clients aware of your continual improvement it’s possible to attract and convert more sales as you regularly have new things to talk about.
Be cautious though, if you promote the next version too soon, it could cost you sales of the current version; it’s called the Osborne Effect.
Example:
A digital course creator offers “The Sales Masterclass 2.0”, with updated content, new case studies, and bonus material – released 12 months after the original.
Previous buyers are offered a discounted upgrade, while new prospects are drawn in by the freshness and improvements.
Why it works:
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Existing clients feel like the brand is evolving and supporting long-term success
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New clients are attracted by the “latest and greatest” version
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It creates a reason to talk about the same core product again, with renewed energy and relevance
Caution: They only announce the 2.0 version once the original is no longer actively promoted to avoid undercutting current sales (avoiding the Osborne Effect).
See also
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