Saumil Mehta leads Square’s Square Point of Sale and CRM business unit. His responsibilities include overall ownership and organizational management across multiple functional disciplines, including Product, Engineering, and Design.
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3 Value Bombs
1) Square’s mission is to democratize access and participation in the economy for traditional or underserved audiences.
2) As entrepreneurs, you can now use the most robust tools available to design an exceptional customer lifecycle that helps your brand be omni-channel friendly.
3) It is not too early to get started today in producing outstanding customer experiences and brand advocates.
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Today’s Audio MASTERCLASS: How to Build a Customer Lifecycle with Saumil Mehta
[1:51] – Saumil shares something that he believes about becoming successful that most people disagree with.
- He believes that paying attention to the reasons for your regret and jealousy can help you have a more informed future.
[3:33] – Saumil talks about Square and what he’s trying to solve.
- Square’s mission is to democratize access and participation in the economy for traditional or underserved audiences.
- They started over a decade ago with the smallest of small businesses.
- They focused on the seller side of the business to help owners run and grow through well-integrated and designed tools.
[5:22] – What is a customer lifecycle?
- The customer lifecycle is the different stages that a consumer or a prospective purchaser of your products goes through from being aware of your product to being a loyal advocate of your brand.
[6:12] – There are five stages of the customer lifecycle:
- Awareness – making a prospective customer aware of your brand.
- Consideration – the prospect considering whether they need the product or not.
- Conversion – the actual act of commerce with the business owner and the business.
- Retention – get the customer to do another transaction with you.
- Loyalty/Advocacy – design a customer experience that will produce brand advocates for your business.
[12:43] – Tools to use in building a customer life cycle.
- As entrepreneurs, you can now use the most robust tools available to design an exceptional customer lifecycle that helps your brand be omni-channel friendly.
- Have great content and advertising via YouTube, Vlogs, Instagram, etc
- Your business website – consumers pay attention to the level of completeness of your website.
- Repetition management – have review sites.
- Messaging tools –allow consumers to communicate with you before they make purchasing decisions.
[16:27] – Saumil talks more about the tools you can use to build a customer lifecycle.
- Have a point of sale – cloud-based and omni-channel friendly.
- Have an online store
- Have a Customer Relationship Management tool.
- Have marketing software.
- Have a loyalty program.
- Have gift cards.
[24:07] – What role does the idea of an omni-channel play in building a customer lifecycle?
- Omni-channel is the practical process where businesses meet consumers. It represents a reversion of control from the seller to the buyer.
- You have to break down how the consumer lives, and design and re-design your customer lifecycle.
[30:07] – What is your advice for entrepreneurs and businesses just getting started?
- It is crucial to reflect. As an entrepreneur, your journey continues throughout the lifetime of the business. The lifecycle and the customer experience evolve as your business grows.
- You can design a thoughtful lifecycle as early as the startup phase of the business.
- Remember that there is no one-size-fits-all model for any business. Identifying how your consumers go through the five stages of the lifecycle will help you map it out.
[32:00] – Three simple tools that will help you at the earliest stages of your business.
- Great website
- Mobile-friendly, cloud-friendly, and omni-channel-friendly point of sale system.
- Customer Relationship Management software
[34:04] – Saumil’s parting piece of guidance.
- No matter what world we live in, it is clear that a well-designed omni-channel-friendly customer lifecycle will continue to be paramount to your business.
- It is not too early to get started today in producing outstanding customer experiences and brand advocates.
- Saumil’s Twitter – Connect with Saumil on Twitter.
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