Optimizing homepage for returning and first-time visitors

Hi,

our site displays a "how it work" diagram as the entire above-the-fold content of the homepage. This is really useful for first time visitors and makes our sites value prop crystal clear. However, after a user visits the site a few times, the "how-it-works" isn't very useful and it takes up the most prime real estate on our site. We were thinking about dropping a cookie for all visitors and only showing them the "how it works" diagram the first time they use our service and having an alternative homepage for returning users. Do any sites do this? We've had a hard time thinking of example.

Thanks!