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.
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