Versioning
Candlefocus EditorVersioning techniques help retailers to target different customer segments, based on their preferences and price-points. This further encourages customers to choose a product or service that accurately meets their needs. It is useful for product and service providers since it can help increase sales by providing customers with different versions with different features and pricing.
The automotive industry is one of the most common examples of versioning, where manufacturers offer different versions of the same car with various features, a different level of performance, different fuel efficiency, and various price points. This is done in order to target different types of customers who are in different phases of the purchasing process and budget cycles.
Software product providers also use versioning to appeal to different types of customers. For example, Microsoft offers separate versions of Office for Mac and Windows, as well as enterprise and home subscription services. The company can charge different prices based on the number of features and options that are included in each version.
Similarly, many food companies use versioning to differentiate their products. For instance, a food maker might sell multiple versions of the same product, such as a basic version and a premium version with more features or additional ingredients.
In short, versioning allows companies to differentiate their products and services in order to target different customer segments. It enables them to offer different versions of the same product appealing to a range of customer needs and preferences. Versioning can help them increase sales and profits, while staying competitive in the market.