According to marketingdonut.co.uk, firms should think carefully about their target customer base before deciding what sort of scheme to implement.
Editor Rachel Miller noted that there are numerous different formats available and choosing the right one can be the difference between its success and failure.
"There are many ways to boost loyalty – from points-based cards to discounts for regulars," she said.
"Other ideas include giving away free items with multiple purchases, inviting customers to trial new products or services for free, running special events for your best customers and rewarding referrals and recommendations."
The expert added that companies should focus on specific goals when implementing their loyalty scheme and data collection projects.
"Do you want customers to up their spend? Are you looking for repeat sales or do you want your existing customers to bring in new business?"
Having secure document storage should help give firms a tool where they can measure the effectiveness of their loyalty drives.
Ms Miller explained that a good scheme will provide measurable data to help monitor customer behaviour.
Whether operating in a retail environment or providing goods and services for clients, bosses need to know what works and what does not to help them plan for the future.
They also need to know who their best customers are in order to focus on keeping the ones that matter and attracting similar individuals or businesses.
"You can also find out who your least profitable customers are," Ms Miller stated.
"Once you know who your best and worst customers are – and the results might surprise you – a loyalty scheme can improve your profitability by actively rewarding your best customers and dissuading the worst."