While offering page variations works well for use cases where the personas are mutually exclusive, when different sections of the page needs to be tailored for different axis of segmentation, configuration by page can get extremely tedious.
For example, a banner needs to be personalized for different verticals but the promotion needs to be personalized to their job role. Doing this by page and audience would require someone to create every combination of segments (vertical segment * job role segment).
We should provide the optional ability to define personas per fragment in a page and allow them to provide variations on a per fragment level. This would take precedence over any page personalization they have done.