However, these firms need to ensure that any such schemes are implemented correctly to avoid discontent and negative consequences, said Sarah Cross, managing director of Uber.
She advised organisations to do their research and see what it is likely to work and what is not, then tailor the loyalty scheme around it.
"Getting loyalty right can have a huge impact on your business and staff, getting it wrong can equally have a huge impact in the wrong way," Ms Cross noted.
She added that it is vital to measure success of a loyalty scheme on a regular basis, adding that it is normal to see results after a 12-month period due to the "strategic long-term approach" loyalty brings.
Bruce Temkin, former Forrester Research principal analyst, said companies need to do all they can to boost customer loyalty and improve client retention in the coming months in order to maintain economic recovery.
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Posted by Nikki Barrister
Source: The Sales Director News